You are looking at 1 - 10 of 1,025 items :

microfoundations x
Clear All
You do not have access to this content

  • Elgar original reference

Steven Fazzari

252 Microfoundations with the open systems ontology espoused by Post Keynesian methodologists. Rather than seek sole allegiance to a single method of analysis, as is the case with marginalism for our neoclassical colleagues, Post Keynesians recognize the virtue of using a variety of analytical methods in furthering our understanding of a complex and continually evolving economic system. In this context, Downward’s (1999, chapter 6) assessment of the debate between marginalists and advocates of the full-cost pricing principle is particularly revealing. H B

You do not have access to this content

Steven Fazzari

The term ‘microfoundations’ entered discussions of Post Keynesian theory from neoclassical analysis. In its broadest sense, the term refers to the specification for individual economic behaviour in macroeconomic models. In this broad sense, any behavioural theories of individual action as part of macroeconomic models constitute microfoundations. The practical meaning of the term in mainstream discourse, however, is narrower, usually referring to the link between macroeconomic models and the maximization of utility and profit by individual agents. While this

You do not have access to this content

  • Elgar original reference

Edited by John B. Davis, D. W. Hands and Uskali Mäki

There is good reason to think that extant work is not and thus, whatever is involved in supplying 'microfoundations', those foundations are not indi vidual ist reductions. Explanations in tenus of corporations and households are in terms of collective social entities, not individuals. Treating an aggregation of consumers or producers as a representativc agent is again not explaining in terms of individuals. (One can always. of course. simply decide to call aggregate or collective social entities ' individuals'. but doing so threatens to uivialize the issue, since

You do not have access to this content

J. E. King

JOBNAME: King PAGE: 1 SESS: 7 OUTPUT: Mon Aug 20 14:30:47 2012 3. Microfoundations as micro-reduction 3.1 INTRODUCTION What then, exactly, is meant by the ‘reduction’ of one theory to another? The philosopher of science Kenneth Schaffner offers the following brief, general definition: ‘Intertheoretic explanation, in which one theory is explained by another theory, usually formulated for a different domain, is generally termed theory reduction’ (Schaffner 1967, p. 137; original stress). ‘Hierarchical reduction’ or ‘micro-reduction’, as exemplified by the

You do not have access to this content

Edited by Thomas Cate

Introduction It is important to define microeconomics and macroeconomics before the issue of microfoundations is discussed. In this entry, microeconomics is viewed as a way of studying the economy in which: (1) the behavior of individual agents is considered to be rational and modeled as the outcome of some form of a constrained optimization problem; and (2) the actions of individual agents are supposed to form an equilibrium. (For some alternative definitions, see the overview in Janssen, 1993

You do not have access to this content

  • Elgar original reference

Andreas Papatheodorou

2 Microfoundations of tourist choice Andreas Papatheodorou Introduction The knowledge of the formation mechanisms and determinant factors of tourist choice is of primary importance for all tourism stakeholders. From an inner psychological perspective, tourists need to know themselves better, become more informed about the process of decision making and choose destinations and tourist activities that will hopefully increase their utility and prosperity. From the supply side, the deciphering of tourism choice can help service providers and destination policy

You do not have access to this content

Robert U. Ayres and Katalin Martinás

2. Micro-foundations of economics 2.1 THE STANDARD NEOCLASSICAL ECONOMIC MODEL AND SOLOW’S ‘TRINITY’ Economics is only a part (the most quantifiable part) of social science. Even so it is enormously complex. To theorize it is necessary to simplify. Neoclassical economics, which is the creed taught in most universities and textbooks, is a reduced version of the generic social science model, as described briefly in the Introduction. In particular, the description of ‘economic man’ is essentially a caricature. To be fair, this is increasingly recognized within the

You do not have access to this content

  • Elgar original reference

Edited by Geoffrey M. Hodgson, Warren J. Samuels and Marc R. Tool

it is unsupported by any scientific evidence. Keynes helped create the field of macroeconomics by infusing historical time into economic theory to allow questions regarding policy to be dealt with. The theoretical advance which this constituted was not readily appreciated, even by those ‘Keynesians’ who seemed to support the stabilization policy case. Attempts by, for example, James Duesenberry (1949) to build relativistic and Veblen-inspired microfoundations for the consumption function were to be rejected in favour of a neoclassical alternative in postwar

You do not have access to this content

J. E. King

JOBNAME: King PAGE: 1 SESS: 6 OUTPUT: Mon Aug 20 14:30:47 2012 10. The economic methodologists and microfoundations 10.1 INTRODUCTION As we saw in Chapters 5–6, in their discussion of microfoundations mainstream economists have rarely referred either to the philosophy of science or to its application to the methodology of their own subject. Almost all would pay lip-service to methodological individualism, but they would do so without any serious consideration of its implications, or its problems. This lack of engagement with methodological questions has become

You do not have access to this content

J. E. King

JOBNAME: King PAGE: 3 SESS: 6 OUTPUT: Mon Aug 20 14:30:47 2012 2. Microfoundations as a (bad) metaphor 2.1 INTRODUCTION In the 1980s the BBC screened a series of lengthy interviews with leading philosophers (a programming decision that is almost inconceivable today). I have fond memories of one of these broadcasts, in which the interviewer, the philosopher and Labour (later, Social Democrat) MP, Bryan Magee, put a very pertinent question to the great A.J. Ayer. ‘What’, Magee asked him, ‘do you regard as the main difficulty with logical positivism?’ ‘Well’, said