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Reconstructing Macroeconomics: A Perspective from Statistical Physics and Combinatorial Stochastic Processes (Japan-US Center UFJ Bank Monographs on International Financial Markets)

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Reconstructing Macroeconomics: A Perspective from Statistical Physics and Combinatorial Stochastic Processes (Japan-US Center UFJ Bank Monographs on International Financial Markets) image
ISBN-10:

1107634202

ISBN-13:

9781107634206

Author(s): AOKI, Masanao
Edition: Reprint
Released: Nov 17, 2011
Publisher: Cambridge University Press
Format: Paperback, 352 pages
Related ISBN: 9780521831062
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Description:

The authors treat macroeconomic models as composed of large numbers of micro-units or agents of several types and explicitly discuss stochastic dynamic and combinatorial aspects of interactions among them. In mainstream macroeconomics sound microfoundations for macroeconomics have meant incorporating sophisticated intertemporal optimization by representative agents into models. Optimal growth theory, once meant to be normative, is now taught as a descriptive theory in mainstream macroeconomic courses. In neoclassical equilibria flexible prices led the economy to the state of full employment and marginal productivities are all equated. Professors Aoki and Yoshikawa contrariwise show that such equilibria are not possible in economies with a large number of agents of heterogeneous types. They employ a set of statistical dynamical tools via continuous-time Markov chains and statistical distributions of fractions of agents by types available in the new literature of combinatorial stochastic processes, to reconstruct macroeconomic models.

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