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I distinguish two types of macroeconomic models. The first type are top-down models in which some or all agents are capable of understanding the whole picture and use this superior information to determine their optimal plans. The second type are bottom-up models in which all agents experience...
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We consider the microfoundations controversy from the perspective ofeconomic evolution and show that the debatecan …, it has rarely focused on clarifying the micro-macro distinction in economic theory and modelling.The macroevolution … topicsincorporating ideas from evolutionary theory into economics are:economic exaptations, macroeconomic consequencesof institutions, and …
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