Is system dynamics modelling of relevance to neoclassical economists?

South African Journal of Economics

Volumn 82, Issue 2, 2014, Pages 181-192

  Crookes, Douglas J ^a   De Wit, Martin P ^a  

^a STELLENBOSCH UNIVERSITY   (South Africa)

Author keywords

Burrell; epistemology; Morgan; Neoclassical; ontology; system dynamics

Indexed keywords

ECONOMETRICS; ECONOMIC THEORY; IDEOLOGY; MODELING; NEOCLASSICAL THEORY; THEORETICAL STUDY;

EID: 84901633039     PISSN: 00382280     EISSN: 18136982     Source Type: Journal    
DOI: 10.1111/saje.12038     Document Type: Article

References (57)

1. Aay, H., and, Van Langevelde, A., (2005). A Dooyeweerd-based approach to regional economic development. Tijdschrift voor economische en sociale geografie, 96: 184-198.
2. Balnac, K., Bokhoree, C., Deenapanray, P., and, Bassi, A. M., (2009). A System Dynamics Model of the Mauritian Power Sector. 2009 International System Dynamics Conference (ISDC), July 26-30, 2009, Albuquerque, NM, USA.
3. Bassi, A. M., and, Baer, A. E., (2009). Quantifying cross-sectoral impacts of investments in climate change mitigation in Ecuador. Energy for Sustainable Development, 13: 116-123.
4. Beinhocker, E. D., (2007). The Origin of Wealth. London: Random House Business Books.
5. Blaug, M., (1985). Economic Theory in Retrospect. Cambridge: Cambridge University Press.
6. Burdzy, K., (2009). The Search for Certainty. On the Clash of Science and Philosophy of Probability. New Jersey: World Scientific.
7. Burrell, G., and, Morgan, G., (1979). Sociological Paradigms and Organisational Analysis. London: Heinemann.
8. Caldwell, B., (1980). Positivistic philosophy of science and the methodology of economics. Journal of Economic Issues, 14 (1): 53-76.
9. Coddington, A., (1976). Keynesian economics: The search for first principle. Journal of Economic Literature, 14: 1258-1273.
10. Colander, D., Goldberg, M., Haas, A., Juselius, K., Kirman, A., Lux, T., and, Sloth, B., (2009). The financial crisis and the systemic failure of the economics profession. Critical Review: A Journal of Politics and Society, 21 (2-3): 249-267.
11. Cole, H. S. D., (1977). Accuracy in the long run-Where are we now. Omega, 5 (5): 529-542.
12. Crookes, D., Blignaut, J., De Wit, M., Esler, K., Le Maitre, D., Milton, S., Mitchell, S., Cloete, J., De Abreu, P., Fourie, H., Gull, K., Marx, D., Mugido, W., Ndhlovu, T., Nowell, M., Pauw, M., and, Rebelo, A., (2013). System dynamic modelling to assess economic viability and risk trade-offs for ecological restoration in South Africa. Journal of Environmental Management, 120: 138-147.
13. Crookes, D. J., (2012). Modelling the Ecological-Economic Impacts of Restoring Natural Capital, with a Special Focus on Water and Agriculture, at Eight Sites in South Africa. PhD Dissertation, Stellenbosch University.
14. Dangerfield, B. C., (2008). System dynamics advances strategic economic transition planning in a developing nation. In, H. Qudrat-Ullah, M. Spector, and, P. Davidsen, (eds), Complex Decision-Making: Theory and Practice. New York: Springer, 185-209.
15. Deetz, S., (1996). Describing differences in approaches to organization science: Rethinking Burrell and Morgan and Their Legacy. Organization Science, 7 (2): 191-207.
16. Edge, R. M., and, Gurkaynak, R. S., (2011). How Useful Are Estimated DSGE Model Forecasts? Finance and Economics Discussion Series Divisions of Research & Statistics and Monetary Affairs, Federal Reserve Board, Washington, DC.
17. Eriksson, D. M., (2003). Identification of normative sources for systems thinking: An inquiry into religious ground-motives for systems thinking paradigms. Systems Research and Behavioral Science, 20: 475-487.
18. Forrester, J. W., and, Senge, P. M., (1980). Tests for building confidence in systems dynamics models. In, A. A. Legasto, J. W. Forrester, and, J. M. Lyneis, (eds), System Dynamics. TIMS Studies in the Management Sciences 14. Amsterdam: North-Holland Publishing Company, 209-228.
19. Friedman, M., (1966). The methodology of positive economics. In, M. Friedman, (ed.), Essays in Positive Economics. Chicago: University of Chicago Press, 3-16, 30-43.
20. Goles, T., and, Hirschheim, R., (2000). The paradigm is dead, the paradigm is dead... long live the paradigm: The legacy of Burrell and Morgan. Omega, 28 (3): 249-268.
21. Hands, D. W., (2001). Reflection without Rules: Economic Methodology and Contemporary Science Theory. Cambridge: Cambridge University Press.
22. Harvey, J. T., (2002). Keynes' chapter twenty-two: A system dynamics model. Journal of Economic Issues, 26 (2): 373-382.
23. Harvey, J. T., (2006). Modelling interest rate parity: A system dynamics approach. Journal of Economic Issues, 40 (2): 395-403.
24. Hassard, J., (1991). Multiple paradigms and organizational analysis: A case study. Organization Studies, 12 (2): 275-299.
25. Hausman, D. M., (1989). Economic methodology in a nutshell. The Journal of Economic Perspectives, 3 (2): 115-127.
26. Hay, D. A., (1990). Economics Today: A Christian Critique. Grand Rapids, MI: W. B. Eerdmans Publishing Company.
27. Hicks, J. R., (1937). Mr Keynes and the "classics"; a suggested interpretation. Econometrica, 5 (2): 147-159.
28. Houghton, L., and, Ledington, P. W. J., (2002). The evolution of confusion: Soft systems methodology and social theory revisited. Australasian Journal of Information Systems, 9 (2): 75-83.
29. Jackson, M. C., (2000). Systems Approaches to Management. London: Springer.
30. Jevons, W. S., (1888). The Theory of Political Economy. London: Macmillan and Co.
31. John, K., (2009). A System Dynamics Approach to the Bhaduri-Marglin Model. Proceedings of the 27th International Conference of the System Dynamics Society, July 26-30, 2009, Albuquerque, New Mexico, USA.
32. Lane, D. C., (1994). Social Theory and System Dynamics Practice. Paper presented at the 12th International Conference of the System Dynamics Society, Stirling, Scotland.
33. Lane, D. C., (2000). Should system dynamics be described as a "hard" or "deterministic" systems approach? Systems Research and Behavioral Science, 17: 3-22.
34. Lawson, T., (1997). Economics and Reality. Abingdon & New York: Routledge.
35. Lombardi, P., and, Basden, A., (1997). Environmental sustainability and information systems: The similarity. Systems Practice, 10 (4): 473-489.
36. Luhmann, N., (1995). Social Systems. Stanford, CA: Stanford University Press.
37. Mangan, J., Lalwani, C., and, Gardner, B., (2004). Combining quantitative and qualitative methodologies in logistics research. International Journal of Physical Distribution and Logistics Management, 34 (7): 565-578.
38. Mearman, A., (2007). Teaching Heterodox Economics Principles. The Handbook for Economics Lecturers. UK: The Economics Network.
39. Miller, R. W., (1987). Fact and Method. Explanation, Confirmation and Reality in the Natural and the Social Sciences. Princeton, NJ: Princeton University Press.
40. Neumann, W. L., (2000). Social Research Methods: Qualitative and Quantitative Approaches. Boston, MA: Allyn & Bacon.
41. O'Hara, P. A., (2007). Principles of institutional-evolutionary political economy-Converging themes from the schools of heterodoxy. Journal of Economic Issues, 41 (1): 1-42.
42. Parsons, T., (1951). The Social System. Glencoe, IL: The Free Press.
43. Pittaway, L., (2005). Philosophies in entrepreneurship: A focus on economic theories. International Journal of Entrepreneurial Behaviour & Research, 11 (3): 201-221.
44. Radzicki, M., (2011). System dynamics and its contribution to economics and economic modelling. In, R. A. Meyers, (ed.), Complex Systems in Finance and Econometrics. New York: Springer, 727-738.
45. Radzicki, M. J., (2008). Institutional economics, post Keynesian economics, and system dynamics: Three strands of a heterodox economics braid. In, J. T. Harvey, and, R. F. Garnett Jr., (eds), Future Directions for Heterodox Economics. Ann Arbor, MI: University of Michigan Press, 156-189.
46. Radzicki, M. J., and, Sterman, J. D., (1994). Evolutionary economics and system dynamics. In, R. W. England, (ed.), Evolutionary Concepts in Contemporary Economics. Ann Arbor, MI: University of Michigan Press, 61-89.
47. Richardson, C., and, Courvisanos, J., (2008). Modeling Keynes with Kalecki. In, L. R. Wray, and, M. Forstater, (eds), Keynes and Macroeconomics after 70 Years: Critical Assessments of the General Theory. Cheltenham and Gloucester, and Northampton, MA: Edward Elgar, 99-122.
48. Robbins, L., (1935). An Essay on the Nature and Significance of Economic Science. London: Macmillan.
49. Robson, J. M., (ed.). (1963). Collected Works of John Stuart Mill. Toronto: University of Toronto Press.
50. Saeed, K., and, Prankprakma, P., (1997). Technological development in a dual economy: Alternative policy levers for economic development. World Development, 25 (5): 695-712.
51. Senge, P. M., (1990). The Fifth Discipline: The Art and Practice of the Learning Organisation. New York: Doubleday.
52. Tobin, J., (2006). James Tobin. In, W. Breit, and, R. W. Spencer, (eds), Lives of the Laureates, Eighteen Nobel Economists. New Delhi: Academic Foundation, 95-114. Fourth Edition.
53. Turner, J., (1991). The Structure of Sociological Theory. Belmont: Wadsworth Publishing.
54. Turner, J. H., (1984). Societal Stratification: A Theoretical Analysis. New York: Columbia University Press.
55. Van den Belt, M., (2004). Mediated Modeling. A Systems Dynamics Approach to Environmental Consensus Building. Washington, DC: Island Press.
56. Wallace, W. L., (1969). Sociological Theory. Chicago: Aldine Publishing Company.
57. Zellner, A., (2008). Bayesian econometrics: Past, present and future. Bayesian Econometrics. Advances in Econometrics, 23: 11-60.