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Theory and Modelling
Abstract
In this chapter, I discuss the dominance of the neoclassical theory. The effort here is to highlight the importance of studying economics as an adaptive complex system where the fractal structure and interaction play a fundamental explanatory role and individual details are largely relevant. To discard equilibrium in the standard sense and to move on to study out of equilibrium dynamics is surely the right way to proceed but is perhaps too big a step for economics at this time. Inspired of the Newton's model of the universe, economists developed an economic model that had the same formal properties. So, once economics and finance made it their goal to develop the concept and the idea of the elegant model form, they go along with the simplified assumptions of that form. Therefore, financial models can leave us unable to see many of the most important aspects of financial markets.
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