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The Growing up of the Macro-Behavioral Economics
DONG Zhi yong, HUANG Bi hong
Teaching and Research
2004, (3):
58-65.
From the viewpoints of the Schools of Keynesian economics, Neo-classical economics and Macro-Behavioral economics, this paper compares the different explanations on unemployment, monetary policy, inflation, saving and the other macro economic issues. Based on such comparisons, it shows that the new rise of the Macro-Behavioral economics, which focuses on the psychological and social elements over again, brought the fresh air into the modern economics. The behaviors of reciprocity, fairness, social status, money illusion, loss aversion, herding and etc. have been taken into account in the economic analysis, therefore it could explain many macro phenomena more realistically and convincingly.
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