From The Bottom Up
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Macroeconomics from the Bottom-up
Author: Domenico Delli Gatti
language: en
Publisher: Springer Science & Business Media
Release Date: 2011-04-18
This book arose from our conviction that the NNS-DSGE approach to the analysis of aggregate market outcomes is fundamentally flawed. The practice of overcoming the SMD result by recurring to a fictitious RA leads to insurmountable methodological problems and lies at the root of DSGE models’ failure to satisfactorily explain real world features, like exchange rate and banking crises, bubbles and herding in financial markets, swings in the sentiment of consumers and entrepreneurs, asymmetries and persistence in aggregate variables, and so on. At odds with this view, our critique rests on the premise that any modern macroeconomy should be modeled instead as a complex system of heterogeneous interacting individuals, acting adaptively and autonomously according to simple and empirically validated rules of thumb. We call our proposed approach Bottom-up Adaptive Macroeconomics (BAM). The reason why we claim that the contents of this book can be inscribed in the realm of macroeconomics is threefold: i) We are looking for a framework that helps us to think coherently about the interrelationships among two or more markets. In what follows, in particular, three markets will be considered: the markets for goods, labor and loanable funds. In this respect, real time matters: what happens in one market depends on what has happened, on what is happening, or on what will happen in other markets. This implies that intertemporal coordination issues cannot be ignored. ii) Eventually, it’s all about prices and quantities. However, we are mostly interested in aggregate prices and quantities, that is indexes built from the dispersed outcomes of the decentralized transactions of a large population of heterogeneous individuals. Each individual acts purposefully, but she knows anything about the levels of prices and quantities which clear markets in the aggregate. iii) In the hope of being allowed to purport scientific claims, BAM relies on the assumption that individual purposefulbehaviours aggregates into regularities. Macro behaviour, however, can depart radically from what the individual units are trying to accomplish. It is in this sense that aggregate outcomes emerge from individual actions and interactions.
Technical Diving from the Bottom Up
'Technical Diving From The Bottom Up' is a guide to both 'would be' and experienced technical divers. Covering a range of topics, it is designed to guide the reader through the basics such as physiology and equipment configuration, before moving onto deep mixed gas decompression diving and the use of rebreathers.
Doing History from the Bottom Up
Reflections on the crucial importance of including the perspectives of the marginalized and the non-elite in our historical accounts. In the 1960s, historians on both sides of the Atlantic began to challenge the assumptions of their colleagues and push for an understanding of history “from below.” In this collection of writings, Staughton Lynd, one of the pioneers of this approach, laments the passing of fellow luminaries David Montgomery, E.P. Thompson, Alfred Young, and Howard Zinn; offers an account of the decline of trade unionism based on the narratives of workers and his efforts as a lawyer to assist them; and makes the case that contemporary academics and activists alike should take more seriously the stories and perspectives of Native Americans, slaves, rank-and-file workers, and other still-too-frequently marginalized voices.