Economics

A system or process is said to be in a steady state if the factors that describe its behavior (called state variables) do not change over time. In many domains, including thermodynamics, economics, and engineering, the concept of a steady state is useful. If a system is in a steady state, the system's recently observed behavior will persist into the future. [1] The likelihood of various states being repeated in stochastic systems stay constant. Take, for instance, For the derivation of the steady state, convert the linear difference equation to homogeneous form.