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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. [1]

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

--Ken 01:34, 1 October 2008 (EDT)

Here's a link to an Op-Ed piece by Mark Buchanan in today's NY Times, sent to me by Peter Wayner:

This Economy Does Not Compute [2]

By MARK BUCHANAN Published: October 1, 2008

A couple brief teasers:

"Sadly, the academic economics profession remains reluctant to embrace this new computational approach (and stubbornly wedded to the traditional equilibrium picture)."


"If we’re really going to avoid crises, we’re going to need something more imaginative, starting with a more open-minded attitude to how science can help us understand how markets really work."

--Ken 19:31, 1 October 2008 (EDT)