Multi-agent systems as a tool for analyzing path-dependent macrodynamics
Authored by Mark Setterfield, Shyam Gouri Suresh
Date Published: 2016
DOI: 10.1016/j.strueco.2016.03.001
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Platforms:
MATLAB
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Abstract
This paper discusses the concept of path dependence in macrodynamics, and identifies practical difficulties associated with building
path-dependent macrodynamic models of the sort that Keynesians and
Schumpeterians regard as necessary for the successful study of long-term
growth and development. It is suggested that multi-agent systems (MAS)
analysis can help address these difficulties, and therefore provides a
useful tool for advancing path-dependent macrodynamic analysis. A
concrete example is provided in the form of a simple but illustrative
MAS model of path-dependent aggregate fluctuations. (C) 2016 Elsevier
B.V. All rights reserved.
Tags
Equilibrium
Increasing Returns
Model
Progress
Economic-growth
History
Hysteresis