The methodology of simulation involves a representational approach to observed phenomena. Systems theory has been, in the past, more terminology than theory. However, a logical classification of the possible representational forms available for any simulation would serve as a meta-theory in...

A knowledge economy still produces goods and services, although by the important use of knowledge. Therefore, economic models are relevant to understanding how a knowledge economy should properly work, particularly the financial system in a knowledge economy. When finance fails, all knowledge...

A layered financial structure is the key institutional feature of the financial subsystem of a knowledge economy. The concept was introduced by Irving Minsky and has been proven the empirical key in understanding bank panics, such as the global financial crisis of 2007–2008. However, even...