The Participatory Economy model and the shortcomings of economic models

An article by Anders Sandström from the Participatory Economy Project arguing for the need to bridge the sometimes considerable gaps between our preferred abstract economic models and the reality of a real-world modern complex economy.

People certainly have a right to be sceptical of non-capitalist alternative economic visions and models in light of twentieth-century history. In order to convince a majority of citizens that an alternative fair and democratic economy is possible, let alone preferable, those of us who argue that it is, need to become a lot better at explaining exactly how our proposed economic models can be implemented and operate in a complex reality. We need to do our best to bridge the sometimes considerable gaps between our preferred abstract economic models and the reality. In short, we need to add realism to our models.