In Defense of System Dynamics: A Response to Professor Hayden
AbstractIn a 2006 paper, Professor Gregory Hayden argued that system dynamics is an inadequate tool for explaining the institutional systems principles of hierarchy, feedback and openness. The purpose of this paper is to show that many of Professor Hayden's claims are either misguided or incorrect. The paper also reinforces the argument that system dynamics modeling can add significant value to traditional institutional economic analysis.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by M.E. Sharpe, Inc. in its journal Journal of Economic Issues.
Volume (Year): 43 (2009)
Issue (Month): 4 (December)
Contact details of provider:
Web page: http://www.mesharpe.com/mall/results1.asp?acr=jei
system dynamics; heterodox economics; institutional economics; feedback; simulation;
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Gräbner, Claudius, 2014. "Agent-Based Computational Models - A Formal Heuristic for Institutionalist Pattern Modelling?," MPRA Paper 56415, University Library of Munich, Germany.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ian Winship) or (Chris Nguyen).
If references are entirely missing, you can add them using this form.