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The micro-macro link in heterodox economics

Author

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  • Claudius Graebner Radkowitsch

    (Institute for Comprehensive Analysis of the Economy, Johannes Kepler University Linz, Austria
    Department of Pluralist Economics, Europa-University Flensburg, Germany)

  • Jakob Kapeller

    (Institute for Comprehensive Analysis of the Economy, Johannes Kepler University Linz, Austria
    Institute for Socio-Economics, University of Duisburg-Essen, Germany)

Abstract

At its core, the discussion on the micro-macro link in heterodox economics is concerned with the correct treatment of aggregates and aggregation in social theory. In this chapter we survey heterodox approaches to the micro-macro link with a focus on shared understandings and convictions that apply across different schools of thought. In addition, we illuminate typical fallacies related to the treatment of aggregation and aggregates as well as the philosophical underpinnings of heterodox ontology to better understand conceptual differences between heterodox economics and competing approaches. Given that economics faces myriad problems of aggregation-as in the case of market interaction, macroeconomic aggregates, or interpersonal coordination and contracting-the quest to provide suitable conceptual tools and philosophical foundations to adequately address aggregates and aggregation should be of special interest to economists of different persuasions.

Suggested Citation

  • Claudius Graebner Radkowitsch & Jakob Kapeller, 2024. "The micro-macro link in heterodox economics," ICAE Working Papers 153, Johannes Kepler University, Institute for Comprehensive Analysis of the Economy.
    • Handle: RePEc:ico:wpaper:153
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    Cited by:

    1. Claudius Gräbner, 2017. "The Complexity of Economies and Pluralism in Economics," Journal of Contextual Economics (JCE) – Schmollers Jahrbuch, Duncker & Humblot, Berlin, vol. 137(3), pages 193-225.
    2. Claudius Gräbner, 2017. "The Complementary Relationship Between Institutional and Complexity Economics: The Example of Deep Mechanismic Explanations," Journal of Economic Issues, Taylor & Francis Journals, vol. 51(2), pages 392-400, April.
    3. Torsten Heinrich, 2018. "A Discontinuity Model of Technological Change: Catastrophe Theory and Network Structure," Computational Economics, Springer;Society for Computational Economics, vol. 51(3), pages 407-425, March.
    4. Claudius Graebner & Amineh Ghorbani, 2019. "Defining institutions - A review and a synthesis," ICAE Working Papers 89, Johannes Kepler University, Institute for Comprehensive Analysis of the Economy.

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