A macro economy as an ecology of plans
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.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 82 (2012)
Issue (Month): 2 ()
|Contact details of provider:|| Web page: http://www.elsevier.com/locate/jebo|
References listed on IDEAS
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.:
- Fontana, Magda, 2010.
"Can neoclassical economics handle complexity? The fallacy of the oil spot dynamic,"
Journal of Economic Behavior & Organization,
Elsevier, vol. 76(3), pages 584-596, December.
- Magda Fontana, 2010. "Can Neoclassical Economics Handle Complexity? The Fallacy of the Oil Spot Dynamic," Post-Print hal-00911826, HAL.
- Paul De Grauwe, 2010. "Top-Down versus Bottom-Up Macroeconomics," CESifo Economic Studies, CESifo, vol. 56(4), pages 465-497, December.
- Paul De Grauwe, 2010. "Top-Down versus Bottom-Up Macroeconomics," CESifo Working Paper Series 3020, CESifo Group Munich.
- Stoker, Thomas M, 1993. "Empirical Approaches to the Problem of Aggregation Over Individuals," Journal of Economic Literature, American Economic Association, vol. 31(4), pages 1827-1874, December.
- 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.
- Alan Kirman, 2010. "The Economic Crisis is a Crisis for Economic Theory ," CESifo Economic Studies, CESifo, vol. 56(4), pages 498-535, December.
- Potts, Jason & Morrison, Kate, 2007. "Meso comes to markets: Comment on `Markets come to bits'," Journal of Economic Behavior & Organization, Elsevier, vol. 63(2), pages 307-312, June.
- Hoover,Kevin D., 2001. "The Methodology of Empirical Macroeconomics," Cambridge Books, Cambridge University Press, number 9780521802727, November.
- Hoover,Kevin D., 2001. "The Methodology of Empirical Macroeconomics," Cambridge Books, Cambridge University Press, number 9780521003216, Diciembre.
- Chad Seagren, 2011. "Examining social processes with agent-based models," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 24(1), pages 1-17, March.
- George A. Akerlof, 1982. "Labor Contracts as Partial Gift Exchange," The Quarterly Journal of Economics, Oxford University Press, vol. 97(4), pages 543-569.
- Nathan Rosenberg, 1960. "Some Institutional Aspects of the Wealth of Nations," Journal of Political Economy, University of Chicago Press, vol. 68, pages 557-557.
- Clower, Robert & Leijonhufvud, Axel, 1975. "The Coordination of Economic Activities: A Keynesian Perspective," American Economic Review, American Economic Association, vol. 65(2), pages 182-188, May.
- Samuel Bowles & Herbert Gintis, 1993. "The Revenge of Homo Economicus: Contested Exchange and the Revival of Political Economy," Journal of Economic Perspectives, American Economic Association, vol. 7(1), pages 83-102, Winter.
- Koppl, Roger, 2010. "Some epistemological implications of economic complexity," Journal of Economic Behavior & Organization, Elsevier, vol. 76(3), pages 859-872, December.
- Jay Cochran, III, 2004. "Of Contracts and the Katallaxy: Measuring the Extent of the Market, 1919--1939," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 17(4), pages 407-446, December.
- Shapiro, Carl & Stiglitz, Joseph E, 1984. "Equilibrium Unemployment as a Worker Discipline Device," American Economic Review, American Economic Association, vol. 74(3), pages 433-444, June.
- Howitt, Peter & Clower, Robert, 2000. "The emergence of economic organization," Journal of Economic Behavior & Organization, Elsevier, vol. 41(1), pages 55-84, January.
- Witt, Ulrich, 1997. "The Hayekian Puzzle: Spontaneous Order and the Business Cycle," Scottish Journal of Political Economy, Scottish Economic Society, vol. 44(1), pages 44-58, February. Full references (including those not matched with items on IDEAS)