Interested in applying random dynamical systems theory to economics? This paper surveys recent advancements in this area, illustrating its usefulness for modeling and analyzing economic phenomena with stochastic elements. Primarily focusing on stochastic dynamic models of economic growth, the paper showcases the framework's adaptability and analytical power. The research highlights the potential for interdisciplinary collaboration and further applications of random dynamical systems. This survey is valuable for economists seeking to incorporate stochastic components into their models. The paper also suggests directions for future research, promoting a deeper understanding of economic dynamics and the role of randomness in shaping economic outcomes. It also illustrates how further applications in stochastic areas and interdisciplinary research can be expanded.
This survey article, published in Stochastics and Dynamics, aligns perfectly with the journal's focus on stochastic processes and dynamical systems. By highlighting recent applications of these theories in economics, the paper contributes to the journal's interdisciplinary approach. The paper is significant for advancing methodologies in economics and modeling complex systems.