In Defense of System Dynamics: A Response to Professor Hayden

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.

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Year of publication:	2009
Authors:	Radzicki, Michael J. ; Tauheed, Linwood
Published in:	Journal of Economic Issues. - M.E. Sharpe, Inc., ISSN 0021-3624. - Vol. 43.2009, 4, p. 1043-1061
Publisher:	M.E. Sharpe, Inc.
Subject:	system dynamics \| heterodox economics \| institutional economics \| feedback \| simulation

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Type of publication:	Article
Source:	RePEc - Research Papers in Economics

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