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The Current Macroeconomic Crisis

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  • Bill Gibson

    ()
    (University of Massachusetts Amherst)

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    Abstract

    Professor 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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    File URL: http://www.umass.edu/economics/publications/2008-02.pdf
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    Bibliographic Info

    Paper provided by University of Massachusetts Amherst, Department of Economics in its series UMASS Amherst Economics Working Papers with number 2008-02.

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    Date of creation: Jan 2008
    Date of revision:
    Handle: RePEc:ums:papers:2008-02

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    Postal: Thompson Hall, Amherst, MA 01003
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    Web page: http://www.umass.edu/economics
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    Related research

    Keywords: Agent-based models; macroeconomics; Keynes; James Crotty.;

    This paper has been announced in the following NEP Reports:

    References

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    1. Rizvi, S Abu Turab, 1994. "The Microfoundations Project in General Equilibrium Theory," Cambridge Journal of Economics, Oxford University Press, vol. 18(4), pages 357-77, August.
    2. John Donohue & Steven Levitt, 2000. "The Impact of Legalized Abortion on Crime," NBER Working Papers 8004, National Bureau of Economic Research, Inc.
    3. David Colander, 2003. "Post Walrasian Macro Policy and the Economics of Muddling Through," Middlebury College Working Paper Series 0322, Middlebury College, Department of Economics.
    4. Robert E. Lucas, Jr. & Thomas J. Sargent, 1979. "After Keynesian macroeconomics," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Spr.
    5. Lucas, Robert Jr, 1976. "Econometric policy evaluation: A critique," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 1(1), pages 19-46, January.
    6. Brock,W.A. & Durlauf,S.N., 2005. "Social interactions and macroeconomics," Working papers 5, Wisconsin Madison - Social Systems.
    7. Bill Gibson, 2007. "A Multi-Agent Systems Approach to Microeconomic Foundations of Macro," UMASS Amherst Economics Working Papers 2007-10, University of Massachusetts Amherst, Department of Economics.
    8. Bhaduri, Amit & Marglin, Stephen, 1990. "Unemployment and the Real Wage: The Economic Basis for Contesting Political Ideologies," Cambridge Journal of Economics, Oxford University Press, vol. 14(4), pages 375-93, December.
    9. Helland Eric & Tabarrok Alexander, 2004. "Using Placebo Laws to Test "More Guns, Less Crime"," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 4(1), pages 1-9, January.
    10. Caroline M. Hoxby, 2000. "The Effects Of Class Size On Student Achievement: New Evidence From Population Variation," The Quarterly Journal of Economics, MIT Press, vol. 115(4), pages 1239-1285, November.
    11. Amitava Krishna Dutt, 2003. "On Post Walrasian Economics, Macroeconomic Policy, and Heterodox Economics," International Journal of Political Economy, M.E. Sharpe, Inc., vol. 33(2), pages 47-67, June.
    12. Bill Gibson, 2003. "Thinking Outside the Walrasian Box," International Journal of Political Economy, M.E. Sharpe, Inc., vol. 33(2), pages 36-46, June.
    13. Schelling, Thomas C, 1969. "Models of Segregation," American Economic Review, American Economic Association, vol. 59(2), pages 488-93, May.
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