P8475423 at vmsuser.acsu.unsw.EDU.AU P8475423 at vmsuser.acsu.unsw.EDU.AU
Sun Sep 17 17:09:47 MDT 1995

Re Jerry's comment:
While the issue of unintended consequences is a real one, Steve's
comments on reform vs. revolution lead me to believe that chaos theory
does not adequately capture the qualitative/quantitative dialectic. Am I
Only partly. It is easy to show quantitative differences leading to
qualitatively different situations using chaos theory (my JPKE paper
on Minsky gives such a simple example, where a tiny change in the
rate of interest changes the outcome from one of stable growth with
constant income shares to a complete collapse of output and bankers
getting the whole of surplus). But there are limitations, as you
said, to mathematical expression which don't inhibit the

And as for my comment on Alan's work, no it is not necessarily
chaos-like in nature; but chaos relies on either difference or
differential equations, and generates systems which display
far-from-equilibrium outcomes. Alan's defence used difference
equations, and argued that the TP was a far-from-equilibrium
phenomenon (from memory!); hence my characterisation of it.

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