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Commentary on 'Addressing the Malaise in Neoclassical Economics: A Call for Partial Models'

David Orrell ()
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David Orrell: Systems Forecasting, Toronto, Canada

Economic Thought, 2019, vol. 8, issue 1, 53 - 55

Abstract: The article by Ron Wallace 'proposes the deployment of partial modelling, utilising Boolean networks (BNs), as an inductive discovery procedure for the development of economic theory'. The central argument in favour of partial models is well-made, and while I agree with this aspect of the paper, and the conclusion that models should serve as 'cognitive instruments in a regime of exploration,' I have a number of comments about the proposed strategy and the example of BNs...

Date: 2019
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Handle: RePEc:wea:econth:v:8:y:2019:i:1:p:53