After enduring years of criticism from prominent economists, many members of the system dynamics community have concluded that economists do not like system dynamics. This article argues that this conclusion is not entirely correct. The economics profession can be divided into two methodologically different camps: the mainstream or neoclassical economists and the institutional economists. Although neoclassical economists do not see system dynamics models as being scientific because they do not adhere to the tenents of logical empiricism, institutional economists construct models in a manner that is strikingly similar to the system dynamics method. Indeed, it is shown that system dynamics can be used to strengthen and extend the institutionalist paradigm in economics and thus has the potential to find a permanent home within the profession. The computer people took seriously the evidence that people are not maximizing-rational and decided to find out by empirical study how decisions are actually made. Thus they became, in a way, heirs of the institutionalist program ....Philosopher of Science Paul Diesing

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• 1986

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• Document

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System Dynamic Society Records

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• This collection is part of the University Archives