Abstract
Various kinds of simple dynamic economic behavior are well understood: the existence and character of stationary states, steady or balanced economic growth, and periodic business cycles. Each of these types of behavior has its corresponding explanation or set of alternative explanations. Theories of general equilibrium explain stationary states or steady, balanced growth. Theories of business cycles explain periodic oscillations in the economy. Unfortunately, simple dynamic behavior is not exhibited by typical economies of record. Instead they exhibit complex dynamics: irregular fluctuations; overlapping waves of development and structural change; and institutional change and evolution.
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