Bringing markets back into economics

Gunnar Eliasson

Journal of Economic Behavior & Organization, 2023, vol. 216, issue C, 686-710

Abstract: Markets, I argue, matter significantly for macroeconomic development. The reason for this strange statement is that policy practice in industrialized market economies is routinely governed by models that ignore the role of markets. Policy makers are therefore at risk of misunderstanding the economic situation and of mismanaging the economy.

Keywords: Competence bloc; Deterministic chaos; Economy wide market self – coordination; Evolutionary modeling; Experimentally organized economy (EOE); Welfare (search for similar items in EconPapers)
JEL-codes: A11 C C81 D21 D43 D92 L16 M13 O12 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jeborg:v:216:y:2023:i:c:p:686-710

DOI: 10.1016/j.jebo.2023.10.001

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