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

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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.

Date: 2006-08
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Citations: View citations in EconPapers (8)

Published in Physica A: Statistical Mechanics and its Applications, Vol: 382, Issue: 1, 1 August 2007, pp: 89-97

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Journal Article: Reflections on modern macroeconomics: Can we travel along a safer road? (2007)
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Persistent link: https://EconPapers.repec.org/RePEc:arx:papers:physics/0608148

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