Working Paper No. 220b

Modeling Long-Term Macroeconomic Growth as a Micro-Based, Path Dependent, Experimentally Organized Economic Process


The lead theme of this essay asserts that a model of economic growth has to be explicit about the market dynamics of firm behavior. Firm dynamics originates in innovative behavior and in the price and quantity adjustments of agents when their mutually inconsistent plans are confronted in markets. Three characteristics determine what I call the experimentally organized model of an evolving economy; (1) the size of the opportunity set ("state space"), (2) the presence of "bounded rationality" and "tacit knowledge" ("behavior"), and (3) the degree of access to market opportunities.

Interdisciplinary European Studies

The European Union and the Return of the Nation State

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This book explores the complex and ever-changing relationship between the European Union and its member states. The recent surge in tension in this relationship has been prompted by the actions of some member state governments as they question fundamental EU values and principles and refuse to implement common decisions seemingly on the basis of narrowly defined national interests.

About the book

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