The book presents a critical examination of economic theory in light of the recent economic crisis, emphasizing the importance of contagion, networks, and trust—elements often overlooked in traditional macroeconomic models. Kirman advocates for a new theoretical framework that integrates these aspects, proposing a more comprehensive understanding of economic dynamics and their impact on crises.
Drawing on eight countries as case studies Professor Alan France tells the story of what impact the 2007 global crisis and the great recession that followed has had on our understandings of youth.
This book analyses situations in which individual agents, who might be different from each other, interact and produce behaviour on the aggregate level which does not correspond to that of the average actor. This leads to aggregate outcomes which would be impossible to explain in a more standard approach. Aggregation generates structure and, as a result, interaction and heterogeneity can be handled and we no longer have to rely on the over-simplified reduction of the behaviour of the economy to that of a "rational" individual.