The Future of Economic Modelling

Authors: A.O. Moscardini, ORCID ID 0000000349510848, профессор, КБА, декан отделения экономики, Кувейтский университет, Кувейт Moscardini A.O. – Visiting Professor, Northumbria University, UK
K. Lawler, ORCID ID 000000234096755X, Professor, CBA, Department of Economics, University of Kuwait, Kuwait
T. Vlasova, ORCID ID 0000000250006756, Visiting Research Fellow, Northumbria University, UK
E. Merza, ORCID ID 0003-3154-8741, Professor, CBA. Head of Economics, University of Kuwait, Kuwait

Abstract: This is the third in a trilogy of papers concerning the reform of Economics. This paper tackles the subject of Economic modelling, If modelling is a representation of reality then the concept of “wha t is real” must be discussed. A description of the purpose of modelling and the processes involved in creating models then follows. The debate then switches to Economic modelling, its purpose and its effectiveness. Traditional Economic modelling is still a useful tool for understanding and teaching but Data Analytics and intelligent algorithms are better for economic predictions.

Key words: Ontology of Economics, Epistemology of Economics, Knowledge, Modelling

Received: 13/06/2019

1st Revision: 27/07/2019

Accepted: 02/08/2019



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