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Pluralism, the Lucas critique, and the integration of macro and micro

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  • Peter Skott

    ()
    (University of Massachusetts Amherst)

Abstract

Mainstream macroeconomics has pursued .micro founded.models based on the explicit optimization by representative agents. The result has been a long and wasteful detour. But elements of the Lucas critique are relevant, also for heterodox economists. Challenging common heterodox views on microeconomics and formalization, this paper argues that (i) economic models should not be based purely on empirically observed regularities,(ii) heterodox economists must be able to tell an integrated story about goal-oriented micro behavior in a specific macro environment, and (iii)relatively simple analytical models have an essential role to play. JEL Categories: E1; B5

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Paper provided by University of Massachusetts Amherst, Department of Economics in its series UMASS Amherst Economics Working Papers with number 2012-04.

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Date of creation: Feb 2012
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Handle: RePEc:ums:papers:2012-04

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Keywords: micro foundations; pluralism; old Keynesian theory; Kaleckian investment function.;

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  1. John B. Davis, 2008. "The turn in recent economics and return of orthodoxy," Cambridge Journal of Economics, Oxford University Press, vol. 32(3), pages 349-366, May.
  2. Alan P. Kirman, 1992. "Whom or What Does the Representative Individual Represent?," Journal of Economic Perspectives, American Economic Association, vol. 6(2), pages 117-136, Spring.
  3. Chick, Victoria & Dow, Sheila C, 2001. "Formalism, Logic and Reality: A Keynesian Analysis," Cambridge Journal of Economics, Oxford University Press, vol. 25(6), pages 705-21, November.
  4. Peter Skott & Ben Zipperer, 2012. "An empirical evaluation of three post-Keynesian models," European Journal of Economics and Economic Policies: Intervention, Edward Elgar, vol. 9(2), pages 277-307.
  5. Sheila C. Dow, 2007. "Variety Of Methodological Approach In Economics," Journal of Economic Surveys, Wiley Blackwell, vol. 21(3), pages 447-465, 07.
  6. Marc Lavoie & Gabriel Rodriguez & Mario Seccareccia, 2004. "Similitudes and Discrepancies in Post-Keynesian and Marxist Theories of Investment: A Theoretical and Empirical Investigation," International Review of Applied Economics, Taylor & Francis Journals, vol. 18(2), pages 127-149.
  7. Tony Lawson, 2009. "The current economic crisis: its nature and the course of academic economics," Cambridge Journal of Economics, Oxford University Press, vol. 33(4), pages 759-777, July.
  8. Eckhard Hein & Marc Lavoie & Till van Treeck, 2008. "Some instability puzzles in Kaleckian models of growth and distribution: A critical survey," IMK Working Paper 19-2008, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
  9. Mohun, Simon & Veneziani, Roberto, 2010. "Reorienting economics?," MPRA Paper 30448, University Library of Munich, Germany.
  10. Freeman, Alan & Kliman, Andrew, 2005. "Beyond talking the talk: towards a critical pluralist practice," MPRA Paper 48644, University Library of Munich, Germany, revised 07 Nov 2006.
  11. David Colander, 2003. "Post Walrasian Macroeconomics and Heterodoxy : Thinking Outside the Heterodox Box," International Journal of Political Economy, M.E. Sharpe, Inc., vol. 33(2), pages 68-81, June.
  12. Amitava Krishna Dutt, 2003. "On Post Walrasian Economics, Macroeconomic Policy, and Heterodox Economics," International Journal of Political Economy, M.E. Sharpe, Inc., vol. 33(2), pages 47-67, June.
  13. Peter Skott, 2008. "Theoretical and empirical shortcomings of the Kaleckian investment function," UMASS Amherst Economics Working Papers 2008-11, University of Massachusetts Amherst, Department of Economics, revised Dec 2009.
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Cited by:
  1. Peter Skott & Martin Rapetti & Arslan Razmi, 2012. "Real exchange rates and the long-run effects of aggregate demand in economies with underemployment," UMASS Amherst Economics Working Papers 2012-06, University of Massachusetts Amherst, Department of Economics.

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