Artikel

Implicit Microfoundations for Macroeconomics

A large market economy has a huge number of degrees of freedom with weak microlevel coordination. The 'implicit microfoundations' approach considers this property of micro-level interactions to more strongly determine macro-level outcomes compared to the precise details of individual choice behavior; that is, the 'particle' nature of individuals dominates their 'mechanical' nature. So rather than taking an 'explicit microfoundations' approach, in which individuals are represented as 'white-box' sources of fully-specified optimizing behavior ('rational agents'), we instead represent individuals as 'black box' sources of unpredictable noise subject to objective constraints ('zero-intelligence agents'). To illustrate the potential of the approach we examine a parsimonious, agent-based macroeconomic model with implicit microfoundations. It generates many of the reported empirical distributions of capitalist economies, including the distribution of income, firm sizes, firm growth, GDP and recessions.

Sprache
Englisch

Erschienen in
Journal: Economics: The Open-Access, Open-Assessment E-Journal ; ISSN: 1864-6042 ; Volume: 3 ; Year: 2009 ; Issue: 2009-19 ; Pages: 1-27 ; Kiel: Kiel Institute for the World Economy (IfW)

Klassifikation
Wirtschaft
Relation of Economics to Other Disciplines
Economic Methodology
Computational Techniques; Simulation Modeling
General Equilibrium and Disequilibrium: General
General Aggregative Models: Marxian; Sraffian; Kaleckian
Capitalist Systems: Political Economy
Thema
Microfoundations
macroeconomics
aggregation
power laws
Mikroökonomische Fundierung
Agent-based Model
Aggregation
Makroökonomik
Marktwirtschaft
Wahrscheinlichkeitsrechnung
Theorie

Ereignis
Geistige Schöpfung
(wer)
Wright, Ian
Ereignis
Veröffentlichung
(wer)
Kiel Institute for the World Economy (IfW)
(wo)
Kiel
(wann)
2009

DOI
doi:10.5018/economics-ejournal.ja.2009-19
Handle
Letzte Aktualisierung
10.03.2025, 11:44 MEZ

Datenpartner

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Objekttyp

  • Artikel

Beteiligte

  • Wright, Ian
  • Kiel Institute for the World Economy (IfW)

Entstanden

  • 2009

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