English

Reflections on Modern Macroeconomics: Can We Travel Along a Safer Road?

Physics and Society 2008-12-02 v1 General Finance

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

Cite

@article{arxiv.physics/0608148,
  title  = {Reflections on Modern Macroeconomics: Can We Travel Along a Safer Road?},
  author = {E. Gaffeo and M. Catalano and F. Clementi and D. Delli Gatti and M. Gallegati and A. Russo},
  journal= {arXiv preprint arXiv:physics/0608148},
  year   = {2008}
}

Comments

Latex2e v1.6; 17 pages with 4 figures; for inclusion in the APFA5 Proceedings