Model ontology for economic models

In an earlier paper, we introduced the distinction between a `model-structure' (consisting of the system components and lines connecting components) and a `model-ontology' (consisting of the measurement methodology in the model and the translation of information to another model). Here we apply this distinction to the methodological challenge of measurement and integration of economic models. The economics literatures had divided into two schools over the nature of models - of commodity markets and of financial markets. The Neo-Classical Synthesis school emphasized a model of commodity markets. The Keynes-Minsky school emphasized a model of financial markets. In the first school, commodity markets are modeled in `price-equilibrium' models; and in the second school, financial markets are modeled in `price-disequilibrium models'. We investigate the ontological issues of transmitting data from one kind of economic model to the other.