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

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  • Giovanni Dosi

    () (Scuola Superiore Sant’Anna)

  • Andrea Roventini

    () (Scuola Superiore Sant’Anna
    OFCE, Sciences Po)

Abstract

Abstract In this work, we discuss how the rich academic milieu left by different Italian political economy traditions after WWII paved the way for the development of a new generation of macroeconomic agent-based models. The K + S (Dosi et al. in J Econ Dyn Control 34:1748–1767, 2010; Dosi et al. in J Evol Econ. https://doi.org/10.1007/s00191-016-0466-4 , 2016a), CATS (Delli Gatti et al. in J Econ Behav Organ 56:489–512, 2005; Delli Gatti et al. in Macroeconomics from the bottom-up. Springer, Berlin, 2011) and EURACE (Cincotti et al. in Econ Open Access Open Assess E J 4, 2010; Teglio et al. in Adv Complex Syst 15:1–27, 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 detail and their empirical performance and policy exercises discussed.

Suggested Citation

  • Giovanni Dosi & Andrea Roventini, 2017. "Agent-Based Macroeconomics and Classical Political Economy: Some Italian Roots," Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, Springer;Società Italiana degli Economisti (Italian Economic Association), vol. 3(3), pages 261-283, November.
  • Handle: RePEc:spr:italej:v:3:y:2017:i:3:d:10.1007_s40797-017-0065-z
    DOI: 10.1007/s40797-017-0065-z
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    Keywords

    Agent-based macroeconomics; Classical political economy; Macrodynamics; Complexity theory; L. L. Pasinetti; P. Sylos Labini;

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B5 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches
    • E00 - Macroeconomics and Monetary Economics - - General - - - General
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity

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