Since the time of Adam Smith, economists have studied the dynamics of economic systems. From a system dynamics perspective, the change in any system over time occurs when flows accumulate in stocks - i.e., by the process of integration. Of course, economists have long been familiar with, and...

One of the many interesting controversies in economics concerns Harrod's "knife-edge" or Harrod's "razor’s edge". In 1939, Sir Roy Harrod published a paper in which he presented a dynamic macroeconomic model that appeared to have an unstable golden age growth path. If an external shock knocks...