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The Meaning of Open Systems

Sheila Dow and Victoria Chick

Chapter 11 in Foundations for New Economic Thinking, 2012, pp 178-196 from Palgrave Macmillan

Abstract: Abstract Thinking about the economy in terms of systems has a long pedigree, but the terminology of openness and closure in economics is attracting increasing attention. It is apparent that these terms are being employed differently, not only between mainstream and non-mainstream economists but also within non-mainstream economics. The purpose of this chapter is to tease out these differences in meaning and, more important, the underlying methodological approaches which account for these differences. This exercise is offered as a contribution to clarifying the debate.

Keywords: Closed System; Isolate System; Closed Model; Economic Thinking; Mainstream Economic (search for similar items in EconPapers)
Date: 2012
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DOI: 10.1057/9781137000729_11

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