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The Meaning of Open Systems

In: Foundations for New Economic Thinking

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  • Sheila C. Dow

    (University of Stirling)

  • Victoria Chick

Abstract

Thinking about the economy in terms of systems has a long pedigree, but the terminology of openness and closure in economics is attracting increasing attention. It is apparent that these terms are being employed differently, not only between mainstream and non-mainstream economists but also within non-mainstream economics. The purpose of this chapter is to tease out these differences in meaning and, more important, the underlying methodological approaches which account for these differences. This exercise is offered as a contribution to clarifying the debate.

Suggested Citation

  • Sheila C. Dow & Victoria Chick, 2012. "The Meaning of Open Systems," Palgrave Macmillan Books, in: Foundations for New Economic Thinking, chapter 11, pages 178-196, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-00072-9_11
    DOI: 10.1057/9781137000729_11
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    References listed on IDEAS

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    1. Steven Rappaport, 1998. "Models and Reality in Economics," Books, Edward Elgar Publishing, number 1258.
    2. Brian Loasby, 2003. "Closed models and open systems," Journal of Economic Methodology, Taylor & Francis Journals, vol. 10(3), pages 285-306.
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    8. Victoria Chick, 2004. "On open systems," Brazilian Journal of Political Economy, Center of Political Economy, vol. 24(1), pages 3-17.
    9. Winch Donald, 1997. "Adam Smith’s Problems and Ours," Scottish Journal of Political Economy, Scottish Economic Society, vol. 44(4), pages 384-402, September.
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    Cited by:

    1. Sheila C. Dow, 2012. "Variety of Methodological Approach in Economics," Palgrave Macmillan Books, in: Foundations for New Economic Thinking, chapter 13, pages 210-230, Palgrave Macmillan.
    2. Fusari, Angelo, 2013. "Methodological Misconceptions in the Social Sciences. Rethinking social thought and social processes," MPRA Paper 60164, University Library of Munich, Germany, revised 2013.
    3. Sheila C. Dow, 2013. "Framing finance: A methodological account," Working Papers PKWP1308, Post Keynesian Economics Society (PKES).
    4. Robert Sproule & C?lin Vâlsan, 2009. "The student evaluation of teaching: its failure as a research program, and as an administrative guide," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 11(25), pages 125-150, February.
    5. Robert Garnett & Andrew Mearman, 2011. "Contending Perspectives, Twenty Years On: What Have Our Students Learned?," Working Papers 201104, Texas Christian University, Department of Economics.
    6. Gabriel A. Giménez Roche & Didier Calcei, 2021. "The role of demand routines in entrepreneurial judgment," Small Business Economics, Springer, vol. 56(1), pages 209-235, January.
    7. Dow, Sheila, 2016. "Uncertainty: A diagrammatic treatment," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 10, pages 1-25.
    8. Sergios Tzotzes & Dimitris Milonakis, 2021. "Paradigm Change or Assimilation? The Case of Behavioral Economics," Review of Radical Political Economics, Union for Radical Political Economics, vol. 53(1), pages 173-192, March.
    9. Sheila Dow, 2009. "History of Thought and Methodology in Pluralist Economics Education," International Review of Economic Education, Economics Network, University of Bristol, vol. 8(2), pages 41-57.
    10. Andrikopoulos, Andreas & Economou, Labriana, 2016. "Coauthorship and subauthorship patterns in financial economics," International Review of Financial Analysis, Elsevier, vol. 46(C), pages 12-19.
    11. Sheila C. Dow, 2014. "Consistency in pluralism and microfoundations," Working Papers PKWP1408, Post Keynesian Economics Society (PKES).
    12. Vinca Bigo, 2006. "Open and closed systems and the Cambridge School," Review of Social Economy, Taylor & Francis Journals, vol. 64(4), pages 493-514.
    13. Samitas, Aristeidis & Kampouris, Elias, 2018. "Empirical investigation of co-authorship in the field of finance: A network perspective," International Review of Financial Analysis, Elsevier, vol. 58(C), pages 235-246.
    14. Annina Kaltenbrunner, 2018. "Financialised internationalisation and structural hierarchies: a mixed-method study of exchange rate determination in emerging economies," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 42(5), pages 1315-1341.
    15. Ingrid Harvold Kvangraven & Surbhi Kesar, 2021. "Standing in the Way of Rigor? Economics’ Meeting with the Decolonizing Agenda," Working Papers 2110, New School for Social Research, Department of Economics.
    16. Sheila Dow, 2013. "Teaching open-system economics," Chapters, in: Jesper Jespersen & Mogens Ove Madsen (ed.), Teaching Post Keynesian Economics, chapter 4, pages 73-87, Edward Elgar Publishing.
    17. Piero Ferri & Anna Maria Variato, 2007. "Macro Dynamics in a Model with Uncertainty," Working Papers (-2012) 0704, University of Bergamo, Department of Economics.
    18. Finn Olesen, 2010. "Uncertainty, bounded rationality and post-Keynesian Macroeconomics," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 7(1), pages 109-124.
    19. Lynne Chester, 2019. "Judging Heterodox Economics: A Response to Hodgson's Criticisms," Economic Thought, World Economics Association, vol. 8(1), pages 1-21, June.
    20. Victoria Chick, 2013. "The future is open: on open-system theorising in economics," Chapters, in: Jesper Jespersen & Mogens Ove Madsen (ed.), Teaching Post Keynesian Economics, chapter 3, pages 56-72, Edward Elgar Publishing.
    21. Pirgmaier, Elke, 2017. "The Neoclassical Trojan Horse of Steady-State Economics," Ecological Economics, Elsevier, vol. 133(C), pages 52-61.
    22. Fatma Esra Soylu, 2022. "Veblen: Pioneer Of Open Economic Reality," Economic Thought and Practice, Department of Economics and Business, University of Dubrovnik, vol. 31(2), pages 603-621, december.

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