Comments on: Teaching Open-system Economics https://curriculumconference2013.weaconferences.net/papers/teaching-open-system-economics/ 3rd May – 14th June 2013 Mon, 09 Jun 2025 11:51:52 +0000 hourly 1 By: Haiyun Zhao https://curriculumconference2013.weaconferences.net/papers/teaching-open-system-economics/#comment-20 Thu, 09 May 2013 20:14:19 +0000 http://curriculumconference2013.worldeconomicsassociation.org/?p=124#comment-20 I would like to see further elaboration of the argument related to mainstream economics as a closed-system and non-mainstream economics as an open-system.

Haiyun Zhao

]]> By: Rahul Deodhar https://curriculumconference2013.weaconferences.net/papers/teaching-open-system-economics/#comment-19 Thu, 09 May 2013 04:13:59 +0000 http://curriculumconference2013.worldeconomicsassociation.org/?p=124#comment-19 Very interesting paper!

Open system analysis is the future of economics to my mind. However, we must take care. If open system approach tries to be a forecasting tool then it will fail as it is sensitive to initial conditions and our measurement of initial condition is not robust.

However, using economics by open system analysis we can learn more about possible firm behaviour on micro side and fit it in a macro context. Concurrently, we can analyse macro policies and effectiveness thereof in a far mature manner than we currently do.

Open system approach for analysis will be one solution to changing economics.

Finally, having said that, it is damn difficult to teach open system approach. And as pointed out, one way is to assimilate through philosophy and allied subjects including history, law, psychology etc.

Still I think this is one fine idea.

Rahul

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