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- W2052176817 abstract "Abstract We present a scheme for qualitative reasoning about economic systems. The fundamental element of our scheme is the market, a homeostatic entity that adjusts to restore equilibrium after perturbation. Complex theories are represented in terms of multiple markets, with their interaction realized by variables of one market being parameters to others. We define a simulation process, making it possible to reason about multiple-market models. Comparing final with initial values of market variables implements comparative statics. We define a process of backward reasoning from changes in variables as desired effects to parameter perturbations as possible causes. Our notions are illustrated by consideration of Keynesian IS-LM and general macroeconomic models." @default.
- W2052176817 created "2016-06-24" @default.
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- W2052176817 date "1990-05-01" @default.
- W2052176817 modified "2023-09-22" @default.
- W2052176817 title "Qualitative reasoning in economics" @default.
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- W2052176817 doi "https://doi.org/10.1016/0165-1889(90)90030-k" @default.
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