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Microeconomic Foundations for Macroeconomic Structure

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  • Richard Day

Abstract

The models used in economic theory, though necessarily abstract, should be consistent with the nature of decision making behavior. A formal metaphor of individual behavior as a continuous flow indicates certain requirements that theories of consumer, producer, and economywide behavior should exhibit. A family of discrete time, recursive optimizing models is suggested as the appropriate building block for further developing dynamic economic theory.

Suggested Citation

  • Richard Day, 2005. "Microeconomic Foundations for Macroeconomic Structure," Papers on Economics and Evolution 2005-14, Philipps University Marburg, Department of Geography.
    • Handle: RePEc:esi:evopap:2005-14
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    File URL: ftp://137.248.191.199/RePEc/esi/discussionpapers/2005-14.pdf
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    References listed on IDEAS

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    1. Simon, Herbert A, 1978. "Rationality as Process and as Product of Thought," American Economic Review, American Economic Association, vol. 68(2), pages 1-16, May.
    2. Richard J. Herrnstein & Drazen Prelec, 1991. "Melioration: A Theory of Distributed Choice," Journal of Economic Perspectives, American Economic Association, vol. 5(3), pages 137-156, Summer.
    3. Edward H. Chamberlin, 1953. "The Product as an Economic Variable," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 67(1), pages 1-29.
    4. Day, Richard H & Kennedy, Peter E, 1970. "Recursive Decision Systems: An Existence Analysis," Econometrica, Econometric Society, vol. 38(5), pages 666-681, September.
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    Cited by:

    1. Robert, Marion & Thomas, Alban & Bergez, Jacques Eric, 2016. "Processes of adpatation in farm decision-making models. A review," TSE Working Papers 16-731, Toulouse School of Economics (TSE).

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