Behavioural and Complexity Macroeconomics

Michael Roos
IMK, 2016
Grado: adelantado
Perspectivas: Economía conductual, Economía de la complejidad
Topic: Macroeconomía, Microeconomía y mercados
Format: Ponencia
Duración: 00:45
Enlace: https://www.youtube.com/watch?v=P40CcubECdU

This lecture is all about the challenge to include heterodox approaches into macroeconomics. After giving an overview of recent approaches to that problem Professor Michael Roos presents the theoretical framework of Complexity Economics as a means to combine behavioral aspects with macroeconomics.

Michael Roos, distinguished researcher in the field of experimental and behavioural economics and dealing with macroeconomic issues as well as climate change and regional economics, provides an overview of the developments in behavioural and complexity economics. Based on the necessity of considering human limitations and studying real behaviour of people in order to understand economic processes he outlines existing behavioural approaches. Furthermore Michael points to open issues and introduces an approach which combines behavioural and complexity economics, which allows modelling economic agents in consideration of different aggregation levels at the same time. He discusses advantages as well as implications of this method and proposes Agent-Based modelling as a valuable tool.

Video description from www.boeckler.de/veranstaltung_imk_63460.htm


The lecture was held at 20th conference of the Research Network Macroeconomics and Macroeconomic Policies (FMM) in Berlin.

Go to: Behavioural and Complexity Macroeconomics

Tags: behavior | behavioral macroeconomics | bounded rationality | complex adaptive system | complexity | heterodox models | Keynes | macroeconomics | pluralism
ReBalance ist eine Website des Forum New Economy und beschäftigt sich mit ungleicher Vermögensverteilung. Mit einem interaktiven Vermögens-Simulator kann der Effekt von verschiedenen politischen Maßnahmen auf die Vermögensungleichheit in Deutschland verglichen werden.
2023
Level: debutante
ReBalance
 
Forum New Economy
In this video, Rajan Raghuram highlights ‘A hereditary Meritocracy’. He identifies the “limitations” with the current economic systems of democracy and markets.
2019
Level: debutante
A Hereditary Meritocracy
Raghuram Rajan
New Economic Thinking
Michael Kalecki famously remarked “I have found out what economics is; it is the science of confusing stocks with flows”. Stock-Flow Consistent (SFC) models were developed precisely to address this kind of confusion. The basic intuition of SFC models is that the economy is built up as a set of intersecting balance sheets, where transactions between entities are called flows and the value of the assets/liabilities they hold are called stocks. Wages are a flow; bank deposits are a stock, and confusing the two directly is a category error. In this edition of the pluralist showcase I will first describe the logic of SFC models – which is worth exploring in depth – before discussing empirical calibration and applications of the models. Warning that there is a little more maths in this post than usual (i.e. some), but you should be able to skip those parts and still easily get the picture.
2020
Level: debutante
Stock Flow Consistent Macroeconomics
Cahal Moran
Rethinking Economics
"Il paraît bien loin le temps où les banques centrales revendiquaient un objectif et un seul — l’inflation —, devant tout autre, que ce soit la croissance, l’emploi où l’équilibre des marchés financiers. Cette intransigeance obsessionnelle était le socle de leur crédibilité. Sans état d’âme et sans considération sociale, les …
2022
Level: debutante
Comprendre la dérive des banques centrales et des politiques monétaires
Olivier Passet
Xerfi Canal
VWL-Standardmodelle gehen davon aus, dass Individuen gegebene und stabile Präferenzen haben, nach denen sie ihren Nutzen maximieren. Doch was passiert, wenn sich diese Präferenzen aus anderen Gründen ändern – und wäre es verwerflich, sie gezielt durch Politikmaßnahmen zu beeinflussen? Ein Beitrag von Linus Mattauch und Anna Wiese.
2022
Level: debutante
Die Notwendigkeit zum Wertewandel fordert auch die VWL heraus
Linus Mattauch und Anna Wiese
Economists for Future

Donar

Este proyecto es presentado por la Network for Pluralist Economics (Netzwerk Plurale Ökonomik e.V.) y socios internacionales.  Está comprometida con la diversidad y la independencia y depende de las donaciones de personas como tú. Donaciones regulares o puntuales serán muy apreciadas!

 

Donar