Towards a behavioural CGE model

Research output: Chapter in Book/Report/Conference proceedingConference contribution book

Abstract

There has emerged a strong and widespread critique of economics centred on its inability both to predict the onset of the financial crisis, to question the institutions which created that crisis, and to provide subsequent policy advice (Earle et al, 2017; Kwak, 2017; and Wren-Lewis 2015). A key element of this critique has been the perceived adverse influence of abstract theory and, in particular, general equilibrium analysis. However, we wish to argue strongly for retaining an approach that can simultaneously incorporate both micro and macro-economic perspectives in an internally consistent and flexibile manner. It is important to stress that general equilibrium models are not necessarily constrained by the conventional neo-classical straightjacket. Moreover, with increased computing power their potential scope and sophistication is further enhanced.
Original languageEnglish
Title of host publicationInternational Conference on Economic Modelling ECOMOD2018
Number of pages24
Publication statusPublished - Jul 2018
EventInternational Conference on Economic Modelling ECOMOD 2018 - University Ca' Foscari, Venice, Italy
Duration: 4 Jul 20186 Jul 2018

Conference

ConferenceInternational Conference on Economic Modelling ECOMOD 2018
CountryItaly
CityVenice
Period4/07/186/07/18

Keywords

  • economics
  • general equilibrium-analysis
  • computable general equilibrium modelling

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