search query: @indexterm analytical review / total: 857
reference: 241 / 857
| Author: | Akerlof, G. A. |
| Title: | Behavioral Macroeconomics and Macroeconomic Behavior |
| Journal: | American Economic Review
2002 : JUN, VOL. 92:3, p. 411-433 |
| Index terms: | MACROECONOMICS BEHAVIOURAL SCIENCE ASYMMETRIC INFORMATION ANALYTICAL REVIEW |
| Language: | eng |
| Abstract: | The author of the article describes how behavioral macroeconomists, incorporating realistic assumptions grounded in psychological and sociological observation, have produced models that comfortably account for each of these macroeconomic phenomena. In the spirit of Keynes' General Theory, behavioral macroeconomists are rebuilding the microfoundations that were sacked by the New Classical economics. The author begins with his review by describing one of his earliest attempts in this field, which led to the discovery of the role of asymmetric information in markets. The author provides six phenomena of New Classical Economics and provides a substantial list of references on this subject. |
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