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The Meaning of Open Systems

In: Foundations for New Economic Thinking

Author

Listed:
  • Sheila C. Dow

    (University of Stirling)

  • Victoria Chick

Abstract

Thinking about the economy in terms of systems has a long pedigree, but the terminology of openness and closure in economics is attracting increasing attention. It is apparent that these terms are being employed differently, not only between mainstream and non-mainstream economists but also within non-mainstream economics. The purpose of this chapter is to tease out these differences in meaning and, more important, the underlying methodological approaches which account for these differences. This exercise is offered as a contribution to clarifying the debate.

Suggested Citation

  • Sheila C. Dow & Victoria Chick, 2012. "The Meaning of Open Systems," Palgrave Macmillan Books, in: Foundations for New Economic Thinking, chapter 11, pages 178-196, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-00072-9_11
    DOI: 10.1057/9781137000729_11
    as

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    References listed on IDEAS

    as
    1. Lucas, Robert E, Jr, 1980. "Methods and Problems in Business Cycle Theory," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 12(4), pages 696-715, November.
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    4. Victoria Chick, 2004. "On open systems," Brazilian Journal of Political Economy, Center of Political Economy, vol. 24(1), pages 3-17.
    5. Winch Donald, 1997. "Adam Smith’s Problems and Ours," Scottish Journal of Political Economy, Scottish Economic Society, vol. 44(4), pages 384-402, September.
    6. Victoria Chick, 1983. "Macroeconomics after Keynes: A Reconsideration of the General Theory," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262530457, April.
    7. Steven Rappaport, 1998. "Models and Reality in Economics," Books, Edward Elgar Publishing, number 1258.
    8. Brian Loasby, 2003. "Closed models and open systems," Journal of Economic Methodology, Taylor & Francis Journals, vol. 10(3), pages 285-306.
    9. Jason Potts, 2000. "The New Evolutionary Microeconomics," Books, Edward Elgar Publishing, number 2258.
    10. Kregel, J A, 1976. "Economic Methodology in the Face of Uncertainty: The Modelling Methods of Keynes and the Post-Keynesians," Economic Journal, Royal Economic Society, vol. 86(342), pages 209-225, June.
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