This paper provides some reflections on the new macroeconomics of model uncertainty. Model uncertainty is argued to have important positive and normative implications for macroeconomic analysis. We provide a general discussion of the relationship between macroeconomic models that assume a specific model and those that do not and provide some examples from the existing literature. Our discussion...

This paper studies a growth model that is able to match several key facts of economic history. For thousands of years, the average standard of living seems to have risen very little, despite increases in the level of technology and large increases in the level of the population. Then, after thousands of years of little change, the level of per capita consumption increased dramatically in less t...

1.1. Foundations. von Neumann and Morgenstern (1944), Savage (1954), and Muth (1961) created mathematical foundations that applied economists have used to construct quantitative dynamic models for policy making. These foundations give modern dynamic models an internal coherence that lead to sharp empirical predictions. When we acknowledge that models are approximations, logical problems emerge ...

We consider the microfoundations controversy from the perspective of economic evolution and show that the debate can benefit from lessons learned in evolutionary biology. Although the analogy between biology and economics has been noted before, it has rarely focused on clarifying the micro-macro distinction in economic theory and modelling. The macroevolution controversy in biology has generate...

In the teaching of macroeconomics, we should strengthen curriculum-based ideological and political education. This paper first introduces necessity Ideological education in macroeconomics; then it analyzes common problems finally, explores from concept education, construction teachers’ ability scientific design system so as to realize effect coordinated development help students establish corre...