Saturday, November 30, 2019

The paradigm of agency now supreme

The age of mechanism Was sublated by the age of agency Probably by 1980 If not sooner But the macro school of new classical Quickly assumed away its increase in realism aka degree of accuracy of model simulation By setting up single rep agency Which is not even simply instantaneous Convergence of agent info to a common pool That turned macro dynamics into Meta statics with random real " shocks"