Modelling of Complex Economic Systems: Toward Conceptual Platform

Modelling of Complex Economic Systems: Toward Conceptual Platform

Edward Szczerbicki (The University of Newcastle, Australia) and Maciej Waszczyk (Gdansk University of Technology, Poland)
Copyright: © 2006 |Pages: 12
DOI: 10.4018/jeis.2006010105


This paper discusses various modelling platforms that can be applied to describe complex systems embedded in economics, as well as the role of modelling in the context of three main functions of scientific research: description, explanation and prediction. Qualitative modelling (non-quantitative) is characterized as an initial stage of any modelling approaches, including the one represented by econometrics. The requirement to begin the modelling process from a non-quantitative perspective represents the vital precondition to satisfy the “isomorphism” function of modelling in relation to real live systems being modelled. Qualitative as well as quantitative description models create the foundation for explanatory model development. These, in turn, can be used for prediction purposes satisfying the third main scientific function of research.

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