The Future of Economic Modelling

Abstract

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 "what 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.