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On open systems

Author

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  • Victoria Chick

Abstract

To many, economics is seen as increasingly divorced from reality. I shall argue that one of the causes of this divorce is the attachment to closed-system theorising, and advocate instead the method of open systems with partial and temporary closures. Definitions of closed and open systems are examined. It is evident that there are many different criteria which may define open systems. Theorists differ in their emphasis on one or other criterion. There are also different dimensions of openness: openness to non-economic factors; the openness of economic theories themselves; the interplay of micro- and macro-economics; and the treatment of time. These are explored, using Keynes’s General Theory as a case study of an open system. JEL Classification: A10; B31; B40; B50; E12.

Suggested Citation

  • Victoria Chick, 2004. "On open systems," Brazilian Journal of Political Economy, Center of Political Economy, vol. 24(1), pages 3-17.
    • Handle: RePEc:ekm:repojs:v:24:y:2004:i:1:p:3-17:id:654
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    File URL: https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/654/2041
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    Citations

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    Cited by:

    1. 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.
    2. Zdeněk Chytil & Lukáš Máslo, 2017. "Conceptualization of Historical Time in Post Keynesian Economics," Prague Economic Papers, Prague University of Economics and Business, vol. 2017(4), pages 397-421.
    3. Bresser-Pereira, Luiz Carlos, 2006. "The two methods of economics," Textos para discussão 148, FGV EESP - Escola de Economia de São Paulo, Fundação Getulio Vargas (Brazil).
    4. Anna M. Carabelli & Mario A. Cedrini, 2014. "Keynes's General Theory , Treatise on Money and Tract on Monetary Reform : different theories, same methodological approach?," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 21(6), pages 1060-1084, December.
    5. Alain Hersovici, 2005. "O modelo de instabilidade de Harrod: uma abordagem em termos de não linearidade," Working Papers 0020, Universidade Federal do Paraná, Department of Economics.
    6. Luiz Fernando de Paula & Fernando Ferrari Filho, 2010. "The spread of Keynesianism in Brazil: The origins and experience of the Brazilian Keynesian Association," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 7(2), pages 248-255.
    7. Paulo Gala & Ademar Danilo Araújo Fernandes & Ademar Bernardo Stuhlberger Wjuniski, 2012. "Pluralism in Economics: From Epistemology to Hermeneutics," Economia, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics], vol. 13(1), pages 1-14.
    8. Anna M. Carabelli & Mario A. Cedrini, 2011. "Chapter 18 of the General Theory “Further Analysed”: The Theory of Economics as A Method," Working Papers 128, SEMEQ Department - Faculty of Economics - University of Eastern Piedmont.
    9. Paolo Ramazzotti, 2016. "Themes in an institutionalist theory of economic policy," Working Papers 81-2016, Macerata University, Department of Finance and Economic Sciences, revised May 2016.
    10. Tony Aspromourgos & Kenji Mori & Masashi Morioka & Arrigo Opocher & J. Barkley Rosser & Yoshinori Shiozawa & Kazuhisa Taniguchi & Heinz D. Kurz & Neri Salvadori, 2022. "Symposium on Yoshinori Shiozawa, Masashi Morioka and Kazuhisa Taniguchi (2019), Microfoundations of evolutionary economics, Tokyo: Springer Japan," Metroeconomica, Wiley Blackwell, vol. 73(1), pages 2-48, February.
    11. 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.

    More about this item

    Keywords

    Open systems; methodology; Keynes’s General Theory; post-Keynesian interpretation;
    All these keywords.

    JEL classification:

    • A10 - General Economics and Teaching - - General Economics - - - General
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General
    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory

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