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Evolutionary selection and Keynes-Schumpeter macroeconomics / Önder Nomaler, Danilo Spinola, Bart Verspagen.
- Format:
- Book
- Author/Creator:
- Nomaler, Önder, 1970- author.
- Spinola, Danilo, author.
- Verspagen, Bart, author.
- Series:
- Cambridge elements. Elements in evolutionary economics
- Cambridge elements. Elements in evolutionary economics, 2514-3573
- Language:
- English
- Subjects (All):
- Macroeconomics.
- Evolutionary economics.
- Business cycles--Mathematical models.
- Business cycles.
- Keynesian economics.
- Macroeconomics--Econometric models.
- Physical Description:
- 1 online resource.
- Place of Publication:
- Cambridge, United Kingdom ; New York, NY : Cambridge University Press, 2025.
- Summary:
- "This Element develops a stock-flow consistent agent-based macroeconomic model with Schumpeterian and Keynesian characteristics. On the Schumpeterian side, technological change is modelled as productivity growth as a result of research and development (R&D). The R&D strategies of firms are determined by an evolutionary selection process. On the Keynesian side, demand is endogenous on current income and the stock of households' financial wealth. In the long run, an evolutionary stable R&D strategy of firms emerges, leading to endogenous productivity growth. Demand adjusts endogenously to match labour-saving productivity growth, so that the employment rate is stationary, although with business cycle fluctuations. The authors use Monte Carlo simulations to analyze the emergence of an evolutionary stable R&D strategy, as well as the long-run properties of the model and the nature of business cycles"-- Camrbridge University Press.
- Contents:
- Background and literature review
- Keynesian economics : the model for a stationary economy
- Introducing R&D-based productivity growth
- Exploring the full model : monte carlo simulations
- Conclusions and outlook.
- Notes:
- Includes bibliographical references.
- Description based on online resource; title from digital title page (viewed on October 07, 2025).
- Other Format:
- Print version: Nomaler, Önder, 1970- Evolutionary selection and Keynes-Schumpeter macroeconomics
- ISBN:
- 9781009619486
- 1009619489
- OCLC:
- 1539294463
- Publisher Number:
- CIPO000293619
- Access Restriction:
- Restricted for use by site license
- Some versions: Open access versions available from some providers open access
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