Game theory holds out the promise of transforming the core of economic theory from ascience of rational choice into a science of human interaction. While traditional gametheory does open into social interaction, it mostly neglects another central feature ofeconomic intuition: spontaneous...

Nicholas Vriend (2002) asked whether F.A. Hayek was an “ace,” and answered affirmatively. By “ace,” Vriend meant someone who worked with agent-based modeling. To be sure, Hayek could not have worked with agent-based models because that platform did not exist when Hayek was developing his...

DSGE modeling remains the workhorse of contemporary macroeconomics despite a growing number of critiques of its ability to explain the aggregate properties of an economic system. For the most part, those critiques accept the DSGE presumption that traditional macro data are primitive, causal...

Thought experiments have long been employed as a technique of analytical thinking where the theorist poses “what if” questions to some articulated model. The entities in those models are typically aggregate variables, though sometimes those variables masquerade as individuals by adopting...

Macro theories explore the properties of an economic system in its entirety, in contrast to the focus of micro theories on parts of that system. Where most macro theories reduce an economy to a representative agent, we follow Wagner (2012, 2020) in treating a macro economy as an ecology of...