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Rationale for a physical account of economic activities

Author: Ayres, Robert U. INSEAD Area: Economics and Political Science In: Managing a material world:perspectives in industrial ecology - Vellinga, Pier;Berkhout, Frans - 1998 - INSEAD Book Language: EnglishDescription: p. 1-20.Type of document: INSEAD ChapterNote: Please ask the Library for this chapter.Abstract: This article argues that quantification, selection and simplification of information helps to make analysis of problematic situations easy and to forecast with some degree of reliability. Neo-classical economics has attempted to quantify and simplify the real world, but some of its simplifications have severe limitations. For example, current growth theory does not recognize that the factors of production can change over time. Environmental services tend to be excluded. These simplifications cast doubt about the relevance of economic models as a forecasting tool
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This article argues that quantification, selection and simplification of information helps to make analysis of problematic situations easy and to forecast with some degree of reliability. Neo-classical economics has attempted to quantify and simplify the real world, but some of its simplifications have severe limitations. For example, current growth theory does not recognize that the factors of production can change over time. Environmental services tend to be excluded. These simplifications cast doubt about the relevance of economic models as a forecasting tool

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