Agent-Based Macroeconomics - The Schumpeter Meeting Keynes Models

This Element is about agent-based macroeconomics in general, and in particular about a family of evolutionary, agent-based models (ABMs), which are called 'Schumpeter meeting Keynes' (or K+S). The K+S models knit together 'Schumpeterian' endogenous processes of innovation with 'Keynesian' mechanisms of demand generation.

List of contents

1. Introduction; 2. A dismal short story of macroeconomics: from Robinson Crusoe to complex evolutionary economies; 3. The emperor is still naked: the intrinsic limits of DSGE models; 4. Macroeconomic agent-based models; 5. The Schumpeter meeting Keynes model; 6. Empirical validation; 7. Policy experiments; 8. A brief discussion on the future of macroeconomics by way of a conclusion; References.

Summary

This Element is about agent-based macroeconomics in general, and in particular about a family of evolutionary, agent-based models (ABMs), which are called 'Schumpeter meeting Keynes' (or K+S). The K+S models knit together 'Schumpeterian' endogenous processes of innovation with 'Keynesian' mechanisms of demand generation.

Foreword

The Element offers a new perspective on macroeconomics considering the economy as a complex evolving system.

Product details

• Authors: Giovanni (Scuola Superiore Sant''anna) Roven Dosi, Dosi Giovanni, Andrea Roventini
• Publisher: Cambridge University Press ELT
• Languages: English
• Product format: Hardback
• Released: 31.05.2025
• EAN: 9781009598743
• ISBN: 978-1-0-0959874-3
• No. of pages: 116
• Series: Elements in Evolutionary Economics
• Subjects: Social sciences, law, business > Business > Economics; BUSINESS & ECONOMICS / Economics / General, macroeconomics, Business innovation, Economic theory & philosophy, Economic theory and philosophy