The study of the time path of an economy. The time path is determined by a combination of exogenous and endogenous factors as individuals, firms, and governments react to observed economic outcomes and changing expectations. Dynamics is contrasted with comparative statics, which is concerned with how changes in exogenous factors or behavioural assumptions will alter equilibria. Dynamics is concerned with questions of whether, in what manner, and how rapidly an economy will approach any new equilibrium.