  We show that a simple model of a spatially resolved evolving economic system,
which has a steady state under simultaneous updating, shows stable oscillations
in price when updated asynchronously. The oscillations arise from a gradual
decline of the mean price due to competition among sellers competing for the
same resource. This lowers profitability and hence population but is followed
by a sharp rise as speculative sellers invade the large un-inhabited areas.
This cycle then begins again.
