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dc.contributor.author Hoover, KD
dc.date.accessioned 2010-03-09T15:42:24Z
dc.date.issued 2010-11-01
dc.identifier.citation Erkenntnis, 2010, 73 (3), pp. 329 - 347
dc.identifier.issn 0165-0106
dc.identifier.uri http://hdl.handle.net/10161/2043
dc.description.abstract The dominant view among macroeconomists is that macroeconomics reduces to microeconomics, both in the sense that all macroeconomic phenomena arise out of microeconomic phenomena and in the sense that macroeconomic theory-to the extent that it is correct-can be derived from microeconomic theory. More than that, the dominant view believes that macroeconomics should in practice use the reduced microeconomic theory: this is the program of microfoundations for macroeconomics to which the vast majority of macroeconomists adhere. The "microfoundational" models that they actually employ are, however, characterized by another feature: they are highly idealized, even when they are applied as direct characterizations of actual data, which itself consists of macroeconomic aggregates. This paper explores the interrelationship between reductionism and idealization in the microfoundational program and the role of idealization in empirical modeling. © 2010 The Author(s).
dc.format.extent 329 - 347
dc.format.mimetype application/pdf
dc.language.iso en_US
dc.relation.ispartof Erkenntnis
dc.relation.isversionof 10.1007/s10670-010-9235-1
dc.title Idealizing Reduction: The Microfoundations of Macroeconomics
dc.type Journal Article
dc.department Economics
pubs.issue 3
pubs.organisational-group /Duke
pubs.organisational-group /Duke/Trinity College of Arts & Sciences
pubs.organisational-group /Duke/Trinity College of Arts & Sciences/Economics
pubs.organisational-group /Duke/Trinity College of Arts & Sciences/Philosophy
pubs.publication-status Published
pubs.volume 73
dc.identifier.eissn 1572-8420

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