The macro economy, like the global climate, is a complex system (highly nonlinear and buffeted by random shocks) that defies attempts to model it and predict its future path. The challenge of ...

Agent-based modelling (ABM) has emerged as a pivotal tool in macroeconomics and economic policy analysis. By simulating the interactions of numerous heterogeneous agents — such as households, firms, ...

The National Academies will convene a workshop to improve understanding of the relationships between the macroeconomy and climate change and climate-related impacts. The workshop will consider ...

Economists have an imaginary person they call a “representative agent,” who is about as realistic as the Easter bunny or the Abominable Snowman. The representative agent is supposed to stand in for ...

The Economic Survey 2025-2026 highlights India’s approach to the AI race. It underlines that unlike other nations, India is ...

Financial crises occur out of prolonged and credit-fueled boom periods and, at times, they are initiated by relatively small shocks that can have large effects. Consistent with these empirical ...

Economic Model Predictive Control (EMPC) represents an evolution of traditional control strategies, where the primary objective is to directly optimise an economic cost function rather than merely ...

It is a sort of weird article because they just say “consumption tax, but designed to be progressive,” which is… pretty hand-wavey I guess? @Locke suggested a land value tax instead. (Georgism is, of ...

Hierarchical decision making is a multidimensional process involving management of multiple objectives (with associated metrics and tradeoffs in terms of costs, benefits, and risks), which span ...

The National Academies of Sciences, Engineering, and Medicine are private, nonprofit institutions that provide expert advice on some of the most pressing challenges facing the nation and world. Our ...

Marx never made claims about economic theories as science. He pointed out the mechanisms of capitalism and that some of the negative effects of capitalism were inevitable due to the way capitalism ...