Working Paper 261 - Post-Macroeconomics: Some Theoretical and Analytical Issues
Working Paper Series from African Development Bank
Economic literature generally assumes that the world is made of representative agents who are always self-interested and exclusively motivated by the pursuit of maximum profit in anything they do. This simplistic assumption has allowed the discipline to use simple and elegant modelling techniques to describe and predict human thinkingand decision making. It has also helped the two main schools of thought (Keynesian and Neoclassical) find a broad methodological consensus. But some theorists acknowledge the limitations of the rational, self-interested agent and suggest new ways ofmodelling human behavior. This paper builds on these new theoretical developments to suggest new ways of enriching macroeconomics. Post-macroeconomics is to be understood not as a total rejection of traditional macroeconomics, but that asa call for building upon and beyond it. It seeks a reconstruction of the analytical frameworks for studying key macroeconomic questions and recommends that findings from other social sciences be more systematically integrated into economicmodelling.
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