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Is Modelica used for economic modeling as well?

While most Modelica's applications are primarily engineering related, it is used for stock and flow models and there are some folks digging into use it for economic modeling (as there are others using it for environmental and biological systems modelling). If you are looking to get started using Modelica for economics modeling these might be of interest:

https://openmodelica.org/images/M_images/Moses206/moses2016-...

https://ep.liu.se/ecp/157/037/ecp19157037.pdf

I don't know enough about economic modeling, but if the models can somehow be expressed as driven by a "potential" and a "flow" variable (like electric voltage and electric currents), then it would definitely make sense to try that out in Modelica.

historical stock and flow economic modelling: https://en.wikipedia.org/wiki/MONIAC

(and then there's Cybersyn. It's difficult to evaluate how effective or ineffective it may have been, as the copper drop in value relative to gold by 5x in the early 1970's must've been a serious exogenous shock to the Chilean economy)

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