Not everything which could be described with a set of equations necessarily exist as a physical phenomena. Most of abstractions have no existence outside peoples heads, except those verified by scientific method, which means multiple independent replicable experiments which exactly the same results.
Unverified assumptions are called beliefs. Followers of some set of beliefs and dogmas together is called a sect.
From the philosophical point of view, strictly speaking, this is a non-science. When people trying to "prove" an abstract theory (a product of imagination instead of a product of a process of reduction) they perform not scientific tests, but complicated simulations. Any simulation, by definition, cannot prove anything about existence or non-existence of a simulated model, not even validity of the model. What could be concluded is only that the simulation matches the model. Or not.
This performing of a simulation instead of controlled observations is the essence of modern bad science, be it in economics, "medicine" or whatever is based on a sophisticated models based on abstractions.
Simulation prove nothing. Observations do.