An Introduction to Alternative Experimental Models in Monitoring Economic Failures

Contemporary Economics 9(1): 5-16

12 Pages Posted: 5 May 2015

See all articles by Mario Arturo Ruiz Estrada

Mario Arturo Ruiz Estrada

University of Malaya (UM) - Faculty of Economics & Administration (FEA)

Tahir Muhammad

Comsats University Islamabad

Multiple version iconThere are 3 versions of this paper

Date Written: May 3, 2015

Abstract

This research paper presents four alternative experimental models for monitoring economic failures.These models include the national production function (NP-Function), the multi-level trade creation and trade diversion analytical framework, the mega-economic structures vulnerability analysis (MSV-Analysis), and the mega-economic surface interactive system. The main objective behind the proposed experimental models in economics is to analyze different macroeconomic scenarios in monitoring and warning of possible unexpected economic failure(s) under the use of a new mathematical framework and the application of multidimensional graphs. The proposed alternative experimental models are based on the application of Econographicology. Hence, our models are expected to offer policy-makers and researchers new analytical tools to study the impact and trend of economic failures in the economy of any country from a new perspective. Finally, we suggest the application of three new concepts in the study of economic failures such as Omnia Mobilis (everything is moving), the global structural imbalance principle, and the dynamic imbalance state. Therefore, our findings would certainly help both policy makers and researchers to implement and execute appropriate policies to develop their economies and to protect them from unwanted situations.

Keywords: Econographicology, Economic Modeling, Macroeconomic Policy, Economic Teaching

JEL Classification: E60

Suggested Citation

Ruiz Estrada, Mario Arturo and Muhammad, Tahir, An Introduction to Alternative Experimental Models in Monitoring Economic Failures (May 3, 2015). Contemporary Economics 9(1): 5-16. Available at SSRN: https://ssrn.com/abstract=2601888

Mario Arturo Ruiz Estrada (Contact Author)

University of Malaya (UM) - Faculty of Economics & Administration (FEA) ( email )

Kuala Lumpur, 50603
Malaysia
+60126850293 (Phone)

HOME PAGE: http://ssrc.um.edu.my/

Tahir Muhammad

Comsats University Islamabad ( email )

Park Road
Chak Shahzad
Islamabad, North-West Frontier Province 44000
Pakistan

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