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Önder Nomaler, Danilo Spinola, and Bart Verspagen develop an agent-based macroeconomic model that connects technological innovation with demand and growth. Firms’ research and development strategies evolve through a selection process, while demand responds to income and household wealth.
The study combines Schumpeterian accounts of innovation with Keynesian features in a stock-flow consistent framework. Monte Carlo simulations explore the emergence of stable research strategies, productivity growth, employment, and business cycles. Mathematical formulation and simulation results show how different mechanisms interact over time.
Önder Nomaler; Danilo Spinola; Bart Verspagen. Evolutionary Selection and Keynes–Schumpeter Macroeconomics. Cambridge University Press, 2025. https://doi.org/10.1017/9781009619486. CC BY-NC-ND 4.0. Original edition unchanged.