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In Defense of System Dynamics: A Response to Professor Hayden

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  • Michael Radzicki
  • Linwood Tauheed

Abstract

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.

Suggested Citation

  • Michael Radzicki & Linwood Tauheed, 2009. "In Defense of System Dynamics: A Response to Professor Hayden," Journal of Economic Issues, Taylor & Francis Journals, vol. 43(4), pages 1043-1061.
    • Handle: RePEc:mes:jeciss:v:43:y:2009:i:4:p:1043-1061
    DOI: 10.2753/JEI0021-3624430411
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    Cited by:

    1. Gräbner, Claudius, 2015. "Formal Approaches to Socio Economic Policy Analysis - Past and Perspectives," MPRA Paper 61348, University Library of Munich, Germany.
    2. Steve Keen, 2019. "Economics: What to Do About an Unreformable Discipline? الاقتصاد: ماذا نفعل لعلم غير قابل للإصلاح؟," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 32(2), pages 109-117, January.
    3. Gräbner, Claudius, 2016. "Agent-based computational models– a formal heuristic for institutionalist pattern modelling?," Journal of Institutional Economics, Cambridge University Press, vol. 12(1), pages 241-261, March.
    4. Nieto, Jaime & Carpintero, Óscar & Miguel, Luis J. & de Blas, Ignacio, 2020. "Macroeconomic modelling under energy constraints: Global low carbon transition scenarios," Energy Policy, Elsevier, vol. 137(C).
    5. Xingpeng Chen & Guokui Wang & Xiaojia Guo & Jinxiu Fu, 2016. "An Analysis Based on SD Model for Energy-Related CO 2 Mitigation in the Chinese Household Sector," Energies, MDPI, vol. 9(12), pages 1-18, December.
    6. Claudius Gräbner-Radkowitsch & Birte Strunk, 2023. "Degrowth and the Global South? How Institutionalism can Complement a Timely Discourse on Ecologically Sustainable Development in an Unequal World," Journal of Economic Issues, Taylor & Francis Journals, vol. 57(2), pages 476-483, April.
    7. Zhang, Qi & Wu, Xifeng & Chen, Yu, 2022. "Is economic crisis an opportunity for realizing the low-carbon transition? A simulation study on the interaction between economic cycle and energy regulation policy," Energy Policy, Elsevier, vol. 168(C).
    8. Nieto, Jaime & Carpintero, Óscar & Lobejón, Luis Fernando & Miguel, Luis Javier, 2020. "An ecological macroeconomics model: The energy transition in the EU," Energy Policy, Elsevier, vol. 145(C).

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