A micro-meso-macro perspective on the methodology of evolutionary economics: integrating history, simulation and econometrics
AbstractApplied economics has long been dominated by multiple regression techniques. In this regard, econometrics has tended to have a narrower focus than, for example, psychometrics in psychology. Over the last two decades, the simulation and calibration approach to modeling has become more popular as an alternative to traditional econometric strategies. However, in contrast to the well-developed methodologies that now exist in econometrics, simulation/calibration remains exploratory and provisional, both as an explanatory and as a predictive modelling technique although clear progress has recently been made in this regard (see Brenner and Werker (2006)). In this paper, we suggest an approach that can usefully integrate both of these modelling strategies into a coherent evolutionary economic methodology.
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Bibliographic InfoPaper provided by School of Economics, University of Queensland, Australia in its series Discussion Papers Series with number 343.
Date of creation: 2007
Date of revision:
This paper has been announced in the following NEP Reports:
- NEP-ALL-2007-02-10 (All new papers)
- NEP-CBE-2007-02-10 (Cognitive & Behavioural Economics)
- NEP-CMP-2007-02-10 (Computational Economics)
- NEP-ECM-2007-02-10 (Econometrics)
- NEP-EVO-2007-02-10 (Evolutionary Economics)
- NEP-HPE-2007-02-10 (History & Philosophy of Economics)
- NEP-PKE-2007-02-10 (Post Keynesian Economics)
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