Towards a Not-Too-Rational Macroeconomics

Axel Leijonhufvud

Working Papers from University of California at Los Angeles, Center for Computable Economics

Abstract: Economics deals with complex dynamic systems. Until now, analytical limitations have forced economic theorists both to oversimplify the structure of the system and to exaggerate the rationality of the typical agent. Massively parallel computers will enable us to simulate and investigate the properties of systems consisting of large numbers of interacting, adaptive agents. Computable Economics aims to exploit this opportunity. The paper discusses a number of problems in macroeconomics and its microfoundations for which the computable approach promises to be fruitful.

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Published in the Southern Economic Journal, Vol. 60, 1993

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Persistent link: https://EconPapers.repec.org/RePEc:wop:callce:_001

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