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 language | English |
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Title of host publication | International Conference on Economic Modelling ECOMOD2018 |
Number of pages | 24 |
Publication status | Published - Jul 2018 |
Event | International Conference on Economic Modelling ECOMOD 2018 - University Ca' Foscari, Venice, Italy Duration: 4 Jul 2018 → 6 Jul 2018 |
Conference
Conference | International Conference on Economic Modelling ECOMOD 2018 |
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Country/Territory | Italy |
City | Venice |
Period | 4/07/18 → 6/07/18 |
Keywords
- economics
- general equilibrium-analysis
- computable general equilibrium modelling