Epistemological discussion on economic models of general equilibrium and heterogenic agents
DOI:
https://doi.org/10.15381/escrypensam.v20i42.21290Keywords:
EGDE, prediction, HANK, MBA, complex systemsAbstract
This article presents an epistemological study of economic phenomena based on the EGDE (General Dynamic and Stochastic Equilibrium) and the NEC (New Classical Economics) models. It also highlights the impact and criticism of the theoretical assumptions of the prediction in the EGDE models, in addition to its scope and limits in terms of economic policy carried out by central banks. We discuss epistemological problems of EGDE models. We critically show the RANK (Models of Neo-Keynesian Representative Agents), HANK (Models of Heterogeneous Neo-Keynesian Agents) and TANK (Models with Two New Keynesian Agents), as possible alternatives for application in macroeconomic issues. Our main analysis is based on the HANK models, as a possible quantitative tool for the MBA (Agent Based Models). Thus, we intend to emphasize the task of our critique to open the field of analysis to complex systems in social sciences and other epistemic debates.
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