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The Current Macroeconomic Crisis

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  • Bill Gibson

    (University of Massachusetts Amherst)

Abstract

Professor Crotty once casually observed that in his view economics could not be properly thought of as a science. This paper investigates the implications of this view in light of the question of how the scientific method has recently contributed to the evolution of economic practice. It is argued that agent-based models might provide a platform for an integration of recent micro and macroeconomic theories.

Suggested Citation

  • Bill Gibson, 2008. "The Current Macroeconomic Crisis," UMASS Amherst Economics Working Papers 2008-02, University of Massachusetts Amherst, Department of Economics.
    • Handle: RePEc:ums:papers:2008-02
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    File URL: http://www.umass.edu/economics/publications/2008-02.pdf
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    References listed on IDEAS

    as
    1. Bill Gibson, 2003. "Thinking Outside the Walrasian Box," International Journal of Political Economy, Taylor & Francis Journals, vol. 33(2), pages 36-46.
    2. Amitava Krishna Dutt, 2003. "On Post Walrasian Economics, Macroeconomic Policy, and Heterodox Economics," International Journal of Political Economy, Taylor & Francis Journals, vol. 33(2), pages 47-67.
    3. Bill Gibson, 2007. "A Multi-Agent Systems Approach to Microeconomic Foundations of Macro," UMASS Amherst Economics Working Papers 2007-10, University of Massachusetts Amherst, Department of Economics.
    4. Caroline M. Hoxby, 2000. "The Effects of Class Size on Student Achievement: New Evidence from Population Variation," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 115(4), pages 1239-1285.
    5. David Colander, 2018. "Post Walrasian Macro Policy and the Economics of Muddling Through," Chapters, in: How Economics Should Be Done, chapter 11, pages 144-162, Edward Elgar Publishing.
    6. Robert E. Lucas & Thomas J. Sargent, 1979. "After Keynesian macroeconomics," Quarterly Review, Federal Reserve Bank of Minneapolis, vol. 3(Spr).
    7. Brock,W.A. & Durlauf,S.N., 2005. "Social interactions and macroeconomics," Working papers 5, Wisconsin Madison - Social Systems.
    8. John J. Donohue III & Steven D. Levitt, 2001. "The Impact of Legalized Abortion on Crime," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 116(2), pages 379-420.
    9. Rizvi, S Abu Turab, 1994. "The Microfoundations Project in General Equilibrium Theory," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 18(4), pages 357-377, August.
    10. Bhaduri, Amit & Marglin, Stephen, 1990. "Unemployment and the Real Wage: The Economic Basis for Contesting Political Ideologies," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 14(4), pages 375-393, December.
    11. Schelling, Thomas C, 1969. "Models of Segregation," American Economic Review, American Economic Association, vol. 59(2), pages 488-493, May.
    12. Lucas, Robert Jr, 1976. "Econometric policy evaluation: A critique," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 1(1), pages 19-46, January.
    13. Helland Eric & Tabarrok Alexander, 2004. "Using Placebo Laws to Test "More Guns, Less Crime"," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 4(1), pages 1-9, January.
    Full references (including those not matched with items on IDEAS)

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    Keywords

    Agent-based models; macroeconomics; Keynes; James Crotty.;
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