
Contents
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1. The Ideology of Microfoundations 1. The Ideology of Microfoundations
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2. On What There Is in the Macroeconomy 2. On What There Is in the Macroeconomy
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2.1 Supervenience and Reductionism 2.1 Supervenience and Reductionism
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2.2 A Critique of Supervenience 2.2 A Critique of Supervenience
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2.3 The Construction of Social Reality 2.3 The Construction of Social Reality
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3. Implications for Applied Macroeconomics 3. Implications for Applied Macroeconomics
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4. The Irony of Ideology 4. The Irony of Ideology
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Notes Notes
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References References
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14 Microfoundations and the Ontology of Macroeconomics
Get accessKevin D. Hoover is Professor of Economics and Philosophy at Duke University. He is the author of Causality in Macroeconomics, The Methodology of Empirical Macroeconomics and many articles on macroeconomics, monetary economics, history of economic thought, economic methodology, and philosophy. His current interests include causality and the philosophical foundations of econometrics.
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Published:02 September 2009
Cite
Abstract
The typical concerns of macroeconomics—such as national output, employment and unemployment, inflation, interest rates, and the balance of payments—are among the oldest in economics, having been dominant among the problems addressed by both the mercantilists and classical economists, such as David Hume, Adam Smith, David Ricardo, as well as even earlier writers. These concerns co-existed with ones that are now regarded as characteristically microeconomic, such as the theory of prices exemplified in the labor theory of value of the classical economists or the theory of marginal utility of the early neoclassical economists. Questions about the relationship between these two groups of concerns could hardly be articulated until a categorical distinction between macroeconomics and microeconomics had been drawn. This article asks whether there is a successful ontology of macroeconomics. It also discusses the implications that this ontology has for practical macroeconomics.
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