The Economic Crisis is a Crisis for Economic Theory

By Alan Kirman. 2010

261 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/5001bf39c51671757f1038b4e8122bc7f65c4359

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In Economics and Econometrics

Citations in the corpus

More is different ... and complex! the case for agent-based macroeconomics (2019, background): “…agent appears to prefer a, all 16A discussion of the limits of the representative assumption in light of the current crisis is contained in Kirman (2010b). the “represented” individuals might well prefer b. Finally, the RA assumption also induces additional difficulties on testing…”
Economic Forecasting with an Agent-Based Model (2020, background): “For earlier ritiques, see, e.g. Canova and Sala (2009), Colander et al. (2009), Kirman (2010), Edge and Gurkaynak (2010), Krugman (2011), Stiglitz (2011, 2018), Blanchard 2016), and Romer (2016).”
Estimation of ergodic agent-based models by simulated minimum distance (2015, unknown): “5See Colander et al. (2008); Solow (2010); Kirman (2010); Krugman (2011); Stiglitz (2011).”
Tipping Points in Macroeconomic Agent-Based Models (2013, background): “Roventini, Macroeconomic Policy in DSGE and Agent-Based Models University of Verona Working Paper (2012) [9] A.”
Twenty challenges to innovation studies (2015, background): “In the wake of the 2007-8 financial crisis, Krugman (2009) offered a devastating critique of economics entitled “How did economists get it so wrong?” Lundvall (2012, p.11) likewise is in no doubt that “the economics profession and the policy advice given by economists has a major responsibility for ”
Income Distribution, Credit and Fiscal Policies in an Agent-Based Keynesian Model (2013, background): “And a fundamental consequence is also that any “representative agent” compression of micro heterogeneity is likely to offer a very distorted account of both what agents do and of the collective outcomes of their actions — indeed, well in tune with the arguments of Kirman (1992) and Solow (2008).”
Macroeconomic Policy in DSGE and Agent-Based Models (2012, unknown): “Indeed, an increasing number of leading economists claim that the current “economic crisis is a crisis for economic theory” (Kirman, 2010; Colander et al., 2009; Krugman, 2009, 2011; Caballero, 2010; Stiglitz, 2011; Kay, 2011; Dosi, 2011; Delong, 2011).”
Crises and Collective Socio-Economic Phenomena: Simple Models and Challenges (2012, background): “As stressed by Kirman, the economic crisis is a crisis for economic theory [155].”