The ‘Drop of Honey Effect’. A Note on Chaos in Economics

Detalhes bibliográficos
Autor(a) principal: Ferreira, Manuel Alberto M.
Data de Publicação: 2012
Outros Autores: Filipe, José António
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10071/5592
Resumo: Relationships in non-linear systems are unstable. Considering that, chaos theory aims to understand and to explain the unpredictable aspects of nature, social life, uncertainties, nonlinearities, disorders and confusion. Small differences in initial conditions - such as those due to rounding errors in numerical computation – may perform diverging outcomes tracking to systems’ chaotic behaviour. In these circumstances, long-term predictions become impossible in general. A brilliant metaphor on this is the so-called butterfly effect, about the way how the “flapping of the wings of a butterfly” may cause huge phenomena either they are physical, atmospheric or social. In this work, the drop of honey effect metaphor is proposed for representing this kind of butterfly effect for chaos in social phenomena, in particular in economics and politics.
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spelling The ‘Drop of Honey Effect’. A Note on Chaos in EconomicsChaosDrop of Honey EffectEconomicsPoliticsRelationships in non-linear systems are unstable. Considering that, chaos theory aims to understand and to explain the unpredictable aspects of nature, social life, uncertainties, nonlinearities, disorders and confusion. Small differences in initial conditions - such as those due to rounding errors in numerical computation – may perform diverging outcomes tracking to systems’ chaotic behaviour. In these circumstances, long-term predictions become impossible in general. A brilliant metaphor on this is the so-called butterfly effect, about the way how the “flapping of the wings of a butterfly” may cause huge phenomena either they are physical, atmospheric or social. In this work, the drop of honey effect metaphor is proposed for representing this kind of butterfly effect for chaos in social phenomena, in particular in economics and politics.ExcelingTech Publisher2013-09-19T10:33:53Z2012-12-01T00:00:00Z2012-12info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10071/5592eng2047‐0916Ferreira, Manuel Alberto M.Filipe, José Antónioinfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-07-25T17:46:51ZPortal AgregadorONG
dc.title.none.fl_str_mv The ‘Drop of Honey Effect’. A Note on Chaos in Economics
title The ‘Drop of Honey Effect’. A Note on Chaos in Economics
spellingShingle The ‘Drop of Honey Effect’. A Note on Chaos in Economics
Ferreira, Manuel Alberto M.
Chaos
Drop of Honey Effect
Economics
Politics
title_short The ‘Drop of Honey Effect’. A Note on Chaos in Economics
title_full The ‘Drop of Honey Effect’. A Note on Chaos in Economics
title_fullStr The ‘Drop of Honey Effect’. A Note on Chaos in Economics
title_full_unstemmed The ‘Drop of Honey Effect’. A Note on Chaos in Economics
title_sort The ‘Drop of Honey Effect’. A Note on Chaos in Economics
author Ferreira, Manuel Alberto M.
author_facet Ferreira, Manuel Alberto M.
Filipe, José António
author_role author
author2 Filipe, José António
author2_role author
dc.contributor.author.fl_str_mv Ferreira, Manuel Alberto M.
Filipe, José António
dc.subject.por.fl_str_mv Chaos
Drop of Honey Effect
Economics
Politics
topic Chaos
Drop of Honey Effect
Economics
Politics
description Relationships in non-linear systems are unstable. Considering that, chaos theory aims to understand and to explain the unpredictable aspects of nature, social life, uncertainties, nonlinearities, disorders and confusion. Small differences in initial conditions - such as those due to rounding errors in numerical computation – may perform diverging outcomes tracking to systems’ chaotic behaviour. In these circumstances, long-term predictions become impossible in general. A brilliant metaphor on this is the so-called butterfly effect, about the way how the “flapping of the wings of a butterfly” may cause huge phenomena either they are physical, atmospheric or social. In this work, the drop of honey effect metaphor is proposed for representing this kind of butterfly effect for chaos in social phenomena, in particular in economics and politics.
publishDate 2012
dc.date.none.fl_str_mv 2012-12-01T00:00:00Z
2012-12
2013-09-19T10:33:53Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
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dc.identifier.uri.fl_str_mv http://hdl.handle.net/10071/5592
url http://hdl.handle.net/10071/5592
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv 2047‐0916
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv ExcelingTech Publisher
publisher.none.fl_str_mv ExcelingTech Publisher
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
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