Behavioural Macroeconomics
Book description
Modern macroeconomics has been based on the paradigm of the rational individual capable of understanding the complexity of the world. This has created a very shallow theory of the business cycle in which nothing happens in the macroeconomy unless shocks occur from outside. Behavioural Macroeconomics: Theory and Policy uses a…
Why read it?
1 author picked Behavioural Macroeconomics as one of their favorite books. Why do they recommend it?
This was an exciting reading for me. I find a great connection with Akerlof and Shiller’s book Animal Spirits.
This book admits, that people might have some cognitive limitations and use simple forecasting rules in order to make decisions with resulting implications at the aggregate level. As a result, there is great potential for the emerging, yet undiscovered discipline of behavioral macroeconomics.
Personally, for me, revolutionary element is the combination of bounded rationality and willingness to learn from past mistakes and consequent switch to better rules. This book introduces special behavioral macroeconomic model based on the dynamics of endogenous animal…
From Helena's list on economic reads about money illusion.
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