I heard something very similar from Duncan Foley last week: Heterodox macro needs to be more mathematically sophisticated than the mainstream, with nonlinear regressions and models using statistical mechanics drawn from physics.
Sorry, I'm not buying it. Colender and Foley are right that it's not possible to construct a consistent, tractable, intuitive model of the economy using linear equations. But the solution is not to construct intractable, non-intuitive models using more complex math. It's to abandon the search for a general model and focus instead on locally stable aggregate relationships that allow us to tell causally meaningful stories about particular developments. We don't need a theory of institutions in the abstract, but historically grounded accounts of specific institutions.