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In Defense of System Dynamics: A Response to Professor Hayden

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  • Michael J. Radzicki
  • Linwood Tauheed
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    Abstract

    In 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.

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    Bibliographic Info

    Article provided by M.E. Sharpe, Inc. in its journal Journal of Economic Issues.

    Volume (Year): 43 (2009)
    Issue (Month): 4 (December)
    Pages: 1043-1061

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    Handle: RePEc:mes:jeciss:v:43:y:2009:i:4:p:1043-1061

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    Web page: http://www.mesharpe.com/mall/results1.asp?acr=jei

    Related research

    Keywords: system dynamics; heterodox economics; institutional economics; feedback; simulation;

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    Cited by:
    1. Gräbner, Claudius, 2014. "Agent-Based Computational Models - A Formal Heuristic for Institutionalist Pattern Modelling?," MPRA Paper 56415, University Library of Munich, Germany.

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