"2 From the 1970s to the end of the 1980s, Japan and Germany caught up with them, took over the role of "the workshops of the world," and accumulated wealth rapidly. GVCs and the Economic Growth of Asia A new era of globalization started at the end of the 1980s as the Cold War ended.
Second, the heterogeneity of agents, particularly of consumers, is important to understand aggregate behaviour, in view of indebtness, credit restrictions and income and wealth composition. Third, behavioural economics has also cast doubt on the full rational expectations paradigm as a too demanding hypothesis about the cognitive powers of economic agents, especially for long horizons.