Our analysis of Professor Gregory Hayden's objections to the use of system dynamics in institutional analysis has led us to conclude that they stem from both a misunderstanding of the details of proper system dynamics modeling and a failure to examine exemplary examples of system dynamics research. This is unfortunate because much of this information has been published in the pages of this journal. We hope that our comments will help to set the record straight and will inspire other heterodox economists to consider using system dynamics, where appropriate, for institutional analysis.
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