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

Author

Listed:
  • Giovanni Dosi

    (LEM - Laboratory of Economics and Management - SSSUP - Scuola Universitaria Superiore Sant'Anna = Sant'Anna School of Advanced Studies [Pisa])

  • Andrea Roventini

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

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," Post-Print hal-03399668, HAL.
    • Handle: RePEc:hal:journl:hal-03399668
    DOI: 10.1007/s40797-017-0065-z
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    Cited by:

    1. Alessio Emanuele Biondo & Roberto Cellini & Tiziana Cuccia, 2020. "Choices on museum attendance: An agent‐based approach," Metroeconomica, Wiley Blackwell, vol. 71(4), pages 882-897, November.
    2. Palagi, Elisa & Napoletano, Mauro & Roventini, Andrea & Gaffard, Jean-Luc, 2023. "An agent-based model of trickle-up growth and income inequality," Economic Modelling, Elsevier, vol. 129(C).
    3. Silvano Cincotti, 2021. "Facing the complexity of the economy: an opportunity for the new alliance between economics and engineering," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 48(4), pages 581-588, December.
    4. Giovanni Dosi & Andrea Roventini, 2019. "La solitudine dell'agente rappresentativo: eterogeneità e interazione per una nuova macroeconomia (The solitude of the representative agant: Heterogeneity and interaction for a new macroeconomics)," Moneta e Credito, Economia civile, vol. 72(287), pages 249-258.
    5. Giovanni Dosi & Andrea Roventini, 2019. "More is different ... and complex! the case for agent-based macroeconomics," Journal of Evolutionary Economics, Springer, vol. 29(1), pages 1-37, March.
    6. Muriel Dal-Pont Legrand & Alexandre Truc, 2022. "Agent-Based Models: impact and interdisciplinary influences in economics," Working Papers halshs-04832295, HAL.
    7. Domenico Delli Gatti, 2017. "The Crisis of Economic Theory and the Complexity View: A Note," 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 419-422, November.
    8. Philip Haynes & David Alemna, 2022. "A Systematic Literature Review of the Impact of Complexity Theory on Applied Economics," Economies, MDPI, vol. 10(8), pages 1-23, August.
    9. Giovanni Dosi & Andrea Roventini, 2024. "Evolutionary Growth Theory," LEM Papers Series 2024/02, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    10. Raffaella Barone, 2023. "Home sweet home, how money laundering pollutes the real estate market: an agent based model," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 18(4), pages 779-806, October.
    11. Bernardo A. Furtado & Miguel A. Fuentes & Claudio J. Tessone, 2019. "Policy Modeling and Applications: State-of-the-Art and Perspectives," Complexity, Hindawi, vol. 2019, pages 1-11, February.
    12. Emiliano Brancaccio & Mauro Gallegati & Raffaele Giammetti, 2022. "Neoclassical influences in agent‐based literature: A systematic review," Journal of Economic Surveys, Wiley Blackwell, vol. 36(2), pages 350-385, April.

    More about this item

    Keywords

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    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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