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On economic paradigms, rhetoric and the micro-foundations of macroeconomics

Author

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  • John S.L. McCombie

    (University of Cambridge, UK)

  • Ioana Negru

    (Anglia Ruskin University, Cambridge, UK)

Abstract

This paper considers from a methodological point of view why disputes in macroeconomics over its fundamental assumptions regularly occur. It analyses the problem first using Kuhn's concept of the paradigm and then draws on McCloskey's use of rhetorical analysis. It finds the latter of limited help due to the problem of incommensurability between paradigms. It concludes with a discussion of the debate over the need for rethinking the issue and rigour of micro-foundations in macroeconomic theory, notably in terms of the representative agent model.

Suggested Citation

  • John S.L. McCombie & Ioana Negru, 2014. "On economic paradigms, rhetoric and the micro-foundations of macroeconomics," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 11(1), pages 53-66, April.
    • Handle: RePEc:elg:ejeepi:v:11:y:2014:i:1:p53-66
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    References listed on IDEAS

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    Cited by:

    1. Eugenio Caverzasi & Alberto Russo, 2018. "Toward a new microfounded macroeconomics in the wake of the crisis," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 27(6), pages 999-1014.

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    More about this item

    Keywords

    paradigm; rhetoric; representative agent model; macroeconomic methodology;
    All these keywords.

    JEL classification:

    • B4 - Schools of Economic Thought and Methodology - - Economic Methodology
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook

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