Modeling Dynamic Economic Systems
Economists model the ways in which humans meet their needs using given endowments of resources and technologies. This book explores the dynamic processes in economic systems, concentrating on the extraction of resources that are required to meet eco
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Matthias Ruth
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Bruce Hannon
Modeling Dynamic Economic Systems Second Edition
Foreword by Jay W. Forrester
Matthias Ruth University of Maryland College Park, MD 20742, USA
Bruce Hannon University of Illinois Urbana, IL 61801, USA
A save-disabled version of STELLA® and the computer models of this book are available at www.iseesystems.com/modelingeconomicsystems. ISBN 978-1-4614-2208-2 e-ISBN 978-1-4614-2209-9 DOI 10.1007/978-1-4614-2209-9 Springer New York Dordrecht Heidelberg London Library of Congress Control Number: 2012930135 # Springer Science+Business Media, LLC 1997, 2012
All rights reserved. This work may not be translated or copied in whole or in part without the written permission of the publisher (Springer Science+Business Media, LLC, 233 Spring Street, New York, NY 10013, USA), except for brief excerpts in connection with reviews or scholarly analysis. Use in connection with any form of information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed is forbidden. The use in this publication of trade names, trademarks, service marks, and similar terms, even if they are not identified as such, is not to be taken as an expression of opinion as to whether or not they are subject to proprietary rights. Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com)
Foreword to the First Edition
The frontiers of physical science and technology commanded attention during the last two centuries. In the next century lies the frontier of better understanding behavior of social and economic systems. Ruth and Hannon join many other pioneers exploring this new frontier. By building on the profession of system dynamics, Ruth and Hannon contribute to movement away from purely mental models, which necessarily lack adequate precision, toward more insightful and disciplined computer simulation models. The STELLA software used in this book is one of several computer applications created to implement the concepts of system dynamics, a discipline that has been developed over the last 40 years and now extends into many fields of activity. System dynamics is beginning, already even in kindergarten through 12th grade education, to provide a rigorous foundation for dealing with dynamic change in mathematics, physics, social studies, environment, history, and even literature. Education at every level will be changing from teaching isolated facts to allowing students to explore those systems within which facts, policies, and individual relationships are imbedded to develop their ability to think in terms of dynamic systems. This book includes elementary instruction in system dynamics modeling and in the STELLA software. It covers a wide range of material from simple building blocks of systems to models and mathematics of considerable complexity. The material opens many avenues for further exploration, refinement, and simplification. Examples d
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