Chaos and Fractal Impact on Economics

Laburpena

Complexity is one of the most important characteristic properties of the economic behaviour. The new field of knowledge called Chaotic Dynamic Economics born precisely with the objective of understanding, structuring and explaining in an endogenous way such complexity. In this paper, and after scanning the principal concepts and techniques about the mathematics of chaos and the fractal geometry, we analyze the possibilities of application of these valuable tools to the different areas of Economics. After a set of general considerations, within a wide landscape, we tackle the study of two main economic areas: the existence of chaos in time series, and the eventual chaotic behaviour in the Capital Markets during the recent period of crisis, considering the IBEX 35 daily data in the years 2006-2013, obtaining very interesting results.