Complexity Theory, Formal Modeling, and Entrepreneurship in the Production Structure of Ideas
Those who disagree with the reigning paradigm in economics – macro or otherwise – must find alternatives to the system that they challenge or else they may do more harm than good. Those who have strong methodological foundations must find a way to systematically convert their understanding into output: formal mathematical models. To be sure, we cannot do without high theory. Theorizing about economics without formal mathematical models can be a fruitful and invigorating exercise. But research, if it is to…
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