Consumption & class in evolutionary macroeconomics View Full Text


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Article Info

DATE

2019-03

AUTHORS

Bernhard Rengs, Manuel Scholz-Wäckerle

ABSTRACT

This article contributes to the field of evolutionary macroeconomics by highlighting the dynamic interlinkages between micro-meso-macro with a Veblenian meso foundation in an agent-based macroeconomic model. Consumption is dependent on endogenously changing social class and signaling, such as bandwagon, Veblen and snob effects. In particular, we test the macroeconomic effects of this meso foundation in a generic agent-based model of a closed artificial economy. The model is stock-flow consistent and builds upon local decision heuristics of heterogeneous agents characterized by bounded rationality and satisficing behavior. These agents include a multitude of households (workers and capitalists), firms, banks as well as a capital goods firm, a government and a central bank. Simulation experiments indicate co-evolutionary dynamics between signaling-by-consuming and firm specialization that eventually effect employment and consumer prices, as well as other macroeconomic aggregates. More... »

PAGES

1-35

References to SciGraph publications

  • 2016-03. The effect of demand-driven structural transformations on growth and technological change in JOURNAL OF EVOLUTIONARY ECONOMICS
  • 2016-10. Upward and downward complementarity: the meso core of evolutionary growth theory in JOURNAL OF EVOLUTIONARY ECONOMICS
  • 2004-07. Micro-meso-macro in JOURNAL OF EVOLUTIONARY ECONOMICS
  • 2007-08. Demand, innovation, and the dynamics of market structure: The role of experimental users and diverse preferences in JOURNAL OF EVOLUTIONARY ECONOMICS
  • 2011-02. Evolutionary macroeconomics: a research agenda in JOURNAL OF EVOLUTIONARY ECONOMICS
  • 2010-10. An evolutionary theory of household consumption behavior in JOURNAL OF EVOLUTIONARY ECONOMICS
  • 2011-01. Heterogeneous Interacting Agent Models for Understanding Monetary Economies in EASTERN ECONOMIC JOURNAL
  • 2017-04. Tackling Keynes’ question: a look back on 15 years of Learning To Consume in JOURNAL OF EVOLUTIONARY ECONOMICS
  • 2009-08-06. The economy needs agent-based modelling in NATURE
  • 2001-01. Learning to consume – A theory of wants and the growth of demand in JOURNAL OF EVOLUTIONARY ECONOMICS
  • 2013-01. The impossibility of rational consumer choice in JOURNAL OF EVOLUTIONARY ECONOMICS
  • 2011. Macroeconomics from the Bottom-up in NONE
  • 2007-04. Why Meso? On “Aggregation” and “Emergence”, and Why and How the Meso Level is Essential in Social Economics in FORUM FOR SOCIAL ECONOMICS
  • 2012-11. Evolutionary demand: a model for boundedly rational consumers in JOURNAL OF EVOLUTIONARY ECONOMICS
  • 2015. Reconstructing Macroeconomic Theory to Manage Economic Policy in FRUITFUL ECONOMICS
  • 2010-12. Complex agent-based macroeconomics: a manifesto for a new paradigm in JOURNAL OF ECONOMIC INTERACTION AND COORDINATION
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    DOI

    http://dx.doi.org/10.1007/s00191-018-0592-2

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