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Making dynamic modelling effective in economics

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Author Info
McCauley, Joseph L.

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Abstract

Mathematics has been extremely effective in physics, but not in economics beyond finance. To establish economics as science we should follow the Galilean method and try to deduce mathematical models of markets from empirical data, as has been done for financial markets. Financial markets are nonstationary. This means that 'value' is subjective. Nonstationarity also means that the form of the noise in a market cannot be postulated a priroi, but must be deduced from the empirical data. I discuss the essence of complexity in a market as unexpected events, and end with a biological speculation about market growth.

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File URL: http://mpra.ub.uni-muenchen.de/2130/
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Publisher Info
Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 2130.

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Date of creation: Mar 2004
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Handle: RePEc:pra:mprapa:2130

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Related research
Keywords: Economics fniancial markets stochastic process Markov process complex systems

Find related papers by JEL classification:
C0 - Mathematical and Quantitative Methods - - General
G0 - Financial Economics - - General
A2 - General Economics and Teaching - - Economics Education and Teaching of Economics

References listed on IDEAS
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  1. Per Bak & Simon F. Norrelykke & Martin Shubik, 1998. "The Dynamics of Money," Research in Economics 98-11-102e, Santa Fe Institute. [Downloadable!]
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This page was last updated on 2008-11-17.

This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.