  Control and stabilization of irregular and unstable behavior of dynamic
systems (including chaotic processes) are interdisciplinary problems of
interest to a variety of scientific fields and applications. Using the control
methods allows improvements in forecasting the dynamics of unstable economic
processes and offers opportunities for governments, central banks, and other
policy makers to modify the behaviour of the economic system to achieve its
best performance. One effective method for control of chaos and computation of
unstable periodic orbits (UPOs) is the unstable delay feedback control (UDFC)
approach, suggested by K. Pyragas. This paper proposes the application of the
Pyragas' method within framework of economic models. We consider this method
through the example of the Shapovalov model, by describing the dynamics of a
mid-size firm. The results demonstrate that suppressing chaos is capable in the
Shapovalov model, using the UDFC method.
