Beyond the Representative Agent

ISBN-13: 9781858987033 / Angielski / Twarda / 1999 / 368 str.

Mauro Gallegati;A. P. Kirman

Opis

The authors argue for an approach to economic analysis which regards the economy as an interactive system with heterogenous agents and not a system which treats aggregates as some representative individual. They then apply this approach to macro- and micro-analyses including monetary policy and firms, technological innovation and the insider-outsider model. They find that this approach proves more fruitful in explaining empirical phenomena than much of the existing theory.