Discussion Paper

No. 2009-3 | January 05, 2009
Does Macroeconomics Need Microeconomic Foundations?


The author argues that it is microeconomics that needs foundations, not macroeconomics. Preferences need to be built on biology, and, in particular, on neuroscience. In contrast, macroeconomics could benefit from rationalizations of aggregate economic phenomena by non-equilibrium statistical physics.

Paper submitted to the special issue “Reconstructing Macroeconomics”

JEL Classification:

B22, B41, C82, D87



Cite As

Sergio Da Silva (2009). Does Macroeconomics Need Microeconomic Foundations? Economics Discussion Papers, No 2009-3, Kiel Institute for the World Economy. http://www.economics-ejournal.org/economics/discussionpapers/2009-3

Comments and Questions

Anonymous - Reader Comment
February 23, 2009 - 09:06

see attached file

Anonymous - Referee Report
June 03, 2009 - 09:10

see attached file

Sergio Da Silva - Response to Reviewers
June 08, 2009 - 10:26

see attached file