This paper provides a number of epistemological and methodological ref
lections on modeling and simulation through system dynamics and the sp
ecial type of knowledge provided by system dynamics models. Our princi
pal concern will be to analyze the sense in which system dynamics mode
ls endeavour to grasp or represent relevant aspects of reality. Two ma
in perspectives have tended to be advanced with regard to this topic:
the naive realism linked to philosophies of science, such as those of
logical positivism and critical rationalism, and the relativism which
emerged from the crisis of said philosophies. We will try to show that
some recent epistemological proposals are able to offer a new third w
ay that lies between naive realism and relativism. In particular, the
''internal realism'' of Hilary Putnam is able to fit many of the featu
res of system dynamics, especially the important role mental models pl
ay in it.