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Does Macroeconomics Need Microeconomic Foundations?

Da Silva, Sergio - 2010

The author argues that it is microeconomics that needs foundations, not macroeconomics. Preferences need to be built on biology, and, in particular, on neuroscience. In contrast, macroeconomics could benefit from rationalizations of aggregate economic phenomena by non-equilibrium statistical physics

Persistent link: https://www.econbiz.de/10013135079

The behavioral economics of John Maynard Keynes

Schettkat, Ronald - 2018

After the publication of Keynes' "General Theory," economics was frequently described as schizophrenia: (neo … or reclassified in the neoclassical synthesis. Keynes' General Theory is truly general. It includes the full … recent results in behavioral economics. Keynes' macroeconomics is the result of his microeconomics. Keynes' theory is a …

Persistent link: https://www.econbiz.de/10011929683

Microfoundations

Denis, Andy - 2017

The paper argues that the microfoundations programme can be understood as an implementation of an underlying methodological principle, methodological individualism, and that it therefore shares a fundamental ambiguity with that principle, viz, whether the macro must be derived from and therefore...

Persistent link: https://www.econbiz.de/10012971672

Redefining Sustainable Investing : A 'Next Economy' Model Approach

Jabusch, Garvin - 2013

evolution of modern portfolio theory are discussed. A new, 'next economy' methodology is proposed to practically apply modern … realities to portfolios in meaningful ways. Existing yet insufficient attempts to modify portfolio theory to address climate and …

Persistent link: https://www.econbiz.de/10013086462

Keynesian theory and the AD-AS framework : a reconsideration

Dutt, Amitava Krishna; Skott, Peter - 2005

Contrary to what has been argued by a number of critics, the AD-AS framework is both internally consistent and in conformity with Keynes s own analysis. Moreover, the eclectic approach to behavioral foundations allows models in this tradition to take into account aggregation problems as well as...

Persistent link: https://www.econbiz.de/10011527443

Paul Samuelson's ways to macroeconomic dynamics

Boianovsky, Mauro - 2019

Samuelson kept optimization-based problems separated from macroeconomic dynamics in his Foundations, where dynamics were defined in terms of difference and differential equations. Despite some criticism of his "correspondence principle" of stability analysis by D.F. Gordon, D. Patinkin and...

Persistent link: https://www.econbiz.de/10012003226

The methodology of modern macroeconomics and the descriptive approach to discounting

Vermeylen, Koen - 2013

Critics of modern macroeconomics often raise concerns about unwarranted welfare conclusions and data mining. This paper illustrates these concerns with a thought experiment, based on the debate in environmental economics about the appropriate discount rate in climate change analyses: I set up an...

Persistent link: https://www.econbiz.de/10010226540

Reassessing Contemporary Macroeconomics on Methodological Grounds A Weberian Approach

Galbács, Peter - 2016

Through this paper I try to join the lively debate around mainstream economics with a view to calling attention to some methodological aspects. It is aimed at outlining an interpretation based on Max Weber's traditional neoclassical methodology that can help us to find the adequate territory of...

Persistent link: https://www.econbiz.de/10012979330

Publish and perish : creative destruction and macroeconomic theory

Chatelain, Jean-Bernard; Ralf, Kirsten - 2017

theory appears not to be a cumulative science so far. When attempts are done to settle controversies by "nature" (testing the … or non-identified when testing them. Two examples are provided, one in growth theory and testing convergence, one in … business cycles theory and testing inflation persistence. …

Persistent link: https://www.econbiz.de/10011597938

Asymmetric Price Adjustment : The Missing Link in Keynesian Macroeconomics

Beker, Victor A. - 2017

macroeconomics has to be the point of departure of a realistic reconstruction of macroeconomic theory. Finally, it maintains that …

Persistent link: https://www.econbiz.de/10012952767

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