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I think the point is that the way the economy progresses (the way the PPF expands) is through catastrophes of this sort. A well-greased economy has lots of little catastrophes. A rigid one has a few huge ones.

guaranteed to evoke a violent reaction from police is to challenge their right to "define the situation." --- David Graeber citing Marc Cooper
by Migeru (migeru at eurotrib dot com) on Thu Nov 17th, 2005 at 12:05:47 PM EST
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Yup.  You can either have little Catastrophes or a great big whumping Catastrophe that is a "Catastrophe."  

I think, but cannot prove, one could use Catastrophe Theory as a qualitative tool for to describe Chaotic bifurcation to a different wing of a Lorenz Butterfly, say.  To actually show this would reguire more math than I care to handle.  :-)

by ATinNM on Thu Nov 17th, 2005 at 01:05:40 PM EST
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