DIGITAL STORIES IN NON-LINEAR DYNAMICAL ECONOMIES IN DISCRETE TIME
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Advanced simulation and/or experimentation in virtual laboratories help to better understand the complex economic phenomena without sophisticated mathematical skills. That is useful for acquiring economic knowledge too. The economic laboratories created in Excel and STELLA for analysing dynamical behaviour of nonlinear economic models are exhibited. Such devices help to understand the complex behaviour of dynamic economic systems at least in qualitative imaginations. There are several cases of emergences of qualitative phenomena such as equilibrium-disequilibrium, bifurcation to orbit with several periods and/or to deterministic chaos in simple discrete non-linear systems. In order to demonstrate this, the author used an example of Day's descriptive theory of economic growth with environmental factors, and 'Hermann's' modification of 'Kaldorian' cyclical growth.
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