A VIABLE SYSTEM MODEL FOR MANAGEMENT OF THE ECONOMIC GROWTH

Abstract

In this paper we present a Viable System Model (VSM) approach in the field of economics with the purpose of bettering the understanding of this macroeconomic phenomenon. This paper contributes with the design of an VSM in economic science. Economic growth has been modelled to test main inputs that explain it, and to understand its behaviour. Most countries seek to increase economic growth because other economic variables improve, for example, the number of jobs increases, wages increase, or poverty decreases. The investigation first reviews the state-of-the-art, secondly it explains the methodology and the process followed, and finally it presents results. An alternative model to manage and understand economic growth is obtained. The results contribute to the economic growth theory.