Methodologia oeconomiae et systematis dynamis

Abstract

Abstract After enduring years of criticism from members of the economics profession, many system dynamicists have concluded that economists do not like system dynamics. This article outlines the methodologies of both neoclassical and institutional economics and demonstrates that the system dynamics modeling process is strikingly similar to the latter. Because a majority of economists trained in the West are neoclassicals, system dynamicists should not be surprised if many economists label system dynamics models unscientific. And since the institutional approach and the system dynamics approach are similar, it is argued, system dynamics should be used to strengthen and extend institutional economics.

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