Discussion Paper
No. 2009-3 |
January 05, 2009
Does Macroeconomics Need Microeconomic Foundations?
Abstract
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” (http://www.economics-ejournal.org/special-areas/special-issues)
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