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Friday, August 27, 2010

Quote of the Day...

"To someone schooled in nonlinear dynamics, economic time series look very far from equilibrium, and the emphasis of economic theories on equilibria seems rather bizarre.  In fact, the use of the word equilibrium in economics appears to be much closer to the notion of attractor as it is used in dynamics rather than any notion of equilibrium used in physics."
-J. Doyne Farmer, 1988

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