A system-theoretic critique of dynamic economic models
This paper treats the theoretical aspects of modeling and simulation of dynamical systems, especially those arising in economics.
Our aim is primarily methodological critique; while the ultimate arguments rest on advanced mathematical concepts, the conclusions are stated in quite elementary and intuitive terms.
There are important implications for the entire area of “modeling”.
KeywordsRealization Theory Unmeasurable Variable System Aspect Seasonal Adjustment Monetarist Model
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