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Recent Methodological Advances in Economic Equation Systems

Considerable methodological advances have been made in economics in the last few decades. They are mostly of a quantitative nature in that they provide a numerical representation of the working of the economy or part of the economy. Such representations are valuable from a scientific viewpoint and essential for the making of informed policy decisions. Indeed, the desire of decision makers in government and industry to have this numerical information is one cause of the subject’s rapid development Other causes are the advances in computer technology, the availability of large data bases, and the increased emphasis on mathematical topics in graduate economics training. A comprehensive survey of these developments is not feasible within the available space. We have selected the topic of economic equation systems, which provides the opportunity for a relatively coherent treatment. Section 2 gives an elementary account of the simultaneous equation model and section 3 describes applications of this model to the economy as a whole. Section 4 deals with the system-wide approach to microeconomics. This approach is also “simultaneous” in nature, but it focuses on particular segments of the economy such as consumer spending, yielding systems of consumer demand equations.