PixelatedPenguin

Presentation 1: Exploring Microfoundations in Economic Theory by Giovanni Dosi Key Discussion Points: 1. The main subject of the talk is Professor Dosi's forthcoming book, "The Foundations of Complex Evolving Economies", which critically explores the microfoundations of economic theory. 2. Discussion centered around how agent-based models can illuminate analysis of technology, innovation, and macroeconomic policy. 3. Patterns of development, Kuznetsian patterns of long-term growth, and the Kaldorian stylized facts were analyzed. 4. Professor Dosi employed a unique metaphor - cake-making as an example of input-output functions to highlight the limitations of unconstrained functions. 5. The talk explored organizational behaviors, heuristics, and routines in firms' behaviors, along with firms' heterogeneity. 6. The talk extended Professor David Soskice's discussion on comparative management practices, focusing on differences between British and American managers. Questions and Responses: 1. The merits of Agent-based modeling (ABM) over Dynamic Stochastic General Equilibrium (DSGE) models were discussed, specifically in handling innovation. 2. A query about the predictive ability of ABM for complex phenomena, like whale movement, remained unanswered. 3. Professor Dosi shared his perspective on technology: while it has significantly improved, it has also ushered in severe environmental challenges. Presentation 2: Heterogeneity, Interaction and Macroeconomic Implications Key Discussion Points: 1. Methodological considerations for building ABMs were discussed. 2. Interpretative elements necessary for understanding ABMs were highlighted. 3. The model, according to Professor Dosi, rejects parameter scanning and emphasizes qualitative fact generation. 4. It was clarified that the model is not calibrated against DSGE. 5. Professor Dosi reviewed a series of K+S models, specifically citing Dosi et al. 2022. 6. The discussion delved into how technology is defined, specifica