Agent-based Macroeconomics

The Schumpeter Meeting Keynes Models

Giovanni Dosi, Andrea Roventini (Autoren)

Buch | Hardcover

116 Seiten

2025
Cambridge University Press (Verlag)
978-1-009-59874-3 (ISBN)

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This Element is about agent-based macroeconomics in general, and in particular about a family of evolutionary, agent-based models (ABMs), which are called 'Schumpeter meeting Keynes' (or K+S). The K+S models knit together 'Schumpeterian' endogenous processes of innovation with 'Keynesian' mechanisms of demand generation. As with all well-constructed ABMs, the K+S models are populated by a multiplicity of agents which interact on the grounds of quite simple, empirically based, behavioural rules, whose collective outcomes are 'emergent properties' which cannot be imputed to the intention of any single agent. After the K+S model is empirically validated, the impacts of different combinations of innovation, industrial, fiscal, and monetary policies for different labour-market regimes and inequality scenarios are assessed. The Element offers a new perspective on macroeconomics considering the economy as a complex evolving system.

1. Introduction; 2. A dismal short story of macroeconomics: from Robinson Crusoe to complex evolutionary economies; 3. The emperor is still naked: the intrinsic limits of DSGE models; 4. Macroeconomic agent-based models; 5. The Schumpeter meeting Keynes model; 6. Empirical validation; 7. Policy experiments; 8. A brief discussion on the future of macroeconomics by way of a conclusion; References.

Erscheinungsdatum	20.05.2025
Reihe/Serie	Elements in Evolutionary Economics
Zusatzinfo	Worked examples or Exercises
Verlagsort	Cambridge
Sprache	englisch
Gewicht	312 g
Themenwelt	Wirtschaft ► Volkswirtschaftslehre
ISBN-10	1-009-59874-0 / 1009598740
ISBN-13	978-1-009-59874-3 / 9781009598743
Zustand	Neuware