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"Butterflies on the Street," by John Allen Paulos. New York Times, 19 July 1996, page A27.
In this brief editorial, John Allen Paulos muses about connections between chaos theory and the volatility of the stock market. Chaos theory implies that, just as the proverbial flutter of butterfly wings in one part of the world can lead to a storm in another, so small changes in the salaries of a few high-priced executives can set off fluctuations in the stock market. Paulos relates these ideas to the abstract question of predicting the path of a billiard ball, as well as to more practical considerations such as the consequences of slight errors in the Consumer Price Index.
-Allyn Jackson
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