Does Macroeconomics Need Microeconomic Foundations?
I argue that it is microeconomics that needs foundations, not macroeconomics. Preferences need to be built on biology, and, in particular, on neuroscience. In contrast, macroeconomics could benefit from rationalizations of aggregate economic phenomena by non-equilibrium statistical physics.
Volume (Year): 3 (2009)
Issue (Month): ()
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- AOKI Masanao & YOSHIKAWA Hiroshi, 2007.
"Non-Self-Averaging in Macroeconomic Models: A Criticism of Modern Micro-founded Macroeconomics,"
07057, Research Institute of Economy, Trade and Industry (RIETI).
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- Arthur J. Robson, 2001. "The Biological Basis of Economic Behavior," Journal of Economic Literature, American Economic Association, vol. 39(1), pages 11-33, March.
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- Aoki,Masanao & Yoshikawa,Hiroshi, 2007. "Reconstructing Macroeconomics," Cambridge Books, Cambridge University Press, number 9780521831062, February. Full references (including those not matched with items on IDEAS)
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