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In Search of System Understanding and Control

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  • Gene Huang

Abstract

Technology, standardization, and global integration have created a world of ever-increasing financial and economic complexity. However, measurement and modeling have not kept pace with these developments: new approaches to recognize and embrace the complexity of an open social-economic system are necessary. In particular, it is necessary to address five fundamental challenges to system modeling and forward-looking examinations of human behavior: fallibility, reflexivity, time inconsistency, domain inconsistency, and the “Lucas critique.” It is of particular importance to recognize that human life operates in an integrated domain of economic, political, spiritual, family, social, and cultural aspects. To support the needs of analysis, new types of data are necessary. The article presents several specific areas in which modeling and measurement must be improved to meet the demands for economic analysis in the 21st century.

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  • Gene Huang, 2013. "In Search of System Understanding and Control," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 48(1), pages 2-7, February.
    • Handle: RePEc:pal:buseco:v:48:y:2013:i:1:p:2-7
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