Back to the classics: R-evolution towards statistical equilibria

Bruno Miller Theodosio and Jan Weber

No 28, ifso working paper series from University of Duisburg-Essen, Institute for Socioeconomics (ifso)

Abstract: Economic modeling struggles often with a lack of realism. The reason for that is that economic theory for the last 100 years has focused on simplifying assumptions which reduced important aspects of the economic reality. Concentrating on fix-point solutions and external statistical shocks prevented the profession from accurately describing the economy as a complex system with characteristics like feedback mechanism, evolution, and emergence. We propose a re-evaluation of major findings in the Classical economic literature. The classical literature described the economic system as inherently probabilistic. In this spirit, we discuss the importance of statistical equilibrium models as one way to model complex economic systems in a probabilistic way.

JEL-codes: B12 B41 C18 D59 (search for similar items in EconPapers)
Date: 2023
New Economics Papers: this item is included in nep-hme
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.econstor.eu/bitstream/10419/277734/1/1859573401.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:zbw:ifsowp:28

Access Statistics for this paper

More papers in ifso working paper series from University of Duisburg-Essen, Institute for Socioeconomics (ifso) Contact information at EDIRC.
Bibliographic data for series maintained by ZBW - Leibniz Information Centre for Economics ().