Chapter

The Future of Economic Theory

Alan P. Kirman

in Economics Beyond the Millennium

Published in print September 1999 | ISBN: 9780198292111
Published online November 2003 | e-ISBN: 9780191596537 | DOI: http://dx.doi.org/10.1093/0198292112.003.0002

Series: The ASSET Series

 The Future of Economic Theory

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Suggests that we are witnessing a change in the underlying methodology of economics and that the notion of a static equilibrium in markets, where agents only interact through the price system, will be replaced by dynamic models of interacting agents.

Keywords: equilibrium; evolution; heterogeneity; interactions

Chapter.  7602 words. 

Subjects: Macroeconomics and Monetary Economics

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