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Idealizing Reduction: The Microfoundations of Macroeconomics

dc.contributor.author Hoover, KD
dc.date.accessioned 2010-03-09T15:42:24Z
dc.date.issued 2010-11-01
dc.identifier.issn 0165-0106
dc.identifier.uri https://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.mimetype application/pdf
dc.language.iso en_US
dc.publisher Springer Science and Business Media LLC
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
duke.contributor.id Hoover, KD|0407659
pubs.begin-page 329
pubs.end-page 347
pubs.issue 3
pubs.organisational-group Duke
pubs.organisational-group Economics
pubs.organisational-group Philosophy
pubs.organisational-group Trinity College of Arts & Sciences
pubs.publication-status Published
pubs.volume 73
dc.identifier.eissn 1572-8420


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