Vortrag von Oliver Richters, Frühjahrstagung der Deutschen Physikalischen Gesellschaft, Fachverband Physik sozio-ökonomischer Systeme, Dresden.

Agent-based modeling (ABM) provides microfoundations for economic models where macroeconomic relations emerge from interacting agents. Micro behaviour can generate complex macro trends. Unfortunately, they are generally not in agreement with basic accounting identities. In contrast, stock-flow consistent models (SFC) are macro models that integrate all stocks and flows of an economy and explain their mechanics. They rely on double-accounting bookkeeping for capital stocks and transactions and behavioral equations for the transactions not determined by the accounting structure. SFC mainly deals with aggregates of the institutional sectors and is therefore not based on a micro perspective.

Combining both approachs as suggested by Dirk Bezemer and others may lead to a consistent micro-foundation of macro behaviour and allows for a wide variety of models. After an insight in this emerging field, an application is given, studying the existence of an economic growth imperative in today’s monetary system.