On the future of economywide, dynamic agent based modelling

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Recent book

 

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A study on the historic role of professional and demanding customers in Swedish industrial development, and military procurement as innovation policy (Springer 2017).

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Schumpeterian and Stockholm School Economics combined

In  “The Incomplete Schumpeter Stockholm School Connection” (J of Evolutionary Economics, 2015) I argue that a unique opportunity to develop a consistent evolutionary economic theory was missed because Austrian/Schumpeterian and Swedish Stockholm School economists failed to connect.

In the recent article ” Why Complex, Data Demanding and Difficult to Estimate Agent Based Models – Lessons from a Decades Long Research Program” (International J. of Microsimulation, 2018). I argue that a long overdue  next step in economic theorizing is to take economy wide  economic systems analysis down to the level of  firm and household behavior in markets. The story is about the agent based model MOSES  work on which began in late 1974. When the difficult problems of estimating the parameters of such models have been properly solved, I propose there will no further need for the separate branch of macro modeling, except as second best descriptive approximations of macro economic relationships.

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