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Why do we need agent-based macroeconomics?

Silvano Cincotti1, Marco Raberto1, Andrea Teglio2

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The agent-based approach in economics is essential for understanding complex global challenges like climate change and pandemics. This methodology integrates micro and macro levels, overcoming neoclassical economics limitations for better economic modeling.

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Area of Science:

  • Economics
  • Complex Systems
  • Computational Social Science

Background:

  • The 21st century presents complex global challenges including climate change, digital transformation, migration, demographic shifts, and pandemics.
  • Neoclassical economics, with its reductionist paradigm, faces limitations in addressing these multifaceted issues.
  • Traditional economic models struggle to capture the interconnectedness and emergent behaviors inherent in modern economies.

Purpose of the Study:

  • To advocate for the agent-based approach in economics as a superior methodology for tackling contemporary global challenges.
  • To highlight the limitations of the neoclassical approach in addressing complex economic phenomena.
  • To introduce the utility of complex systems and chaos theory in economic modeling.

Main Methods:

  • Conceptual analysis of economic methodologies, contrasting agent-based modeling with neoclassical economics.
  • Historical and epistemological review of scientific paradigms, focusing on reductionism versus complexity.
  • Exploration of agent-based modeling's capacity to integrate micro-level interactions and macro-level outcomes.

Main Results:

  • The agent-based approach effectively integrates micro and macro dimensions by modeling heterogeneous agent interactions and aggregate outcomes.
  • Reductionism, while powerful historically, is less effective for current complex economic challenges.
  • Complex systems and chaos theory offer more suitable analytical tools for modern economic discipline.

Conclusions:

  • Agent-based modeling provides a robust framework for understanding and addressing the intricate economic challenges of the 21st century.
  • A paradigm shift towards complexity and agent-based methods is necessary for economic science to remain relevant and effective.
  • The special issue demonstrates practical applications of agent-based models to contemporary global problems.