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  1. The Signature of Risk: Agent-based Models, Boolean Networks and Economic Vulnerability.Ron Wallace - 2017 - Economic Thought 6 (1):1.
    Neoclassical economic theory, which still dominates the science, has proven inadequate to predict financial crises. In an increasingly globalised world, the consequences of that inadequacy are likely to become more severe. This article attributes much of the difficulty to an emphasis on equilibrium as an idealised property of economic systems. Alternatively, this article proposes that actual economies are typically out of balance, and that any equilibrium which may exist is transitory. That single changed assumption is central to complexity economics, a (...)
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  • Addressing the Malaise in Neoclassical Economics: A Call for Partial Models.Ron Wallace - 2019 - Economic Thought 8 (1):40.
    Economics is currently experiencing a climate of uncertainty regarding the soundness of its theoretical framework and even its status as a science. Much of the criticism is within the discipline, and emphasises the alleged failure of the neoclassical viewpoint. This article proposes the deployment of partial modelling, utilising Boolean networks (BNs), as an inductive discovery procedure for the development of economic theory. The method is presented in detail and then linked to the Semantic View of Theories (SVT), closely identified with (...)
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