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Evolutionary Selection and Keynes-Schumpeter Macroeconomics

By Önder Nomaler

Evolutionary Selection and Keynes-Schumpeter Macroeconomics

By Önder Nomaler

0 - Default Title
Description
This Element develops a stock-flow consistent agent-based macroeconomic model with Schumpeterian and Keynesian characteristics. On the Schumpeterian side, technological change is modelled as productivity growth as a result of research and development (R&D). The R&D strategies of firms are determined by an evolutionary selection process. On the Keynesian side, demand is endogenous on current income and the stock of households' financial wealth. In the long run, an evolutionary stable R&D strategy of firms emerges, leading to endogenous productivity growth. Demand adjusts endogenously to match labour-saving productivity growth, so that the employment rate is stationary, although with business cycle fluctuations. The authors use Monte Carlo simulations to analyze the emergence of an evolutionary stable R&D strategy, as well as the long-run properties of the model and the nature of business cycles. This title is also available as Open Access on Cambridge Core.
Product details
Number of Pages:
96
Release Date:
2025-10-31
Publication Date:
2025-09-23
Publisher:
Cambridge University Press
Languages:
Original: English
ISBN10:
1009619497
ISBN13:
9781009619493
Weight:
303 g
Height:
157 cm
Width:
235 cm
Thickness:
10 cm
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