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Autoren: 
Dosi, Giovanni
Roventini, Andrea
Datum: 
2019
Reihe/Nr.: 
LEM Working Paper Series 2019/01
Zusammenfassung: 
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.
Schlagwörter: 
Macroeconomics
Economic Policy
Keynesian Theory
New Neoclassical Synthesis
New Keynesian Models
DSGE Models
Agent-Based Evolutionary Models
Complexity Theory
Great Recession
Crisis
JEL: 
B41
B50
E32
E52
Dokumentart: 
Working Paper
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