Before revision:  Our motivation is to understand the large macro-economic fluctuations observed in the "Mark I" ABM devised by D. Delli Gatti and collaborators. Our major finding is the  existence of a first order (discontinuous) phase transition between a "good economy" where unemployment is low, and a "bad economy" where unemployment is high.
After revision:  Our motivation is to understand the large macro-economic fluctuations observed in the "Mark I" ABM . Our central finding is the existence of a first order (discontinuous) phase transition between a "good economy" where unemployment is low, and a "bad economy" where unemployment is high.