Modeling Macroeconomies as Open-Ended Dynamic Systems of Interacting Agents

LeBaron, Blake, and Leigh Tesfatsion. “Modeling macroeconomies as open-ended dynamic systems of interacting agents.” American Economic Review 98, no. 2 (2008): 246-50.
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Macroeconomists seek to understand the structure and performance of economies at a national or regional level and the manner in which government policy makers attempt to influence this structure and performance over time. Such understanding would seem to require a systematic exploration of the intricate feedback loops connecting micro behaviors, interaction patterns, and macro regularities as observed in real-world economies.

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