Abstract

PERAZZI, Josefa Ramoni  and  MERLI, Giampaolo Orlandoni. System dynamics and economic growth. Rev.econ.inst. [online]. 2022, vol.24, n.46, pp.115-132.  Epub Oct 10, 2022. ISSN 0124-5996.  https://doi.org/10.18601/01245996.v24n46.07.

This paper shows that economic theory can be analyzed by means of system dynamics, an intuitive approach that makes it possible to represent graphically the feedback loops between the variables involved in the models. It models Adam Smith's view of growth, according to Robert Heilbroner's highly simplified interpretation, (developed in a more comprehensive and exhaustive way by his teacher, the German sociologist and economist Adolph Lowe) by proposing a computational system for the study of complex models. The paper does not intend to make an original contribution to economic modeling, but to show a tool that allows simulations based on the principles of system dynamics, using specialized software. This tool can be used in teaching to show alternative modeling options to the conventional ones.

Keywords : Models, economic growth, systems dynamics; JEL: O40, C60, C63.

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