CRITICAL ISSUES IN EVALUATING SOCIO-ECONOMIC MODELS.

Abstract

This paper considers the major issues involved in judging a model's worth. The emphasis on developing ways to judge the validity of model structure in terms of model purpose. Topics addressed include the dimensions of simplification, type of purpose, diagnosis and explanation, types of validity, types of structure, alternative modelling methodologies, a framework for evaluation, choice of system boundaries and simplification, and modelling objectives. The paper concludes with a few observations on the role and purposes of models in the study of socio-economic problems.