FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES

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Figure 2: Classification and Distribution of JEM Papers by 12 Categories 

(1984-2012)

Source: Journal of Economic Modelling (JEM) http://www.sciencedirect.com/science/

journal/02649993

2. Multidisciplinary Approach 

Among the 1775 papers published in the journal of economics modelling (JEM) 
journal in the past 28 years (1984-2012), the following research orientation was 
common: benefit/cost, probabilistic or forecasting analysis through the application 
of econometric methods and use of microeconomic and macroeconomic levels 
secondary data. Also, among these 1775 papers, and for the past 28 years, there has 
been an increasing dependency on econometrics models, methods and techniques. 
Ninety seven percent (97%) or 1722 of these papers adopted the economics research 
approach. Only 1% or 53 of these papers adopted a multidisciplinary approach 
(entailing several disciplines such as history, economics, sociology, politics, technology 
and social sciences et cetera). 

This paper is of the view that the absence of non-economic variables can considerably 
increase the vulnerability of any economic modelling. Therefore, it suggests that any 
economic modelling should take into consideration a wide range of factors, including 
unforeseen factors. These factors include, among others, natural disaster trends, 
climate changes, terrorism, crime and violence, poverty expansion, religion and beliefs, 
education system, social events and phenomena, social norms and behavior, et cetera.