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Isolation and Aggregation in Economics

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Author Info

  • Schlicht, Ekkehart

Abstract

In explaining economic phenomena, economic analysis concentrates on selected influences and fixes the host of other factors under a ceteris paribus clause. This view, which goes back to Alfred Marshall (1842-1924), is developed in the first part of the book. Aggregation is viewed as a particular application of ceteris paribus analysis - isolation from "structural effects". This leads to an approach, called "closed aggregation", which was introduced by Kenneth May and is also implicit in Keynes' writings but has been neglected more recently. It is argued that macroeconomic models are more stable and more general than the corresponding micro models and that there is no simple analogy between them.

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File URL: http://epub.ub.uni-muenchen.de/3/1/schlicht_isolation.pdf
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Bibliographic Info

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This book is provided by University of Munich, Department of Economics in its series Monographs in Economics with number 3 and published in .

Handle: RePEc:lmu:muenbk:3

Contact details of provider:
Postal: Ludwigstr. 28, 80539 Munich, Germany
Phone: +49-(0)89-2180-3405
Fax: +49-(0)89-2180-3510
Web page: http://www.vwl.uni-muenchen.de
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Related research

Keywords: Aggregation; moving equilibrium; temporary equilibrium; Keynes; Marshall; ceteris-paribus; isolation; method; microfoundations of macroeconomics;

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Citations

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Cited by:
  1. Schlicht, Ekkehart, 2007. "Wage Dispersion, Over-Qualification, and Reder Competition," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy, vol. 1(13), pages 1-31.
  2. Heller, Christoph, 2009. "Akteure der deutschen Gesundheitswirtschaft: Eine Analyse der Wirkungen von Marktakteuren auf die Krankenhausbranche," Arbeitspapiere 77, Westfälsche Wilhelms-Universität Münster (WWU), Institut für Genossenschaftswesen.
  3. Florencia Médici, 2011. "A Cointegration Analysis on the Principle of Effective Demand in Argentina (1980-2007)," Ensayos Económicos, Central Bank of Argentina, Economic Research Department, vol. 1(61-62), pages 103-137, January -.
  4. Valentin Cojanu, 2009. "A Critical View of the Institutional Solution in Economics," Transition Studies Review, Springer, vol. 16(3), pages 627-634, October.
  5. Basu, Kaushik & Jones, Eric & Schlicht, Ekkehart, 1987. "The Growth and Decay of Custom: The Role of the New Institutional Economics in Economic History," Munich Reprints in Economics 3328, University of Munich, Department of Economics.
  6. Schlicht, Ekkehart, 2004. "Estimating the Smoothing Parameter in the So-Called Hodrick-Prescott Filter," Discussion Papers in Economics 304, University of Munich, Department of Economics.
  7. Kakarot-Handtke, Egmont, 2010. "Axiomatic Basics of e-Economics," MPRA Paper 24331, University Library of Munich, Germany.
  8. Fabio Cerina, 2009. "Marshall'S Ceteris Paribus In A Dynamic Framework," Metroeconomica, Wiley Blackwell, vol. 60(1), pages 24-53, 02.
  9. Abbas Valadkhani, 2003. "History Of Macroeconometric Modelling: Lessons From Past Experience," School of Economics and Finance Discussion Papers and Working Papers Series 131, School of Economics and Finance, Queensland University of Technology.
  10. EL KAROUNI, Ilyess, 2008. "ORIGINES et consolidation du changement institutionnel : le cas chinois
    [ORIGINS and Strengthening of Institutional Change: the Chinese Case]
    ," MPRA Paper 8714, University Library of Munich, Germany.
  11. Evstigneev, Igor V. & Hens, Thorsten & Schenk-Hoppé, Klaus Reiner, 2005. "Globally Evolutionarily Stable Portfolio Rules," Discussion Papers 2005/17, Department of Business and Management Science, Norwegian School of Economics.
  12. Schlicht, Ekkehart, 1997. "The moving equilibrium theorem again," Economic Modelling, Elsevier, vol. 14(2), pages 271-278, April.

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