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Quote by Steve Keen

“From this failure to expunge the microeconomic foundations of neoclassical economics from post-Great Depression theory arose the "microfoundations of macroeconomics" debate, which ultimately led to a model in which the economy is viewed as a single utility-maximizing individual blessed with perfect knowledge of the future. Fortunately, behavioral economics provides the beginnings of an alternative vision of how individuals operate in a market environment, while multi-agent modelling and network theory give us foundations for understanding group dynamics in a complex society. These approaches explicitly emphasize what neoclassical economics has evaded: that aggregation of heterogeneous individuals results in emergent properties of the group, which cannot be reduced to the behavior of any "representative individual." These approaches should replace neoclassical microeconomics completely.”

Quote by Steve Keen

Book:Adbusters #84 Pop Nihilism
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Adbusters #84 Pop Nihilism

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Steve Keen
Steve Keen

Steve Keen is an Australian economist known for his research on economic cycles and the role of debt in financial crises. His work challenges some fundamental assumptions of mainstream economics and proposes alternative economic models. more

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