Reflections on modern macroeconomics: Can we travel along a safer road?
✍ Scribed by E. Gaffeo; M. Catalano; F. Clementi; D. Delli Gatti; M. Gallegati; A. Russo
- Book ID
- 103882634
- Publisher
- Elsevier Science
- Year
- 2007
- Tongue
- English
- Weight
- 226 KB
- Volume
- 382
- Category
- Article
- ISSN
- 0378-4371
No coin nor oath required. For personal study only.
✦ Synopsis
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.