Introduction to feedback economics
Since the time of Adam Smith, economists have studied the dynamics of economic systems. From a system dynamics perspective, the change in any system over time occurs when flows accumulate in stocks - i.e., by the process of integration. Of course, economists have long been familiar with, and utilize...
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| Veröffentlicht in: | Feedback economics |
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| 1. Verfasser: | |
| Format: | UnknownFormat |
| Sprache: | eng |
| Veröffentlicht: |
2021
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Tag hinzufügen | Zusammenfassung: | Since the time of Adam Smith, economists have studied the dynamics of economic systems. From a system dynamics perspective, the change in any system over time occurs when flows accumulate in stocks - i.e., by the process of integration. Of course, economists have long been familiar with, and utilized, the concept of stocks and flows in their analyses. Stocks define the state of a system, and flows change the stocks over time. A concept that is used less frequently in economics is that of feedback. Feedback is the transmission and return of information about the amount of "stuff" that has accumulated in a system's stocks. Stated differently, stocks and flows do not exist in isolation but are rather part of feedback loops. This introductory chapter reviews the use of the stock-flow concept, as well as the feedback concept, in economics and sets the stage for the stock-flowfeedback loop modeling that is presented in the book. |
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| ISBN: | 9783030671891 3030671895 |