dorsal/arxiv
View SchemaReflections on Modern Macroeconomics: Can We Travel Along a Safer Road?
| Authors | E. Gaffeo, M. Catalano, F. Clementi, D. Delli Gatti, M. Gallegati, A. Russo |
|---|---|
| Categories | |
| ArXiv ID | physics/0608148 |
| URL | https://arxiv.org/abs/physics/0608148 |
| DOI | 10.1016/j.physa.2007.02.011 |
| Journal | Physica A: Statistical Mechanics and its Applications, Vol: 382, Issue: 1, 1 August 2007, pp: 89-97 |
Abstract
In this paper we sketch some reflections on the pitfalls and inconsistencies of the research program - currently dominant among the profession - aimed at providing microfoundations to macroeconomics along a Walrasian perspective. We argue that such a methodological approach constitutes an unsatisfactory answer to a well-posed research question, and that alternative promising routes have been long mapped out but only recently explored. In particular, we discuss a recent agent-based, truly non-Walrasian macroeconomic model, and we use it to envisage new challenges for future research.
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"abstract": "In this paper we sketch some reflections on the pitfalls and inconsistencies\nof the research program - currently dominant among the profession - aimed at\nproviding microfoundations to macroeconomics along a Walrasian perspective. We\nargue that such a methodological approach constitutes an unsatisfactory answer\nto a well-posed research question, and that alternative promising routes have\nbeen long mapped out but only recently explored. In particular, we discuss a\nrecent agent-based, truly non-Walrasian macroeconomic model, and we use it to\nenvisage new challenges for future research.",
"arxiv_id": "physics/0608148",
"authors": [
"E. Gaffeo",
"M. Catalano",
"F. Clementi",
"D. Delli Gatti",
"M. Gallegati",
"A. Russo"
],
"categories": [
"physics.soc-ph",
"q-fin.GN"
],
"doi": "10.1016/j.physa.2007.02.011",
"journal_ref": "Physica A: Statistical Mechanics and its Applications, Vol: 382,\n Issue: 1, 1 August 2007, pp: 89-97",
"title": "Reflections on Modern Macroeconomics: Can We Travel Along a Safer Road?",
"url": "https://arxiv.org/abs/physics/0608148"
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