Articles on Issue Theme
Andrei SANDU
Durham University
This essay will first outline the case for microfoundations, before presenting the limitations which undermine both the representative-agent model as a means of reduction and the individualist claim that microfoundations are necessary for explanation of economic aggregates. I conclude that the desire for microfoundations is justifiable in certain contexts, but that demanding them as a validator of macroeconomics demonstrates too narrow a conception of the purposes of social science. Though a sound understanding of microeconomics is necessary for a sound understanding of the economy, macroeconomics deserves a greater degree of ontological independence than it is granted by individualists.
ŒCONOMICA no. 3-4/2016
Keywords: microfoundations, macroeconomics, representative-agent model, individualism
JEL: B41, D00, E00
Microeconomic Foundations for Macroeconomic Phenomena. A Problem of Ontological (In)Dependence [Fundaţii microeconomice ale fenomenelor macroeconomice. O problemă de (in)dependenţă ontologică]
Select Issue:
Archive
Octavian-Dragomir JORA
Academia de Studii Economice din Bucureşti
Mara Andreea TUDOR
University of Chicago
Cătălin MURARAŞU
Academia de Studii Economice din Bucureşti
Ramona Iulia DIEACONESCU
Academia de Studii Economice din Bucureşti
Maria GHEORGHE (NIŢU)
Academia de Studii Economice din Bucureşti
Sorin-Nicolae CURCĂ
Academia Română
Revista ŒCONOMICA
Authors
