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Giovanni Dosi

GPPAG hosted a seminar on December 8 with Professor Giovanni Dosi on "The Economic Crisis and the Crisis in Economics". A key point underlying professor Dosi's presentation was the economic crisis epitomizes also a crisis in economics, especially in macroeconomic theory. Current macro economic theory (especially Dynamic Stochastic General Equilibrium, DSGE), he argued, is unable to allow crisis to emerge because of unrealistic assumptions about representative agents, hyper rationality, equilibrium, etc.  In looking forward, Professor Dosi suggested that economists and economics need to work towards a more empirically relevant economics, one that can accommodate frictions, adaptive behaviors, irrationalities, and other imperfections and thus be more suited to describe and understand the real economy (he specifically suggested agent based models and some 'progressive keynesianism' as examples of progress in the direction of a more empirically relevant economics).

Links to some relevant papers of Professor Dosi:

How much should society fuel the greed of innovators? On the relations between appropriability, opportunities and rates of innovation

Schumpeter meeting Keynes: A policy-friendly model of endogenous growth and business cycles

The Political Economy of Capabilities Accumulation: the Past and Future of Policies for Industrial Development

Technical Change and Industrial Dynamics as Evolutionary Processes

The Future of Industrial Policies in the New Millennium: Toward a Knowledge-Centered Development Agenda

Institutions and Policies Shaping Industrial Development: An Introductory Note

A Very Reasonable Objective Still Beyond Our Reach: Economics as an Empirically Disciplined Social Science

Interpreting Economic Change: Evolution, Structures and Games

Exploring the Unknown On Entrepreneurship, Coordination and Innovation Driven Growth

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