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
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Englisch
- Erschienen in
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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
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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
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Microfoundations
macroeconomics
aggregation
power laws
Mikroökonomische Fundierung
Agent-based Model
Aggregation
Makroökonomik
Marktwirtschaft
Wahrscheinlichkeitsrechnung
Theorie
- Ereignis
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Geistige Schöpfung
- (wer)
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Wright, Ian
- Ereignis
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Veröffentlichung
- (wer)
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Kiel Institute for the World Economy (IfW)
- (wo)
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Kiel
- (wann)
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2009
- DOI
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doi:10.5018/economics-ejournal.ja.2009-19
- Handle
- Letzte Aktualisierung
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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