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The microfoundations of macroeconomics: an evolutionary perspective

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Author Info
Jeroen C. J. M. van den Bergh
John M. Gowdy

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Abstract

We consider the microfoundations controversy from the perspective of economic evolution. Although the analogy between biology and economics has been noted before, it has rarely focused on clarifying the micro--macro distinction in economic theory and modelling. The micro--macro debate is more developed in biology than in economics owing to a greater degree of specialisation and a greater degree of interaction between various sub-disciplines. The task for economists is to distinguish between insights directly relevant for economic theory and ones that hinge on unique features of biological systems. We argue that both micro and macro processes drive economic change and that macroeconomic change cannot be explained by microlevel optimising alone. We show that debates in biology about group selection and punctuated equilibria are relevant to understanding economic evolution. The opposition of reductionism and holism is of little use and, in its place, a hierarchical approach is proposed. This allows for both upward and downward causation and interaction between levels. Copyright 2003, Oxford University Press.

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Publisher Info
Article provided by Oxford University Press in its journal Cambridge Journal of Economics.

Volume (Year): 27 (2003)
Issue (Month): 1 (January)
Pages: 65-84
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Handle: RePEc:oup:cambje:v:27:y:2003:i:1:p:65-84

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Samuel Bowles & Herbert Gintis, 2000. "The Evolution of Strong Reciprocity," Working Papers 2000-05, University of Massachusetts Amherst, Department of Economics. [Downloadable!]
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  2. Radner, Roy, 1970. "Problems in the Theory of Markets under Uncertainty," American Economic Review, American Economic Association, vol. 60(2), pages 454-60, May. [Downloadable!] (restricted)
  3. Brander, J.A. & Taylor, M.S., 1996. "The Simple Economics of Easter Island: A Ricardo-Malthus Model of Renewable Resource Use," UBC Departmental Archives 96-08, UBC Department of Economics.
    Other versions:
  4. Nelson, Richard R. & Pack, Howard, 1998. "The Asian miracle and modern growth theory," Policy Research Working Paper Series 1881, The World Bank. [Downloadable!]
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  5. Foster, John, 1997. "The analytical foundations of evolutionary economics: From biological analogy to economic self-organization," Structural Change and Economic Dynamics, Elsevier, vol. 8(4), pages 427-451, October. [Downloadable!] (restricted)
  6. Hodgson, Geoffrey M, 1997. "The Ubiquity of Habits and Rules," Cambridge Journal of Economics, Oxford University Press, vol. 21(6), pages 663-84, November.
  7. Gowdy, J M, 1992. "Higher Selection Processes in Evolutionary Economic Change," Journal of Evolutionary Economics, Springer, vol. 2(1), pages 1-16, March.
  8. Jeroen van den Bergh & John Gowdy, 2000. "Evolutionary Theories in Environmental and Resource Economics: Approaches and Applications," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 17(1), pages 37-57, September. [Downloadable!] (restricted)
  9. Gowdy, John & Mesner, Susan, 1998. "The Evolution of Georgescu-Roegen's Bioeconomics," Review of Social Economy, Taylor and Francis Journals, vol. 56(2), pages 136-56, Summer.
  10. Dow, Sheila C, 1997. "Mainstream Economic Methodology," Cambridge Journal of Economics, Oxford University Press, vol. 21(1), pages 73-93, January.
  11. Hodgson, Geoffrey M, 1992. "Thorstein Veblen and Post-Darwinian Economics," Cambridge Journal of Economics, Oxford University Press, vol. 16(3), pages 285-301, September.
  12. Nicolaides, Phedon, 1988. "Limits to the Expansion of Neoclassical Economics," Cambridge Journal of Economics, Oxford University Press, vol. 12(3), pages 313-28, September.
  13. Sah, Raaj Kumar & Stiglitz, Joseph E, 1986. "The Architecture of Economic Systems: Hierarchies and Polyarchies," American Economic Review, American Economic Association, vol. 76(4), pages 716-27, September. [Downloadable!] (restricted)
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  14. Armen A. Alchian, 1950. "Uncertainty, Evolution, and Economic Theory," Journal of Political Economy, University of Chicago Press, vol. 58, pages 211. [Downloadable!] (restricted)
  15. Jack Hirshleifer, 1977. "Economics from a Biological Viewpoint," UCLA Economics Working Papers 087, UCLA Department of Economics. [Downloadable!]
  16. Witt, Ulrich, 1997. "Self-organization and economics--what is new?," Structural Change and Economic Dynamics, Elsevier, vol. 8(4), pages 489-507, October. [Downloadable!] (restricted)
  17. David, Paul A, 1985. "Clio and the Economics of QWERTY," American Economic Review, American Economic Association, vol. 75(2), pages 332-37, May. [Downloadable!] (restricted)
  18. Hirshleifer, Jack, 1977. "Economics from a Biological Viewpoint," Journal of Law & Economics, University of Chicago Press, vol. 20(1), pages 1-52, April.
  19. Bromley, Daniel W., 1990. "The ideology of efficiency: Searching for a theory of policy analysis," Journal of Environmental Economics and Management, Elsevier, vol. 19(1), pages 86-107, July. [Downloadable!] (restricted)
  20. Twomey, Paul, 1998. "Reviving Veblenian Economic Psychology," Cambridge Journal of Economics, Oxford University Press, vol. 22(4), pages 433-48, July.
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. R. Turner, 2007. "Limits to CBA in UK and European environmental policy: retrospects and future prospects," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 37(1), pages 253-269, May. [Downloadable!] (restricted)
  2. John M. Gowdy, 2004. "Toward a New Welfare Foundation for Sustainability," Rensselaer Working Papers in Economics 0401, Rensselaer Polytechnic Institute, Department of Economics. [Downloadable!]
  3. Lambert Koch & Marc Grünhagen, 2009. "The value of delays: market- and policy-induced adjustment processes as a motivating factor in dynamic entrepreneurship," Journal of Evolutionary Economics, Springer, vol. 19(5), pages 701-724, October. [Downloadable!] (restricted)
  4. John Gowdy & Aneel Salman, 2007. "Climate Change and Economic Development: A Pragmatic Approach," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 46(4), pages 337-350. [Downloadable!]
  5. Kemp, R. & van den Bergh, J., 2006. "Economics and Transitions: Lessons from Economic Sub-disciplines," UNU-MERIT Working Paper Series 038, United Nations University, Maastricht Economic and social Research and training centre on Innovation and Technology. [Downloadable!]
  6. Jesús Ramos Martín, 2003. "Empiricism in ecological economics: a perspective from complex systems theory," UHE Working papers 2003_03, Universitat Autònoma de Barcelona, Departament d'Economia i Història Econòmica, Unitat d'Història Econòmica. [Downloadable!]
    Other versions:
  7. John M. Gowdy, 2005. "Evolutionary Theory and Economic Policy with Reference to Sustainability," Rensselaer Working Papers in Economics 0505, Rensselaer Polytechnic Institute, Department of Economics. [Downloadable!]
    Other versions:
  8. Kevin Marechal & Hélène Aubaret-Joachain & Jean-Paul Ledant, 2008. "The influence of Economics on agricultural systems: an evolutionary and ecological perspective," Working Papers CEB 08-028.RS, Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB). [Downloadable!]
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