This book investigates whether the erratic behavior observed in economic time series can be explained by internal chaotic dynamics rather than external disturbances. Richard M. Goodwin, a noted economist, applies the principles of chaos theory—originally developed in meteorology—to the field of economics. He argues that economic systems, despite being governed by cause and effect, can produce unpredictable outcomes that mimic random noise. The text provides a mathematical framework to demonstrate how deterministic models can account for the complex, irregular fluctuations typically attributed to exogenous shocks.

Experts recognize this work as a significant contribution to the application of non-linear dynamics within economic modeling. Readers often note the technical density of the prose, which requires a foundational understanding of both economic theory and mathematical analysis.