CONTENT In this module, students learn about system dynamics as a way of modeling the macroeconomy that is an alternative to the neoclassical mainstream approach. System dynamics models focus on multiple feedback effects in a system. The module covers six broad topics: 1. History of macroeconomics and theory of science 2. Systems thinking and system dynamics 3. Growth theory 4. Business cycle theory 5. Application of models 6. Development of models In addition to gaining knowledge of different ways of thinking about the main macroeconomic topics of economic growth and the business cycle, students will learn how to implement system dynamics models in the computer software Vensim, how to use these models for the analysis of macroeconomic problems, and, in particular, how to develop their own models.
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Lecture and tutorial
Lecture: Thursday, 14:15 to 15:45 (GD 02/236) Tutorial: Friday 12:15 to 13:45 (GD 02/236)