demand function | Институт экономических стратегий

The Role of Psychological Factors in Macroeconomics

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The Role of Psychological Factors in Macroeconomics

The paper discusses influence of psychological factors on various processes in society and taking them into account in various approaches to macroeconomics, practical economics and sociology. In evolutionary economics psychological factors are taken into account through functions of demand and production, reflecting behavioral responses of society members. The mathematical dynamic model of macroeconomics is constructed on this basis. The article considers several scenarios of the society evolution and their consequences. It is shown that both transitions of society from prosperous state to crisis and its return from crisis to the welfare are possible. The conditions for implementing these transitions are described.