SteadyTumbling

The modern theoretical framework began to emerge in the 1980s by Nobel Prize winner Robert Lucas, the John Dewey Distinguished Service Professor of Economics at the University of Chicago. Lucas said economic models should be something you could put on a computer and run - “a mechanical artificial world populated by interacting robots.” If it wasn’t in the model, it couldn’t happen. The collapse of the financial system, for example.

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from Special Report: Crisis forces dismal science to get real | Reuters

(Sounds like Lucas had in mind something like an agent-based model?)