Frydman, Goldberg, Johansen, and Juselius – Modeling Imperfect Knowledge and Non-Routine Change

How do you model the unmodelable? By taking seriously the idea of non-routine change. Simply put, change in capitalist economies is to a significant degree non-routine, and thus cannot be adequately forecasted or represented in advance with mechanical rules and procedures. In this groundbreaking area of inquiry, four INET grantees lead the way.

Roman Frydman, Michael Goldberg, Søren Johansen, and Katarina Juselius have joined forces. Each shares how they came to study this innovative topic in economics and what it means to study imperfect knowledge and non-routine change.

They explain their work, where they construct mathematical models that explore the possibility that change and its consequences can be portrayed with qualitative and context-dependent conditions.

Squaring rigid math with fluid reality, they explore the limits of Imperfect Knowledge Economics.