Open AccessThe Future of Economic Modelling
Author(s) -
Alfredo Moscardini,
Kevin Lawler,
T. Vlasova,
Ebrahim Merza
Publication year - 2019
Publication title -
vìsnik. ekonomìka/vìsnik kiïvsʹkogo nacìonalʹnogo unìversitetu ìmenì tarasa ševčenka. serìâ ekonomìka
Language(s) - English
Resource type - Journals
eISSN - 2079-908X
pISSN - 1728-2667
DOI - 10.17721/1728-2667.2019/205-4/3
Subject(s) - trilogy , computer science , management science , representation (politics) , subject (documents) , economic model , data science , analytics , economic analysis , economic data , economics , artificial intelligence , macroeconomics , political science , politics , agricultural economics , law , library science
This is the third in a trilogy of papers concerning the reform of Economics. This paper tackles the subject of Economic modelling, If modelling is a representation of reality then the concept of “wha t is real” must be discussed. A description of the purpose of modelling and the processes involved in creating models then follows. The debate then switches to Economic modelling, its purpose and its effectiveness. Traditional Economic modelling is still a useful tool for understanding and teaching but Data Analytics and intelligent algorithms are better for economic predictions.