This challenging book extends standard economic theory to take into
account the presence of heterogeneity among economic agents. It
argues for an approach to economic analysis which regards the
economy as an interactive system with heterogeneous agents and not
simply a system which treats aggregates as some 'representative'
individual. The authors consider that no sector of the economy can
be treated as behaving like a single individual and each sector
should be modelled as a complex interactive system. They apply this
approach to many macro- and micro- analyses including monetary
policy and firms, technological innovation and the insider-outsider
model. In conclusion the authors find that this approach proves
much more fruitful in explaining empirical phenomena than much of
the existing theory. The result of this approach to economic theory
which encompasses many realistic features, provides a vision of the
economy which is not at odds with common sense, but which does not
abandon rigorous analysis. This important book will be welcomed by
those interested in both macro and micro economic theory.
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