Ecological economics and its policy recommendations have become overwhelmed by economic valuation, shadow pricing, sustainability measures, and squeezing Nature into the commodity boxes of goods, services and capital in order to make it part of mainstream economic, financial and banking...

Within the philosophical-methodological context of analysis, this paper deals with central issues regarding economics as a science, where the focus of attention is on the viewpoint of complexity. In this regard, several steps are taken in the contents: first, the characteristic features of...

This paper is motivated by the observation that (1) socio economic analysis uses significantly less formalisms than mainstream economics, and (2) that there exist numerous situations in which socio economics could benefit from a more formal analysis. This is particularly the case if institutions...

Institutionalist economists have always been criticizing the neoclassical way of studying the economy, especially because of its obsession to a very strict and flawed formalism. This formalism receives critique also from advocates of agent-based computational economic (ACE) models. The criticism...

This article uses the functional decomposition approach to modeling Mäki (2009b) to discuss the importance of methodological considerations before choosing a modeling framework in applied research. It considers the case of agent-based models and dynamic stochastic general equilibrium models to...

Because of features that appear to be inherent in many social systems, modellers face complicated and subjective choices in positioning the scientific contribution of their research. This leads to a diversity of approaches and terminology, making interdisciplinary assessment of models highly...