Radzicki, Michael, "In Defense of System Dynamics: A Response to Professor Hayden", 2007 July 29-2007 August 2
In a 2006 paper in the Journal of Economic Issues, 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 Professor Haydens claims are, for the most part, misguided and, in some instances, patently incorrect. Moreover, we will reinforce the view that combining system dynamics with institutional economics can be a very powerful approach to heterodox economic analysis
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- 2007 July 29-2007 August 2
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