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Economic models can be such powerful tools in understanding some economic relationships that it is easy to ignore their limitations. One tangible example where the limits of economic models allegedly collided with reality, but were nevertheless accepted as "evidence" in public policy debates, involved models to simulate the effects of NAFTA ...
Systems theory is manifest in the work of practitioners in many disciplines, for example the works of physician Alexander Bogdanov, biologist Ludwig von Bertalanffy, linguist Béla H. Bánáthy, and sociologist Talcott Parsons; in the study of ecological systems by Howard T. Odum, Eugene Odum; in Fritjof Capra's study of organizational theory; in the study of management by Peter Senge; in ...
Treating productive organizations as complex adaptive systems allows for new management models that address economical, social and environmental benefits (Pisek and Wilson, 2001.) [11] In that field, cluster theory (Porter, 1990) [12] evolved in more environmentally sensitive theories, like industrial ecology (Frosh and Gallopoulos, 1989) [13] and industrial symbiosis (Chertow, 2000). [14]
The viable systems approach (VSA) is a systems theory in which the observed entities and their environment are interpreted through a systemic viewpoint, starting with the analysis of fundamental elements and finally considering more complex related systems (von Bertalanffy, 1968). The assumption is that each entity/system is related to other ...
"Thirteen critical points in contemporary economic theory". Journal of Economic Literature. 10 (4): 1163– 1189. JSTOR 2721542. Alessandro Innocenti (1995). "Oskar Morgenstern and the Heterodox Potentialities of the Application of Game Theory to Economics". Journal of the History of Economic Thought. 17 (2): 205– 227. doi:10.1017 ...
Example of a numerical stability analysis. For certain parameter values (here: interest rate and consumption out of wealth) the model is unstable, but stable for others. [31] Simple models can be solved analytically and investigated by means of concepts of dynamical system theory such as bifurcation analysis.
Complexity theory emphasizes interactions and the accompanying feedback loops that constantly change systems. While it proposes that systems are unpredictable, they are also constrained by order-generating rules. [6]: 74 Complexity theory has been used in the fields of strategic management and organizational studies.
The following is a list of scholarly journals in economics containing most of the prominent academic journals in economics. Popular magazines or other publications related to economics , finance , or business are not listed.