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 in a Changing World Order

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This book explores how the European Union responds to the ongoing challenges to the liberal international order. These challenges arise both within the EU itself and beyond its borders, and put into question the values of free trade and liberal democracy. 

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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