This book approaches economic problems from a systems thinking and
feedback perspective. By introducing system dynamics methods (including
qualitative and quantitative techniques) and computer simulation models,
the respective contributions apply feedback analysis and dynamic
simulation modeling to important local, national, and global economics
issues and concerns. Topics covered include: an introduction to macro
modeling using a system dynamics framework; a system dynamics
translation of the Phillips machine; a re-examination of classical
economic theories from a feedback perspective; analyses of important
social, ecological, and resource issues; the development of a
biophysical economics module for global modelling; contributions to
monetary and financial economics; analyses of macroeconomic growth,
income distribution and alternative theories of well-being; and a
re-examination of scenario macro modeling.
The contributions also examine the philosophical differences between the
economics and system dynamics communities in an effort to bridge
existing gaps and compare methods. Many models and other supporting
information are provided as online supplementary files. Consequently,
the book appeals to students and scholars in economics, as well as to
practitioners and policy analysts interested in using systems thinking
and system dynamics modeling to understand and improve economic systems
around the world.
"Clearly, there is much space for more collaboration between the
advocates of post-Keynesian economics and system dynamics! More
generally, I would like to recommend this book to all scholars and
practitioners interested in exploring the interface and synergies
between economics, system dynamics, and feedback thinking."
Comments in the Foreword by Marc Lavoie, Emeritus Professor, University
of Ottawa and University of Sorbonne Paris Nord
