This article contributes to the field of evolutionary macroeconomics by
highlighting the dynamic interlinkages between micro-meso-macro with a Veblenian
meso foundation in an agent-based macroeconomic model. Consumption
is dependent on endogenously changing social class and signaling, such as
bandwagon, Veblen and snob effects. In particular, we test the macroeconomic
effects of this meso foundation in a generic agent-based model of a closed
artificial economy. The model is stock-flow consistent and builds upon local
decision heuristics of heterogeneous agents characterized by bounded rationality
and satisficing behavior. These agents include a multitude of households
(workers and capitalists), firms, banks as well as a capital goods firm, a
government and a central bank. Simulation experiments indicate coevolutionary
dynamics between signaling-by-consuming and firm specialization
that eventually effect employment and consumer prices, as well as other
macroeconomic aggregates.
| Identifer | oai:union.ndltd.org:VIENNA/oai:epub.wu-wien.ac.at:6596 |
| Date | January 2018 |
| Creators | Rengs, Bernhard, Scholz-Wäckerle, Manuel |
| Publisher | Springer Berlin Heidelberg |
| Source Sets | Wirtschaftsuniversität Wien |
| Language | English |
| Detected Language | English |
| Type | Article, PeerReviewed |
| Format | application/pdf |
| Rights | Creative Commons: Attribution 4.0 International (CC BY 4.0) |
| Relation | https://doi.org/10.1007/s00191-018-0592-2, https://www.springernature.com/gp, http://epub.wu.ac.at/6596/ |
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