Economic Thought 10 (2):47 (2022)

Critiques of Neoclassical Economics extend, unsurprisingly, to its mathematical structure. The discussion has largely focused on General Equilibrium Theory, a formalism developed by Leon Walras over a century ago. Internally consistent, but highly unrealistic, GET lacks predictive power, and has been a historical failure. As an alternative, this article proposes a methodology largely developed by Grabner et al., in which Agent-Based Models are linked with existing Equation-Based Models as a means of developing a more powerful formalism. The approach is illustrated by application to the Arrow- Debreu model of Neoclassical theory, and the Kuznets Curve of Developmental Economics. Broader implications for the social and natural sciences are briefly considered.
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