Arbeitspapier
More is different ... and complex!: The case for agent-based macroeconomics
This work nests the Agent-Based macroeconomic perspective into the earlier history of macroeconomics. We discuss how the discipline in the 70's took a perverse path relying on models grounded on fictitious rational representative agent in order to try to pathetically circumvent aggregation and coordination problems. The Great Recession was a natural experiment for macroeconomics, showing the inadequacy of the predominant theoretical framework grounded on DSGE models. After discussing the pathological fallacies of the DSGE-based approach, we claim that macroeconomics should consider the economy as a complex evolving system, i.e. as an ecology populated by heterogenous agents, whose far-from-equilibrium interactions continuously change the structure of the system. This in turn implies that more is different: macroeconomics cannot be shrink to representative-agent micro, but agents' complex interactions lead to emergence of new phenomena and hierarchical structure at the macro level. This is what is taken into account by agent-based models, which provide a novel way to model complex economies from the bottom-up, with sound empirically-based micro-foundations. We present the foundations of Agent-Based macroeconomics and we discuss how the contributions of this special issue push its frontier forward. Finally, we conclude by discussing the ways ahead for the fully acknowledgement of agent-based models as the standard way of theorizing in macroeconomics.
- Sprache
-
Englisch
- Erschienen in
-
Series: LEM Working Paper Series ; No. 2019/01
- Klassifikation
-
Wirtschaft
Economic Methodology
Current Heterodox Approaches: General
Business Fluctuations; Cycles
Monetary Policy
- Thema
-
Macroeconomics
Economic Policy
Keynesian Theory
New Neoclassical Synthesis
New Keynesian Models
DSGE Models
Agent-Based Evolutionary Models
Complexity Theory
Great Recession
Crisis
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Dosi, Giovanni
Roventini, Andrea
- Ereignis
-
Veröffentlichung
- (wer)
-
Scuola Superiore Sant'Anna, Laboratory of Economics and Management (LEM)
- (wo)
-
Pisa
- (wann)
-
2019
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Dosi, Giovanni
- Roventini, Andrea
- Scuola Superiore Sant'Anna, Laboratory of Economics and Management (LEM)
Entstanden
- 2019
Ähnliche Objekte (12)
Agent-based macroeconomics and classical political economy: Some Italian roots
Endogenous growth and global divergence in a multi-country agent-based model
Public policies and the art of catching up: Matching the historical evidence with a multi-country agent-based model
Income distribution, credit and fiscal policies in an agent-based Keynesian model
Technological paradigms, labour creation and destruction in a multi-sector agent-based model
The agenda for evolutionary economics: Results, dead ends, and challenges ahead
Statistical regularities in the evolution of industries: A guide through some evidence and challenges for the theory
Finance, Innovation and Corporate Change
Technological innovation, institutions and human purposefulness in socioeconomic evolution: A preface to Christopher Freeman "System of innovation. Selected essays in evolutionary economics"
Policy Lessons From Medical Responses to the COVID-19 Crisis
A very reasonable objective still beyond our reach: Economics as an empirically disciplined social science
Some policy lessons from medical/therapeutic responses to the COVID-19 crisis: A rich research system for knowledge generation and dysfunctional institutions for its exploitation
Agent-based macroeconomics and classical political economy: Some Italian roots
Endogenous growth and global divergence in a multi-country agent-based model
Public policies and the art of catching up: Matching the historical evidence with a multi-country agent-based model
Income distribution, credit and fiscal policies in an agent-based Keynesian model
Technological paradigms, labour creation and destruction in a multi-sector agent-based model
The agenda for evolutionary economics: Results, dead ends, and challenges ahead
Statistical regularities in the evolution of industries: A guide through some evidence and challenges for the theory
Finance, Innovation and Corporate Change
Technological innovation, institutions and human purposefulness in socioeconomic evolution: A preface to Christopher Freeman "System of innovation. Selected essays in evolutionary economics"
Policy Lessons From Medical Responses to the COVID-19 Crisis
A very reasonable objective still beyond our reach: Economics as an empirically disciplined social science
Some policy lessons from medical/therapeutic responses to the COVID-19 crisis: A rich research system for knowledge generation and dysfunctional institutions for its exploitation
Agent-based macroeconomics and classical political economy: Some Italian roots
Endogenous growth and global divergence in a multi-country agent-based model
Public policies and the art of catching up: Matching the historical evidence with a multi-country agent-based model
Income distribution, credit and fiscal policies in an agent-based Keynesian model
Technological paradigms, labour creation and destruction in a multi-sector agent-based model
The agenda for evolutionary economics: Results, dead ends, and challenges ahead
Statistical regularities in the evolution of industries: A guide through some evidence and challenges for the theory
Finance, Innovation and Corporate Change
Technological innovation, institutions and human purposefulness in socioeconomic evolution: A preface to Christopher Freeman "System of innovation. Selected essays in evolutionary economics"
Policy Lessons From Medical Responses to the COVID-19 Crisis
A very reasonable objective still beyond our reach: Economics as an empirically disciplined social science