Social Science & Policy Studies Faculty Publications

Document Type

Other

Publication Date

Spring 4-24-2014

Abstract

A revolution in economics was probably never a conscious goal of Forrester’s work. Yet, his writings might have laid the foundation for it by visualizing the decision process as it exist in operational settings instead of being defined by abstract postulates of mainstream economics. This perspective allows his models to be tied to policies that influence everyday decisions. When viewed in the context of the working of a firm in market place, economic development, management of common property resources and control of growth and recession in an economy, which are important facets of economics, Forrester’s writings provide deep insights that not only tie well to reality, but can also be used for creating effective policies for business and public organizations. This paper discusses Forrester’s alternative models that address both economic theory and normative policy agendas and set the stage for a disruptive change in the practice of economics.

Issue

No. 2014-004

Included in

Economics Commons

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