You might want to visit the Wikipedia article on relaxation oscillation at http://en.wikipedia.org/wiki/Relaxation_oscillator . This will give some partially understandable background for people with an interest in engineering and physics.
I maintain that the control component of the economy, that is, the BAFLM (for Banking, Accounting, Financial, Legal and Monetary) component, is subject to relaxation oscillation that manifests itself as the well-known Boom and Bust Cycle (BaBC).
Relaxation oscillation can occur in a physical system, a financial system, as well as in many other systems whose numerically measurable variables are subject to
- accumulation,
- build-up,
- overshoot of an upper threshold,
- discharge and depletion of the accumulated quantity
- passage of the level of accumulation to a below a lower threshold
- cessation of the discharge process,
- and a return to the top of the list, yielding cyclic repetition of the process.
Rather than continuing to pound home the point that the abstract description of relaxation oscillation applies to many specific areas(e.g. physics, finance, diet, etc.), we will pick one and suggest that the reader translate the process described in the chosen application to an application familiar to and comfortable for him.
Relaxation oscillation usually occurs in the context of the flow of a particular quantity, part of which can be accumulated in a storage device of limited capacity. When the accumulation exceeds the capacity of the storage device, the . . .
I'm out of time again. I'll try to pick this up soon.
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