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Economics Beyond the Millennium$
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Alan P. Kirman and Louis-André Gérard-Varet

Print publication date: 1999

Print ISBN-13: 9780198292111

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198292112.001.0001

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The Future of Economic Theory

The Future of Economic Theory

Chapter:
(p.8) 1 The Future of Economic Theory
Source:
Economics Beyond the Millennium
Author(s):

Alan P. Kirman

Publisher:
Oxford University Press
DOI:10.1093/0198292112.003.0002

Suggests that we are witnessing a change in the underlying methodology of economics and that the notion of a static equilibrium in markets, where agents only interact through the price system, will be replaced by dynamic models of interacting agents.

Keywords:   equilibrium, evolution, heterogeneity, interactions

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