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Microeconomic Foundations for Macroeconomic Phenomena. A Problem of Ontological (In)Dependence [Fundaţii microeconomice ale fenomenelor macroeconomice. O problemă de (in)dependenţă ontologică]

Author

Listed:
  • Sandu Andrei

    (Durham University)

Abstract

This essay will outline the case for microfoundations, before presenting the limitations which undermine both the representative-agent model as a means of reduction and the individualist claim that microfoundations are necessary for explanation of economic aggregates. If microfoundations are justifiable in certain contexts, demanding them as a validator of macroeconomics is hardly defendable.

Suggested Citation

  • Sandu Andrei, 2016. "Microeconomic Foundations for Macroeconomic Phenomena. A Problem of Ontological (In)Dependence [Fundaţii microeconomice ale fenomenelor macroeconomice. O problemă de (in)dependenţă ontologică]," Revista OEconomica, Romanian Society for Economic Science, Revista OEconomica, issue 03-4.
    • Handle: RePEc:oen:econom:y:2016:i:03-4:id:469
    as

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    More about this item

    Keywords

    microfoundations; macroeconomics; representative-agent model; individualism;
    All these keywords.

    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • D00 - Microeconomics - - General - - - General
    • E00 - Macroeconomics and Monetary Economics - - General - - - General

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