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A macro economy as an ecology of plans

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  • Wagner, Richard E.

Abstract

Standard macro theories reflect a choice-theoretic orientation wherein aggregate variables are treated as acting directly on one another. Macro phenomena are thus reduced to the same order of simplicity as micro phenomena; macro variables differ from micro variables only by their larger size. In contrast, this paper treats the relationship between micro and macro as non-scalable. Macro phenomena emerge through micro interaction and are of a higher order of complexity than micro phenomena. Rather than reducing macro to micro through scalar multiplication, macro phenomena supervene on micro interaction and are not themselves objects of direct action. A macro economy is treated as a complex ecology of plans that constitute a non-equilibrium process of spontaneous ordering.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Economic Behavior & Organization.

Volume (Year): 82 (2012)
Issue (Month): 2 ()
Pages: 433-444

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Handle: RePEc:eee:jeborg:v:82:y:2012:i:2:p:433-444

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Web page: http://www.elsevier.com/locate/jebo

Related research

Keywords: Micro foundations; Complexity; Emergence; Supervention; Ecology of plans; Turbulence; Spontaneous ordering; Scale-free modeling;

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References

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Cited by:
  1. Richard Wagner, 2013. "What kind of state in our future? Fact and Conjecture in Vito Tanzi’s Government versus Markets," The Review of Austrian Economics, Springer, vol. 26(1), pages 93-104, March.

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