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In Defense of System Dynamics: A Response to Professor Hayden

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  • Michael Radzicki
  • Linwood Tauheed

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.

Suggested Citation

  • Michael Radzicki & Linwood Tauheed, 2009. "In Defense of System Dynamics: A Response to Professor Hayden," Journal of Economic Issues, Taylor & Francis Journals, vol. 43(4), pages 1043-1061.
  • Handle: RePEc:mes:jeciss:v:43:y:2009:i:4:p:1043-1061
    DOI: 10.2753/JEI0021-3624430411
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    Cited by:

    1. Xingpeng Chen & Guokui Wang & Xiaojia Guo & Jinxiu Fu, 2016. "An Analysis Based on SD Model for Energy-Related CO 2 Mitigation in the Chinese Household Sector," Energies, MDPI, Open Access Journal, vol. 9(12), pages 1-18, December.
    2. Gräbner, Claudius, 2016. "Agent-based computational models– a formal heuristic for institutionalist pattern modelling?," Journal of Institutional Economics, Cambridge University Press, vol. 12(01), pages 241-261, March.

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