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.

Elgar Companion to

Social Capital and Health

Martin Ljunge okt 2018.jpg

Martin Ljunge, IFN, is the author of a chapter, "Trust promotes health: addressing reverse causality by studying children of immigrants", in a new book edited by Sherman Folland and Eric Nauenberg. The cutting edge of research is presented, covering the ever-expanding social capital field.

About the book

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To present ongoing research informal brown-bag seminars are held on Mondays at 11:30 am. This is an opportunity for IFN researchers to test ideas and results.

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