The Current Macroeconomic Crisis
AbstractProfessor Crotty once casually observed that in his view economics could not be properly thought of as a science. This paper investigates the implications of this view in light of the question of how the scientific method has recently contributed to the evolution of economic practice. It is argued that agent-based models might provide a platform for an integration of recent micro and macroeconomic theories.
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Bibliographic InfoPaper provided by University of Massachusetts Amherst, Department of Economics in its series UMASS Amherst Economics Working Papers with number 2008-02.
Date of creation: Jan 2008
Date of revision:
Agent-based models; macroeconomics; Keynes; James Crotty.;
This paper has been announced in the following NEP Reports:
- NEP-ALL-2008-02-09 (All new papers)
- NEP-CMP-2008-02-09 (Computational Economics)
- NEP-HPE-2008-02-09 (History & Philosophy of Economics)
- NEP-MAC-2008-02-09 (Macroeconomics)
- NEP-PKE-2008-02-09 (Post Keynesian Economics)
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