Behavioural and Complexity Macroeconomics

This lecture is all about the challenge to include heterodox approaches into macroeconomics. After giving an overview of recent approaches to that problem Professor Michael Roos presents the theoretical framework of Complexity Economics as a means to combine behavioral aspects with macroeconomics.

Michael Roos, distinguished researcher in the field of experimental and behavioural economics and dealing with macroeconomic issues as well as climate change and regional economics, provides an overview of the developments in behavioural and complexity economics. Based on the necessity of considering human limitations and studying real behaviour of people in order to understand economic processes he outlines existing behavioural approaches. Furthermore Michael points to open issues and introduces an approach which combines behavioural and complexity economics, which allows modelling economic agents in consideration of different aggregation levels at the same time. He discusses advantages as well as implications of this method and proposes Agent-Based modelling as a valuable tool.

Video description from www.boeckler.de/veranstaltung_imk_63460.htm

The lecture was held at 20th conference of the Research Network Macroeconomics and Macroeconomic Policies (FMM) in Berlin.

behavioral macroeconomics bounded rationality complex adaptive system complexity heterodox models Keynes macroeconomics pluralism