With respect to human behavior, experiential learning causes a feedback loop. It is unlikely therefore that history will exactly repeat itself as participants will have modified their prior behavior. Though the emotions of fear and greed will not have changed.

Feedback loops at the systemic level can be positive, or negative. The system is likely to continually adjust to the loop, but may reach a critical state - a tipping point - and fundamentally change.


In 'The Education of a Speculator', Victor Niederhoffer, describes feedback loops:

Homeostatic Functions: One of the common features that all life possesses is a mechanism for maintaining orderly conditions. The tendency is called homeostasis. It is generally achieved through feedback loops.