Strategic Predictions and Policies

In this final chapter consideration is given to the predictions and policies that arise from the dynamic-strategy model of economic development. Not only is this an important role for economic and political modelling, it is also a critical test of the usefulness of such work. If a model cannot be used to make sensible predictions and propose useful policy then it is unlikely to be able to provide even a satisfactory explanation of the present and the past. This inadequacy may not be otherwise discernible owing to the sophisticated modelling techniques, particularly of advanced mathematics, employed by contemporary economists. In Chapters 7 and 8 it is shown that traditional economics, both orthodox and radical, is unable to provide either a satisfactory vision of the future or useful principles for formulating policy regarding economic development.