Developments in Economic Modeling: Can Evolution be Modeled?

The modeling in economics is considered to be an indication of its scientificity. The main modeling methodologies in economics are mathematical and econometric modeling. The main critisism towards these kinds of models are that these models ignore the fact that the subject of economics is humans and that it ignores subjectivity and uncertainty problems. Another problem is that these models do not take into consideration the institutional factors and evolution. In this article evolutionary computational methods and, in particular, agent-based modelling methods, which are regarded as partly solving these problems, are examined