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The skepticism of economists towards simulation in general is reflected in the following dissection of Jay W. Forrester's "World Dynamics" (Wright-Allen Press, Cambridge, MA, 1971):

  • "Measurement Without Data", William D. Nordhaus, The Economic Journal, Vol. 83, No. 332 (Dec., 1973), pp. 1156-1183.

We would do well to study this example (as well as from the much later Aspen project.)