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AbstractNotes and Insights is a forum for discussion and debate about current issues in the philosophy and application of the system dynamics approach, and a marketplace for the exchange of information about currant research, policy issues, and teaching experiences. Manuscripts treating material particularly suited to presentation in short form (less than 2,000 words) should be sent to Erich Zahn, Betriebswirtschaft‐liches Institut, Abt. IV, Universität Stuttgart, Keplerstr. 17, D‐7000 Stuttgart 1, Germany.

AbstractAfter enduring years of criticism from members of the economics profession, many system dynamicists have concluded that economists do not like system dynamics. This article outlines the methodologies of both neoclassical and institutional economics and demonstrates that the system dynamics modeling process is strikingly similar to the latter. Because a majority of economists trained in the West are neoclassicals, system dynamicists should not be surprised if many economists label system dynamics models unscientific. And since the institutional approach and the system dynamics approach are similar, it is argued, system dynamics should be used to strengthen and extend institutional economics.

AbstractNotes and Insights is a forum for discussion and debate about current issues in the philosophy and application of the system dynamics approach, and a marketplace for the exchange of information about current research, policy issues, and teaching experiences. Manuscripts treating material particularly suited to presentation in short form (less than 2,000 words) should be sent to Erich Zahn, Betriebswirtschaftliches Institut, Abt. IV, Universität Stuttgart, Keplerstr. 17, D‐7000 Stuttgart 1, F.R.G.

Chapter 1. Introduction to Feedback Economics -- Part I: Macroeconomics -- Chapter 2. Get Started with Macro Modeling -- Chapter 3. Equilibrium, Instability, Growth and Feedback in Economics -- Chapter 4. Accounting System Dynamics Modeling of Money Stock as Debts: Theory and Case Analysis of Japan -- Chapter 5. A System Dynamics Translation of the Phillips Machine -- Part II: Microeconomics -- Chapter 6. Economic Origins of the Sicilian Mafia: A Simulation Feedback Model -- Chapter 7. Comparison of System Dynamics Calibration and Econometric Estimation -- Chapter 8. Modeling the "Paradox of Redistribution" -- Part III: Resource Economics -- Chapter 9. Limits to Growth Concepts in Classical Economics -- Chapter 10. Development of a Biophysical Economics Module for the Global Integrated Assessment Model WORLD7 -- Chapter 11. System Dynamics Modelling of Ecological-Economic Systems -- Chapter 12. Blessing or Burden? Another Look at the National Resource Curse -- Part IV: Policy Analysis -- Chapter 13. Policy Responses to Sovereign Debt Induced Banking Crises: A Model-Based Evaluation of Alternatives -- Chapter 14. Use of System Dynamics for Macro-Financial Scenario Assessment: Debt and Currency Crises in Russia -- Chapter 15. Economic Impact Assessment of Raw Material Efficiency -- Chapter 16. Insights on Profit Sharing and Jobs Creation in Bi-dimensional Goodwinian Models -- Part V: Variations and Reflections -- Chapter 17. Behavioral Expectation Formation and the Knife Edge: Another Look at Harrod -- Chapter 18. Burying Samuelson's Multiplier-Accelerator and resurrecting Goodwin's Growth Cycle in Minsky -- Chapter 19. Extending the Boundaries of Feedback Economics to Well-Being: An Interlinked Thinking Approach -- Chapter 20: A System Dynamics Scenario Model of the New Zealand Economy: Review and Reflections after 25 Years.

This paper reports on a real‐life study in a US university. In response to financial issues, the administration at an undergraduate tuition‐dependent university pushed for growth in student enrollment. The faculty, who argued that the quality of education had been declining, resisted the expansion. More students also affected the use of the university's infrastructure. By actively engaging key stakeholders, we developed a simple system dynamics model of university expansion. A major insight suggests that policy decisions made non‐holistically might result in counter‐intuitive outcomes that could take considerable time from which to recover. Copyright © 2016 John Wiley & Sons, Ltd.