The Proper and Complete Process of Economic Modeling

Economic modeling should always be BOTH a mentally integrative (inductive/deductive) process AND and an hierarchical one as well so far as primary-ness/essence of cause is concerned. That is to take the paradigmatic viewpoint on analysis.

It should also be willing and able to consider that exogenous/obscurantist factors like parasitism could be skewing the modeling. “Emergent” qualities are sometimes the result of not giving this consideration its due. To paraphrase Sam Clemens: ‘What gets us into trouble is not ONLY what we don’t know. It’s ALSO what we know for sure that just ain’t so.’

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