By Richard H. Day, Theodore Groves
Read or Download Adaptive Economic Models. Proceedings of a Symposium Conducted by the Mathematics Research Center, the University of Wisconsin–Madison, October 21–23, 1974 PDF
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Extra resources for Adaptive Economic Models. Proceedings of a Symposium Conducted by the Mathematics Research Center, the University of Wisconsin–Madison, October 21–23, 1974
What does such a statement mean? It means simply that those intuitions regarding system behavior which we presently possess were formed on systems which are in some sense simple, and that the properties of these simple systems do not generalize in any obvious way. In the economic realm, it is clear that we cannot wait for such insights to develop from within economics itself; we must, if possible, be able to import such insights as are available from other disciplines and reformulate them in an economic context.
Renborg. 1 "The first heroic step is to divide actuality into two parts - one repre- senting the partial process in point; the other, its environment (so to speak) separated by a boundary consisting of an arlthmomorphic void, " Gedrgescu-Roegen [ 1970, p. 2] . 2 Technical and financial feasibility have always been central in neo- classical microeconomic theory, but in a static context. e. , gen- erate random outputs. The stochastic case is not developed in this paper though the models presented can be elaborated from this point of view, when they are, none of the conclusions are modified in substance.
Such an effort comprises a project of the greatest scientific and practical importance. But, to paraphrase Gedrgescu-Roegen, no analytical model, however sophisticated and complete, can exhaust the content of reality, nor can it provide a blueprint for policy. 30 Even the best and most complete will be no more than an analytical simile. Still, analytical similes may be the closest one can ever come to definitive understanding and description of the evolving world of human affairs. If that is so, the imperfection of our theories should not stand as a deterrent to their further elaboration and use.
Adaptive Economic Models. Proceedings of a Symposium Conducted by the Mathematics Research Center, the University of Wisconsin–Madison, October 21–23, 1974 by Richard H. Day, Theodore Groves