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

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

2006-08-14

arxiv.org/abs/physics/0608148v1

Physica A: Statistical Mechanics and its Applications, Vol: 382, Issue: 1, 1 August 2007, pp: 89-97

Physics

Physics and Society

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

Scientific paper

10.1016/j.physa.2007.02.011

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.

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