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Developments in (macro) economics; Towards a new (macro) economics'

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  • Ercan EREN

    (Yıldız Technical University)

Abstract

One of the major breakthroughs in economics is its establishment on the Newtonian equilibrium approach. Until 1930s, Darwin-biology-evolution analysis has been a fundamental constituent in German Historical School and especially in Weblen. However concepts such as evolution, self-organization, noncontinuity, discreteness have not been used so extensively during the long period which lasts from 1930s untill recently. In neo-classical synthesis, monetarism, new-classical economics, real business cycles, new-Keynesian economics and in new neo-classical synthesis, the Newtonian equilibrium concept is of fundamental importance. With the development of new tools in economics (such as evolutionary game theory, behavioral game theory, network economics, graph theory, algorithmic economics, developments in the computer science, more common usage of computer sofwares and simulations, algorithmic modelling of self-organization, system dynamics, evolutionary physics, complexity physics, agent-based economics, etc.) and with the effect of great recession of 2008, evolutionary and behavioral macroeconomics has started to rise. In this study, the developments after the great recession of 2008 in mainstream macroeconomics and its effects on economics education will be assessed in the framework of equilibrium-evolution dilemma.

Suggested Citation

  • Ercan EREN, 2015. "Developments in (macro) economics; Towards a new (macro) economics'," Yildiz Social Science Review, Yildiz Technical University, vol. 1(1), pages 1-35.
    • Handle: RePEc:aye:journl:v:1:y:2015:i:1:p:1-35
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    More about this item

    Keywords

    Equilibrium; Evolution; Economic Thought; SimulationJournal: Yildiz Social Science Review;
    All these keywords.

    JEL classification:

    • F00 - International Economics - - General - - - General
    • F30 - International Economics - - International Finance - - - General
    • G00 - Financial Economics - - General - - - General
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • K00 - Law and Economics - - General - - - General (including Data Sources and Description)
    • K20 - Law and Economics - - Regulation and Business Law - - - General
    • M00 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - General - - - General
    • M20 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - General
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General

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