How Economics Should Be Done
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How Economics Should Be Done

Essays on the Art and Craft of Economics

David C. Colander and Huei-Chun Su

David Colander has been writing about economic methodology for over 30 years, but he goes out of his way to emphasize that he does not see himself as a methodologist. His pragmatic methodology is applicable to what economists are doing and attempts to answer questions that all economists face as they go about their work. The articles collected in this volume are divided, with the first part providing a framework underlying Colander’s methodology and introducing Colander’s methodology for economic policy within that framework. Part two presents Colander’s view on the methodology for microeconomics, while part three looks at Colander’s methodology for macroeconomics. The book closes with discussions of broader issues.
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Chapter 10: THE MACROFOUNDATIONS OF MICRO

Essays on the Art and Craft of Economics

David C. Colander

Extract

In the opening chapter of his pathbreaking textbook, Paul Samuelson reproduced a picture from N. R. Hanson's Patterns of Discovery [1961]. From one perspective it looked like a picture of antelopes; from another perspective, it looked like a picture of birds. The point of the example was that the same reality can look fundamentally different depending on one's perspective and that revolutions in a discipline occur through these changes in perspective.

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