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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
    as

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    File URL: http://www.postkeynesian.net/downloads/working-papers/PKWP1408.pdf
    File Function: First version, 2014
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    References listed on IDEAS

    as
    1. 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.
    2. 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.
    3. Davis, John B, 1999. "Common Sense: A Middle Way between Formalism and Post-Structuralism?," Cambridge Journal of Economics, Oxford University Press, vol. 23(4), pages 503-515, July.
    4. 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.
    5. Victoria Chick & Sheila Dow, 2005. "The meaning of open systems," Journal of Economic Methodology, Taylor & Francis Journals, vol. 12(3), pages 363-381.
    6. 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.
    7. Sheila C. Dow, 2007. "Variety Of Methodological Approach In Economics," Journal of Economic Surveys, Wiley Blackwell, vol. 21(3), pages 447-465, July.
    8. 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.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Consistency; pluralism; microfoundations;

    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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