A system approach to evaluating economic growth strategies
2001
Broenn, C. (Agricultural Univ. of Norway, Aas (Norway). Dept. of Economics and Social Sciences)
Economic development is a continuous dynamic process. Consequently, the conditions present at the initiation of a development program can be expected to change, perhaps significantly, over time. The practical implication of this is that sustaining an economic development program will require that a balance be found between short-term interests and long-term interests. This results in a dynamic equilibrium that can be very difficult for decision makers in both the public and private sectors to manage. This paper presents a model of a socio-economic system that shows how sectors can be linked together by representing relevant relationships as causal loop models. This forms the basis for building operational models that can be used to simulate the effects of different strategic initiatives focused on economic development. A strategy decision support system approach is proposed as a powerful means for overcoming difficulties associated with the cognitive limitations of decision makers. Additionally, decision support systems can be used to facilitate communications and learning among the many stakeholders who are involved in the development of economic development strategies.
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