A pluralist approach to economics is both necessary from anacademic as well a policy point of view. From an academicviewpoint pluralism can be understood as the outcome ofcompetition and specialization in the search for new ideasthat can deal with imperfections of the real world. From apolicy...

These notes review two simple heterogeneous agent models in economics and finance. The first is a cobweb model with rational versus naive agents introduced in Brock and Hommes (1997). The second is an asset pricing model with fundamentalists versus technical traders introduced in Brock and...

This paper surveys work on dynamic heterogeneous agent models (HAMs) in economics and finance. Emphasis is given to simple models that, at least to some extent, are tractable by analytic methods in combination with computational tools. Most of these models are behavioral models with boundedly...

Champions of sustainable growth often call for more durable production technologies with less capital depreciation. As investment in more durable capital is encouraged by lower interest rates, we investigate whether policy makers can steer the economy towards a path with low interest rates in...

Der Beitrag berichtet über persönliche Erfahrungen aus der Politikberatung in der Frühphase der Arbeitsmarktreformen zu Beginn der letzten Dekade vor dem Hintergrund der wissenschaftlichen Neuorientierung der Wirtschaftsforschungsinstitute aufgrund von Auflagen des Wissenschaftsrates. Der Rat...

This paper contains a review of the early history of program evaluation research at the US Department of Labor. Some broad lessons for successful evaluation research are summarized.

This paper deals with some structural indicators and their evolution, in China and regions, over the period 1981-2010. We first produce estimates of the optimal productivities of incremental capital and the optimal incremental income elasticity of capital by means of a linear programming...

Pforzheim University was one of the first 100 participants to sign the PRME initiative in March 2008. When we first learned about PRME we were immediately convinced that it was worthwhile joining it. It perfectly reflects our tradition and our mission statement. In the mission statements of our...

The interest-rate controversies between Böhm-Bawerk and Fisher have attracted little attention and, in the opinion of most commentators, justifiably so. Böhm-Bawerk and Fisher argue over what appear to be two minor issues – Böhm-Bawerk's claims that his third cause of interest (productivity...

In the paper I offer some vignettes on my relationship, both professional and personal, with Mark Blaug, and by way of example reflect on his impact on the history of economics.