A Note on the Ideological Content of Modern Economic Dynamics Models and Ideology-Reducing Meta-Modeling

Stijepic, Denis GND

To some extent, economic models are based on empirically unproven and metaphysical concepts and assumptions, which increases their ideology content and the risk of catastrophic misprediction of (long-run) economic dynamics. We discuss the channels along which ideology can enter economic dynamics models and the approaches for reducing the ideology content of models. The (meta-)models generated by these approaches are rather qualitative and crude in nature and require the corresponding dynamics modelling techniques (logic, set theory, geometry, and topology). Yet, they may generate predictions of an economic phenomenon that represent a theoretical or positivistic consensus and can be regarded as relatively reliable. The paper provides examples from the structural change modeling literature demonstrating the implementation of ideology-reducing modeling approaches.

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Stijepic, Denis: A Note on the Ideological Content of Modern Economic Dynamics Models and Ideology-Reducing Meta-Modeling. Hagen 2018. FernUniversität in Hagen.

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