Macroeconomic models play a crucial role in decision making and federal budget planning but may not fully account for the economic disruptions caused by extreme climate-related impacts (e.g., extreme ...

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 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 ...

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 ...

New economic modeling shows that there is a near certainty that the economy will enter a recession within the next year. The news comes as the Federal Reserve continues its most aggressive tightening ...

This article appears in the April 2023 issue of The American Prospect magazine. Subscribe here. Economics is commonly described as the science of scarcity. We have limited resources, and we have to ...

The Trump White House and its allies have shown little confidence in the Fed’s economic models, insisting that the central bank’s forecasts are wrong. The criticism underlies President Donald Trump’s ...

This article appears in the April 2023 issue of The American Prospect magazine. Subscribe here. Americans have been hammered for decades with an economic message that amounts to this: When wealthy ...

The final session of the workshop synthesized insights from discussions across the 2-day workshop. Three panelists engaged in a discussion to explore possible next steps to enhance the incorporation ...