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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 very brief teaser:

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

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