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Agent-Based Macroeconomics and Classical Political Economy: Some Italian Roots

Giovanni Dosi () and Andrea Roventini ()

LEM Papers Series from Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy

Abstract: In this work, we discuss how the rich academic milieu left by different Italian political economy traditions after WWII paved the way to the development of a new generation of macroeconomic agent-based models. The K+S (Dosi et al., 2010, 2016a), CATS (Delli Gatti et al., 2005, 2011) and EURACE (Cincotti et al., 2010; Teglio et al., 2012) families of agent- based models are at the frontier of an alternative macroeconomic research paradigm which considers the economy as a complex evolving system. The three families of models are presented in details and their empirical performance and policy exercises discussed.

Keywords: Agent-Based Macroeconomics; Classical Political Economy; Macrodynamics; Complexity Theory; L. L. Pasinetti; P. Sylos Labini (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cmp and nep-hpe
Date: 2017-09-09
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