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2004-2005

WPI Faculty Member Elected President of System Dynamics Society

FOR IMMEDIATE RELEASE/February 28, 2005
Contact: WPI Media Relations, +1-508-831-5706

WORCESTER, Mass. - February 28, 2005 - Michael J. Radzicki, associate professor of economics at Worcester Polytechnic Institute (WPI), has been elected president of the System Dynamics Society. He will serve a one-year term as president in 2006, and he holds the position of president-elect in 2005. At the conclusion of his presidential term, he will hold the position of past president in 2007.

The System Dynamics Society is an international, nonprofit organization with members in over 60 countries, devoted to encouraging the development and use of systems thinking and system dynamics around the world. System dynamics is a methodology for studying and managing complex feedback systems, such as ones found in business and other social systems. A founding member of the System Dynamics Society, Radzicki has held various positions within the group since 1987, including vice president, secretary, and president of the Economic Dynamics Chapter.

Radzicki joined the WPI faculty in 1990, and he has taught in the areas of macroeconomics, monetary economics, development economics, and system dynamics. He oversees student academic projects on the study and application of system dynamics. He is also the co-creator of WPIís bachelor of science degrees in economic science, and system dynamics, the latter of which is the first degree program of this type in the world.

As a researcher, Radzicki is primarily engaged in combining post-Keynesian economics and institutional economics with system dynamics computer simulation modeling and/or with agent-based computer simulation modeling to create a more powerful form of economic analysis. He is currently engaged in two main research projects: the creation of a post-Keynesian institutional system dynamics macroeconomics model that will be used to study, among other things, the future of the social security system in the United States and the future of the euro in Europe; and the writing of a book on the history of economic thought via system dynamics.

Radzickiís other professional activities include membership on the editorial boards of the System Dynamics Review and the Journal of Economic Issues. He is also a member of the American Economic Association and the Association for Evolutionary Economics; and he has been invited to lecture at universities across the United States, as well as in Canada, England, Italy, Norway, and Sweden.

Radzicki earned a B.A. in economics from St. Norbert College in Wisconsin, before moving on to the University of Notre Dame for an M.A. in economics and a Ph.D. in economics and public policy.