Using System Dynamics in Macroeconomics

Authors: K. Lawler, ORCID ID 000000234096755X, Professor, Department of Economics, University of Kuwait, Kuwait
T. Vlasova, ORCID ID 0000000250006756, Visiting Research Fellow, Northumbria University, UK
A. Moscardini, ORCID ID 0000000349510848, Visiting Professor, Northumbria University, UK

Abstract: In our previous studies, the authors argued that Economic Science in particular thesub –field of macroeconomics needed a profound reset and upgrade. It must use the systemic and cybernetic tools that are now available. This paper promotes a new paradigm and presents three examples that illustrate how a judicious application of systems theory can help to better understand the problem and offers a tool (System Dynamics) as a means of obtaining meaningful solutions.

Key words: Economics, System Dynamics, Causal Modelling

Received: 27/02/19

1st Revision: 31/03/19

Accepted: 07/04/19



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V. Nevidomyi, Doctor of Sciences (Juridical),
ORCID iD 0000-0003-4455-864X