REVISTA ACADÉMICA ECO
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1. Definition and Classification of Economic Modelling
“Economic modelling” can be defined as “an academic research work, that is
supported by the use of different theories as well as quantitative or qualitative models
and techniques, to analytically evaluate the causes and effects of any economic
phenomenon that affect on society, anywhere and anytime.” As an integral part of
this definition, “modelling” is defined as “a theoretical or technical instrument that is
formulated to solve specific problems affecting, directly or indirectly, societies across
different periods of times and geographical spaces.”
Economic modelling can also be classified. Based on a study of all the one thousand
seven hundred seventy five (1775) papers that were published in the Economic
Modelling (EM) journal from 1984 to 2012 (28 years) (see Table 1 and Figure 1),
economic modelling can be classified into the following twelve (12) categories: (i)
domestic and international trade economic modelling; (ii) energy, communications
and transportation economic modelling; (iii) agriculture, environmental and natural
resources management modelling; (iv) fiscal policy, subsidies, and government
spending economic modelling; (v) institutional, regulation, planning, intervention, and
negotiation modelling; (vi) labor, wages, education, unemployment and population
economic modelling; (vii) monetary, finance, banking, exchange rate, and investment
policy modelling; (viii) production, consumption, and inflation economic modelling;
(ix) technological and R&D economic modelling; (x) welfare economics modelling;
(xi) economic growth and development modelling; (xii) miscellaneous economic
modelling.
Based on the same study and the same classification above, the percentages of
papers in the individual categories of economic modelling were found to be as
follows: (i) domestic and international trade economic modelling (25 papers = 1%);
(ii) energy, communications and transportation economic modelling (40 papers =
2%); (iii) agriculture, environmental and natural resources management economic
modelling (85 papers = 5%); (iv) fiscal policy, subsidies, and government spending
economic modelling ( 260 papers = 15%); (v) institutional, regulation, planning,
intervention, and negotiation economic modelling (5 papers = 0 %); (vi) labor,
education, wages, unemployment and population economic modelling (90 papers
= 5%); (vii) monetary, finance, banking, exchange rate, and investment economic
modelling (365 papers = 21%); (viii) production, inflation, and inflation economic