Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
979581 | Physica A: Statistical Mechanics and its Applications | 2007 | 9 Pages |
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.
Keywords
Related Topics
Physical Sciences and Engineering
Mathematics
Mathematical Physics
Authors
E. Gaffeo, M. Catalano, F. Clementi, D. Delli Gatti, M. Gallegati, A. Russo,