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November 12th, 2013, 04:30 AM   #1
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Has anyone ever modelled the Global Economy?

I'm curious if this has ever been done as it is probably one of the most pressing issues for humanity. A stable global economic system. We don't have one. Most economists are speculators. Has anyone tried to model the system in a similar way to the climate or matter in the universe?

(PS: I'm new here! )
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November 12th, 2013, 08:56 AM   #2
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Re: Has anyone ever modelled the Global Economy?

Yes. In fact I think it's a standard test of a new microeconomic model to simulate it and see what its macroeconomic effects would be and if those are consistent with current macro knowledge.

Using the simulation to predict outcomes is a bit dicier, since the economy is highly dynamic/chaotic.
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