Reflections on modern macroeconomics: Can we travel along a safer road? |
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Authors: | E Gaffeo F Clementi D Delli Gatti A Russo |
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Institution: | a Department of Economics and CEEL, University of Trento, Via Inama 5, 38100 Trento, Italy b Department of Economics, Polytechnic University of Marche, Piazzale Martelli 8, 60121 Ancona, Italy c Institute of Economic Theory and Quantitative Methods, Catholic University of Milan, Via Largo Gemelli 1, 20123 Milan, Italy d Superior Normal School, Piazza dei Cavalieri 7, 56126 Pisa, Italy |
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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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Keywords: | Equilibrium Agent-based economics Emergence |
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