Quotation Rengs, Bernhard, Scholz-Wäckerle, Manuel. 2018. Consumption & class in evolutionary macroeconomics. Journal of Evolutionary Economics.


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Abstract

This article contributes to the field of evolutionary macroeconomics by highlighting the dynamic interlinkages between micro-meso-macro with a Veblenian meso foundation in an agent-based macroeconomic model. Consumption is dependent on endogenously changing social class and signaling, such as bandwagon, Veblen and snob effects. In particular, we test the macroeconomic effects of this meso foundation in a generic agent-based model of a closed artificial economy. The model is stock-flow consistent and builds upon local decision heuristics of heterogeneous agents characterized by bounded rationality and satisficing behavior. These agents include a multitude of households (workers and capitalists), firms, banks as well as a capital goods firm, a government and a central bank. Simulation experiments indicate co-evolutionary dynamics between signaling-by-consuming and firm specialization that eventually effect employment and consumer prices, as well as other macroeconomic aggregates.

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Publication's profile

Status of publication Published
Affiliation WU
Type of publication Journal article
Journal Journal of Evolutionary Economics
Citation Index SSCI
WU Journalrating 2009 A
WU-Journal-Rating new VW-D
Language English
Title Consumption & class in evolutionary macroeconomics
Year 2018
Reviewed? Y
DOI https://doi.org/10.1007/s00191-018-0592-2
Open Access Y
Open Access Link https://link.springer.com/article/10.1007%2Fs00191-018-0592-2

Associations

People
Scholz-Wäckerle, Manuel (Details)
External
Rengs, Bernhard (Wittgenstein Centre for Demography and Global Human Capital (IIASA, VID/ÖAW, WU), Vienna Institute of Demography, Austrian Academy of Sciences, Austria)
Organization
Department of Socioeconomics DP (Details)
Research areas (ÖSTAT Classification 'Statistik Austria')
1133 Computer-aided simulation (Details)
5325 Political economics (Details)
5335 Political economic theory (Details)
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