The first to use the term for a specific application was J. Barkley Rosser, Jr. in 1991, who suggested that it could be applied to explaining the process of systemic economic transition, with Poirot (2001) following up on this in regard to the Russian financial crisis of 1998.
Inspired by Alfred Eichner’s term "megacorp" (Eichner, 1976), J. Barkley Rosser, Jr. introduced the term in 1981 to describe the combination of the leading multinational oil corporations and the Organization of Petroleum Exporting Countries (OPEC) in 1973 that engineered a substantial increase in world oil prices.
The first to develop a mathematical model of this period of financial distress was J. Barkley Rosser, Jr. (Chapter 5, 1991), drawing on catastrophe theory, while a more detailed such model using agent-based modeling and relying on the wealth constraint idea due to Minsky has been done by Gallegati, Palestrini, and Rosser (2011.)
In economics, Rosser's equation (named after J. Barkley Rosser, Jr.) calculates future US Social Security Administration Trust Fund balances and payments as the ratio of benefit payments in real terms for a given income level to be received the year after the Trust Fund would be exhausted, to those of the same income level for an initial year.
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