FORECASTING ECONOMIC GROWTH USING CHAOS THEORY
FORECASTING ECONOMIC GROWTH USING CHAOS THEORY

Summary/Abstract: This paper presents an original contribution of the application of Lorenz attractor in economic theory by modeling the chaos in economic systems and forecastsWe apply the chaos theory provisions and employ the provisions of Chaos Dynamics which represents a new trend in economic science and is based on endogenous approach. Our results indicated a tendency of increase in world economic growth on the horizon 2015-2019, when specific values are given to the parameter in Lorenz system. This approach might be considered a new forecasting method in economic science.

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