Handbook of Research Methods and Applications in Heterodox Economics
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Handbook of Research Methods and Applications in Heterodox Economics

  • Handbooks of Research Methods and Applications series

Edited by Frederic S. Lee and Bruce Cronin

Despite the important critiques of the mainstream offered by heterodox economics, the dominant method remains econometrics. This major new Handbook provides an invaluable introduction to a range of alternative research methods better suited for analysing the social data prominent in heterodox research projects, including survey, historical, ethnographic, experimental, and mixed approaches, together with factor, cluster, complex, and social network analytics. Introductions to each method are complemented by descriptions of applications in practice.
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Chapter 13: Agent-based computational economics: simulation tools for heterodox research

Jonathan F. Cogliano and Xiao Jiang

Abstract

This chapter introduces agent-based modeling (ABM) as a research tool that possesses advantages for heterodox research programs. We introduce the approach in four steps. First, we discuss the uniqueness of ABMs, which lies primarily in the flexibility to incorporate vastly heterogeneous agents and to address models with high degrees of freedom. Second, we argue that the flexibility of ABMs makes them an appropriate tool for the questions raised by classical and (post-)Keynesian economists. To demonstrate this point we briefly sketch two ABMs, one which constructs an environment that captures the classical-Marxian processes of gravitation, thereby opening new pathways in value theory, and the other is a nuanced analysis of Keynesian effective demand problems and the existence of chaotic cycles in a capitalist economy. The chapter then revisits the flexibility of ABMs in order to discuss their capability of incorporating dimensions from across the broad variety of heterodox research programs.

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