Agent-Based Macroeconomics and Classical Political Economy: Some Italian Roots

Abstract

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Facing the complexity of the economy: an opportunity for the new alliance between economics and engineering

“…The seminal works by Kirman (1989Kirman ( , 1992Kirman ( , 1993 have opened a new vista on economics, leading first to agent-based computational economics and finance in the 90's and then to agent-based macroeconomics in the early 2000. The UE FP6-FET project EURACE 2006-2010, coordinated by the team at the University of Genova launched agent-based macroeconomics (Cincotti et al, 2012;Holcombe et al, 2013) and since then the research field significantly grown worldwide in general (Dawid & Delli Gatti, 2018) and in Italy in particular (Dosi & Roventini, 2017;Gallegati et al, 2017).…”

Neoclassical influences in agent‐based literature: A systematic review

“…Dosi and Roventini (2017) find several similarities and complementarities between the AB approach and the alternative economic thought rooted in the schemes of the so‐called “Italian School” of Classical Political Economy. According to the authors, this school was grounded on a rejection for the two fundamental pillars of mainstream neoclassical economics: maximization at the micro level and equilibrium at aggregate one (quite surprisingly, the authors state that Sraffa's scheme represents an exception and that Hahn (1982) was probably right in placing it within a neoclassical framework; this thesis, however, has been rejected by the literature on the subject: among others, see Dumenil and Levy (1985), Garegnani (1990), Kurz and Salvadori (1995), Brancaccio (2010)).…”

Policy Modeling and Applications: State‐of‐the‐Art and Perspectives

“…One of the seven families of macroeconomics models described by Dawid and Delli Gatti [35] and also featured in Dosi and Roventini [129] is coined "Keynes meets Schumpeter" (KS) and was led by Dosi, Fagiolo, Roventini, among other coauthors (we have chosen this family to detail, as it seems to have the larger number of stylized facts reproduced and the more proficuous production). The model baseline was described in [45] and has a recent consolidation in [130].…”