Reflections on modern macroeconomics: Can we travel along a safer road?

Edoardo Gaffeo, Michele Catalano, Fabio Clementi, Domenico Delli Gatti, Mauro Gallegati and Alberto Russo

Physica A: Statistical Mechanics and its Applications, 2007, vol. 382, issue 1, 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.

Keywords: Equilibrium; Agent-based economics; Emergence (search for similar items in EconPapers)
Date: 2007
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Citations: View citations in EconPapers (12)

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Working Paper: Reflections on Modern Macroeconomics: Can We Travel Along a Safer Road? (2006)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:phsmap:v:382:y:2007:i:1:p:89-97

DOI: 10.1016/j.physa.2007.02.011

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