Towards a disequilibrated macroeconomics

Peter Howitt

The European Journal of the History of Economic Thought, 2024, vol. 31, issue 2, 175-185

Abstract: This paper elaborates on four different reasons why the assumption of continual dynamic stochastic general equilibrium, which is now standard in mainstream macroeconomics but is not used in agent based macro, makes a macro model less useful: (1) it assumes away most coordination problems, (2) it hides possible instabilities, (3) it makes money look unimportant, and (4) it makes inflation look trivial.

Date: 2024
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DOI: 10.1080/09672567.2024.2329054

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