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Complexity and Macro Pedagogy: The Complexity Vision as a Bridge between Graduate and Undergraduate Macro

David Colander () and Casey Rothschild ()

Chapter 6 in Macroeconomic Theory and Macroeconomic Pedagogy, 2009, pp 118-128 from Palgrave Macmillan

Abstract: Abstract The macro economy is complex; everyone knows that. Complex systems are difficult to analyse and manage; everyone knows that too. The best approach to teaching and describing the complex macro economy is something we know much less well. Currently, in teaching macro to both graduate and undergraduate students, we don’t stress just how complex the economy really is. The argument in this chapter is that we should emphasize that complexity to frame the macro question.1 Having done that, we can get on with what we do, and much of the structure of both the graduate and undergraduate macro can be taught as it currently is. But instead of seeing the approaches at the two levels as substitutes for one another, complexity helps to frame them as what they really are: complementary approaches to addressing a challenging set of questions.

Keywords: Taylor Rule; Dynamic Stochastic General Equilibrium; Dynamic Stochastic General Equilibrium Model; Real Business Cycle; Excess Demand Function (search for similar items in EconPapers)
Date: 2009
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DOI: 10.1007/978-0-230-29166-9_7

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