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| Title: | | Microeconomic foundations for macroeconomic structure  |
| Authors: | | Day, Richard |
| Issue Date: | | 2005 |
| Series/Report no.: | | Papers on economics and evolution 0514 |
| Abstract: | | The models used in economic theory, though necessarily abstract, should be consistent with the nature of decision making behavior. A formal metaphor of individual behavior as a continuous flow indicates certain requirements that theories of consumer, producer, and economywide behavior should exhibit. A family of discrete time, recursive optimizing models is suggested as the appropriate building block for further developing dynamic economic theory. |
| Document Type: | | Working Paper |
| Appears in Collections: | | Papers on Economics and Evolution, MPI für Ökonomik
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