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Pluralism, the Lucas Critique, and the Integration of Macroeconomics and Microeconomics

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  • Peter Skott

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.

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  • Peter Skott, 2014. "Pluralism, the Lucas Critique, and the Integration of Macroeconomics and Microeconomics," Review of Political Economy, Taylor & Francis Journals, vol. 26(4), pages 503-515, October.
    • Handle: RePEc:taf:revpoe:v:26:y:2014:i:4:p:503-515
    DOI: 10.1080/09538259.2014.950463
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    Cited by:

    1. Peter Skott, 2016. "Aggregate demand, functional finance, and secular stagnation," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 13(2), pages 172-188, September.
    2. Peter Skott, 2015. "Growth cycles with or without price flexibility," Review of Keynesian Economics, Edward Elgar Publishing, vol. 3(3), pages 374-386, July.
    3. Galanis, Giorgos & Veneziani, Roberto & Yoshihara, Naoki, 2016. "Growth, Exploitation and Class Inequalities," Discussion Paper Series 636, Institute of Economic Research, Hitotsubashi University.
    4. Peter Skott, 2017. "Weaknesses of 'wage-led growth'," Review of Keynesian Economics, Edward Elgar Publishing, vol. 5(3), pages 336-359, July.
    5. Cimoli, Mario & Pereima, João Basilio & Porcile, Gabriel, 2019. "A technology gap interpretation of growth paths in Asia and Latin America," Research Policy, Elsevier, vol. 48(1), pages 125-136.
    6. Peter Skott, 2017. "Autonomous Demand and the Harrodian Criticisms of the Kaleckian Model," Metroeconomica, Wiley Blackwell, vol. 68(1), pages 185-193, February.
    7. Christian Schoder, 2015. "Methodological, internal and ontological inconsistencies in the conventional micro-foundation of post-Keynesian theory," Working Papers 1518, New School for Social Research, Department of Economics.

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