A micro-meso-macro perspective on the methodology of evolutionary economics: Integrating history, simulation and econometrics

Foster, John and Potts, Jason (2009). A micro-meso-macro perspective on the methodology of evolutionary economics: Integrating history, simulation and econometrics. In Cantner, Uwe, Gaffard, Jean-Luc and Nesta, Lionel (Ed.), Schumpeterian perspectives on innovation, competition and growth (pp. 53-68) Germany: Springer. doi:10.1007/978-3-540-93777-7_5

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Author Foster, John
Potts, Jason
Title of chapter A micro-meso-macro perspective on the methodology of evolutionary economics: Integrating history, simulation and econometrics
Title of book Schumpeterian perspectives on innovation, competition and growth
Place of Publication Germany
Publisher Springer
Publication Year 2009
Sub-type Research book chapter (original research)
DOI 10.1007/978-3-540-93777-7_5
Open Access Status
Year available 2009
ISBN 978-3-540-93776-0
Editor Cantner, Uwe
Gaffard, Jean-Luc
Nesta, Lionel
Chapter number 5
Start page 53
End page 68
Total pages 15
Total chapters 23
Collection year 2010
Language eng
Subjects B1
1403 Econometrics
140303 Economic Models and Forecasting
140202 Economic Development and Growth
Abstract/Summary We develop a new methodology for evolutionary economic modelling, based upon the ‘micro-meso-macro’ analytical framework for dealing with behaviour in complex economic systems. This new methodology involves a combination of computational, historical and econometric methods. It is argued that this integrated methodology is superior to the theoretically restricted simulation/calibration methodology found in new classical macroeconomics and to the relatively unrestricted methodology found in much of agent-based modelling in evolutionary economics. It is also viewed as much more useful than the conventional ‘vector error correction’ econometric methodology when the evolutionary economic modeller is faced with nonlinear time paths and associations between observed variables.
Keyword Micro-meso-macro
Evolutionary economic modelling
Agent based modelling
Economic methodology
Calibration
Q-Index Code B1
Q-Index Status Confirmed Code

 
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Created: Thu, 01 Apr 2010, 13:39:15 EST by Alys Hohnen on behalf of School of Economics