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Erscheinungsjahr: 
2021
Quellenangabe: 
[Journal:] Economic Thought [ISSN:] 2049-3509 [Volume:] 10 [Issue:] 2 [Year:] 2021 [Pages:] 47-53
Verlag: 
World Economics Association, Bristol
Zusammenfassung: 
Critiques of Neoclassical Economics extend, unsurprisingly, to its mathematical structure. The discussion has largely focused on General Equilibrium Theory (GET), a formalism developed by Léon Walras over a century ago. Internally consistent, but highly unrealistic, GET lacks predictive power, and has been a historical failure. As an alternative, this article proposes a methodology largely developed by Gräbner et al. (2019), in which Agent-Based Models (ABMs) are linked with existing Equation-Based Models (EBMs) as a means of developing a more powerful formalism. The approach is illustrated by application to the Arrow- Debreu (AD) model of Neoclassical theory, and the Kuznets Curve of Developmental Economics. Broader implications for the social and natural sciences are briefly considered.
Schlagwörter: 
economic methodology
Agent-based modeling
Equation-based modeling
JEL: 
C02
C63
E13
Creative-Commons-Lizenz: 
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