Cybernetics and economics

Abstract

Outlines some of the different ways of analysing economic systems. Considers the econometric way of research does not explain fully and adequately the economic activity. Believes that a better and more adequate method of investigation would be through the introduction of cybernetic models and methods. Presents as an example a linear aggregative model of simple Keynesian form and contrasts the cybernetical approach with the conventional one. Discusses the choice between these approaches and the advantages and disadvantages of their implementation.

Citation

Billeter‐Frey, E.P. (1996), "Cybernetics and economics", Kybernetes, Vol. 25 No. 7/8, pp. 130-134. https://doi.org/10.1108/03684929610149701