ECONOMIC CYBERNETICS

Authors: K.Lawler, Professor, ORCID iD 0000-002-3409-6755, University of Kuwait, Kuwait, A. Moscardini, Visiting Professor Cardiff Metropolitan University, UK, ORCID ID 0000-0003-4951-0848, T.Vlasova, Visiting Research Fellow ORCID iD 0000-0002-5000-6756 Northumbria University, UK, D. Mubarak, Teaching Assistant, ORCID iD 0000-0003-3734-1856, University of Kuwait, Kuwait

Abstract: This paper begins with a consideration of the work of Leijonhufvud, who, in the 1960’s, introduced what he termed “cybernetics” to correct many of the perceived weaknesses in macroeconomic theory. The authors use current advances in systems thinking to develop their own definition of Cybernetics and provide an example to illustrate how this definition of cybernetics can produce meaningful economic questions. The paper concludes with a synthesis of economic and cybernetic ideas which is termed “Economic Cybernetics”. This term is common in the former Soviet countries but is unfamiliar to western audiences.

Keywords: Economics, Cybernetics, Mathematics.

 

Received: 26/12/2019

1st Revision: 20/01/2020

Accepted: 10/02/2020

DOI:    https://doi.org/10.17721/1728-2667.2020/208-1/3

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