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Isolation and Aggregation in Economics

Author

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  • 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.

Suggested Citation

  • Schlicht, Ekkehart, . "Isolation and Aggregation in Economics," Monographs in Economics, University of Munich, Department of Economics, number 3.
  • Handle: RePEc:lmu:muenbk:3
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    File URL: https://epub.ub.uni-muenchen.de/3/1/schlicht_isolation.pdf
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    References listed on IDEAS

    as
    1. Helmut Rainer & Stefan Bauernschuster & Wolfgang Auer & Natalia Danzer & Mine Hancioglu & Bastian Hartmann & Timo Hener & Christian Holzner & Notburga Ott & Janina Reinkowski & Martin Werding, 2013. "Kinderbetreuung," ifo Forschungsberichte, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, number 59.
    2. Schlicht, Ekkehart, . "Isolation and Aggregation in Economics," Monographs in Economics, University of Munich, Department of Economics, number 38821.
    3. Schlicht, Ekkehart & Ludsteck, Johannes, 2006. "Variance Estimation in a Random Coefficients Model," Discussion Papers in Economics 904, University of Munich, Department of Economics.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Valadkhani, Abbas, 2004. "History of macroeconometric modelling: lessons from past experience," Journal of Policy Modeling, Elsevier, pages 265-281.
    2. repec:wly:ijfiec:v:22:y:2017:i:3:p:244-254 is not listed on IDEAS
    3. Mario Arturo Ruiz Estrada & Muhammad Tahir, 2015. "An Introduction to Alternative Experimental Models in Monitoring Economic Failures," Contemporary Economics, University of Finance and Management in Warsaw.
    4. repec:eee:ecofin:v:42:y:2017:i:c:p:144-155 is not listed on IDEAS
    5. Schlicht, Ekkehart, 2007. "Wage Dispersion, Over-Qualification, and Reder Competition," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy (IfW), vol. 1, pages 1-22.
    6. Basu, Kaushik & Jones, Eric & Schlicht, Ekkehart, 1987. "The growth and decay of custom: The role of the new institutional economics in economic history," Explorations in Economic History, Elsevier, vol. 24(1), pages 1-21, January.
    7. Kakarot-Handtke, Egmont, 2010. "Axiomatic Basics of e-Economics," MPRA Paper 24331, University Library of Munich, Germany.
    8. Schlicht, Ekkehart, 2004. "Estimating the Smoothing Parameter in the So-Called Hodrick-Prescott Filter," IZA Discussion Papers 1054, Institute for the Study of Labor (IZA).
    9. António Afonso & João Tovar Jalles, 2017. "Quantitative Easing and Sovereign Yield Spreads: Euro-Area Time-Varying Evidence," Working Papers REM 2017/20, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    10. Fabio Cerina, 2009. "Marshall'S Ceteris Paribus In A Dynamic Framework," Metroeconomica, Wiley Blackwell, vol. 60(1), pages 24-53, February.
    11. 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.
    12. Schlicht, Ekkehart, 1997. "The moving equilibrium theorem again," Economic Modelling, Elsevier, vol. 14(2), pages 271-278, April.
    13. António Afonso & João Tovar Jalles, 2016. "Economic Volatility and Sovereign Yields’ Determinants: a Time-Varying Approach," Working Papers Department of Economics 2016/04, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    14. Valentin Cojanu, 2009. "A Critical View of the Institutional Solution in Economics," Transition Studies Review, Springer;Central Eastern European University Network (CEEUN), pages 627-634.
    15. Heller, Christoph, 2009. "Akteure der deutschen Gesundheitswirtschaft: Eine Analyse der Wirkungen von Marktakteuren auf die Krankenhausbranche," Arbeitspapiere 77, University of Münster, Institute for Cooperatives.
    16. António Afonso & João Tovar Jalles, 2017. "Euro area time‐varying fiscal sustainability," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 22(3), pages 244-254, July.
    17. 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, pages 103-137.
    18. Evstigneev, Igor V. & Hens, Thorsten & Schenk-Hoppé, Klaus Reiner, 2008. "Globally evolutionarily stable portfolio rules," Journal of Economic Theory, Elsevier, vol. 140(1), pages 197-228, May.
    19. António Afonso & João Tovar Jalles, 2017. "Sovereign Debt Effects and Composition: Evidence from Time-Varying Estimates," Working Papers Department of Economics 2017/03, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    20. repec:kap:openec:v:28:y:2017:i:3:d:10.1007_s11079-016-9430-z is not listed on IDEAS
    21. repec:spr:qualqt:v:51:y:2017:i:5:d:10.1007_s11135-015-0280-3 is not listed on IDEAS

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