The 800 pound gorilla in the room of macroeconomics is the question of
why the overlapping generations model didn’t become the central
workhorse model for macroeconomics. Introduced in 1958 by Paul
Samuelson, the model postulates an infinite number of finite-lived
families. This is in stark contrast to the more dominant neoclassical
growth model, which is based on the assumption that real economies are
populated by a finite number of dynastic families. Despite the greater
realism of the former model and the inherent implausibility of the
assumptions underlying the growth model, the growth model has become
dominant. The authors here explore the co-evolution of the two models
to shed light on why this happened, spanning the entire post-WWII era.
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Methods, Models and Morphology
Produktdetaljer
ISBN
9781837530526
Publisert
2023
Utgiver
Vendor
Emerald Publishing Limited
Språk
Product language
Engelsk
Format
Product format
Digital bok
Forfatter