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Consistency in pluralism and microfoundations

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  • Sheila C. Dow

    (University of Stirling)

Abstract

John King has made challenging contributions to our thinking in many areas. This paper focuses on two of these: the case for pluralism and the case against requiring macroeconomic theory to be expressed in terms of its microfoundations. The purpose of this paper is to explore further the relationship between the two, requiring discussion of the relationship between the different levels of philosophy, methodology, theory and reality. A particular focus is put on the role of the concept of consistency in these two papers. This concept is explored further here at different levels and according to different methodological approaches. The contrast is drawn between its meaning in classical logic and in human logic.

Suggested Citation

  • Sheila C. Dow, 2014. "Consistency in pluralism and microfoundations," Working Papers PKWP1408, Post Keynesian Economics Society (PKES).
    • Handle: RePEc:pke:wpaper:pkwp1408
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    File URL: https://www.postkeynesian.net/downloads/working-papers/PKWP1408.pdf
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    References listed on IDEAS

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    1. Geoffrey C. Harcourt, 1984. "Reflections on the Development of Economics as a Discipline," History of Political Economy, Duke University Press, vol. 16(4), pages 489-517, Winter.
    2. Simon Wren-Lewis, 2011. "Internal consistency, price rigidity and the microfoundations of macroeconomics," Journal of Economic Methodology, Taylor & Francis Journals, vol. 18(2), pages 129-146.
    3. Sheila C. Dow, 2012. "Variety of Methodological Approach in Economics," Palgrave Macmillan Books, in: Foundations for New Economic Thinking, chapter 13, pages 210-230, Palgrave Macmillan.
    4. Davis, John B, 1999. "Common Sense: A Middle Way between Formalism and Post-Structuralism?," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 23(4), pages 503-515, July.
    5. Sheila C. Dow, 2012. "Foundations for New Economic Thinking," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-137-00072-9.
    6. Sheila C. Dow & Victoria Chick, 2012. "The Meaning of Open Systems," Palgrave Macmillan Books, in: Foundations for New Economic Thinking, chapter 11, pages 178-196, Palgrave Macmillan.
    7. Arestis, Philip & Dunn, Stephen P & Sawyer, Malcolm, 1999. "On the Coherence of Post-Keynesian Economics: A Comment on Walters and Young," Scottish Journal of Political Economy, Scottish Economic Society, vol. 46(3), pages 339-345, August.
    8. Hamouda, Omar F & Harcourt, G C, 1988. "Post Keynesianism: From Criticism to Coherence?," Bulletin of Economic Research, Wiley Blackwell, vol. 40(1), pages 1-33, January.
    9. J. E. King, 2012. "The Microfoundations Delusion," Books, Edward Elgar Publishing, number 14065.
    10. Sheila C. Dow, 2008. "Plurality in Orthodox and Heterodox Economics," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 1(2), pages 73-96, March.
    11. Coates,John, 1996. "The Claims of Common Sense," Cambridge Books, Cambridge University Press, number 9780521412568.
    12. Walters, Bernard & Young, David, 1997. "On the Coherence of Post-Keynesian Economics," Scottish Journal of Political Economy, Scottish Economic Society, vol. 44(3), pages 329-349, August.
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    Cited by:

    1. Imko Meyenburg, 2022. "A possibilist justification of the ontology of counterfactuals and forecasted states of economies in economic modelling," Working Papers hal-03751205, HAL.

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    More about this item

    Keywords

    Consistency; pluralism; microfoundations;
    All these keywords.

    JEL classification:

    • B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General
    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General

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