Steve Keen Quotes

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Categories: A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
From this failure to expunge the microeconomic foundations of neoclassical economics from post-Great Depression theory arose the "microfoundations of macroeconomics" debate, which ultimately led to a model in which the economy is viewed as a single utility-maximizing individual blessed with perfect knowledge of the future. Fortunately, behavioral economics provides the beginnings of an alternative vision of how individuals operate in a market environment, while multi-agent modelling and network theory give us foundations for understanding group dynamics in a complex society. These approaches explicitly emphasize what neoclassical economics has evaded: that aggregation of heterogeneous individuals results in emergent properties of the group, which cannot be reduced to the behavior of any "representative individual." These approaches should replace neoclassical microeconomics completely.

-Steve Keen
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APA
Steve Keen Quotes. (n.d.). Jar of Quotes. Retrieved , from JarofQuotes.com Web site: https://www.jarofquotes.com/view.php?id=from-this-failure-to-expunge-microeconomic-foundations-neoclassical-economics-from-postgreat-depression-theory-arose-microfoundations-macroeconomics-debate-which-ultimately-led-t

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Steve Keen Quotes. Jar of Quotes, 2019. https://www.jarofquotes.com/view.php?id=from-this-failure-to-expunge-microeconomic-foundations-neoclassical-economics-from-postgreat-depression-theory-arose-microfoundations-macroeconomics-debate-which-ultimately-led-t, accessed .

MLA
"Steve Keen Quotes." Jar of Quotes, 2019. . https://www.jarofquotes.com/view.php?id=from-this-failure-to-expunge-microeconomic-foundations-neoclassical-economics-from-postgreat-depression-theory-arose-microfoundations-macroeconomics-debate-which-ultimately-led-t

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