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Journal Article

Nr. 2009-23 | June 08, 2009
Sergio Da Silva
Does Macroeconomics Need Microeconomic Foundations? PDF Icon
(Published in Special Issue Reconstructing Macroeconomics)

Abstract

I argue 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.

JEL Classification

B22 B41 C82 D87

Citation

Sergio Da Silva (2009). Does Macroeconomics Need Microeconomic Foundations?. Economics: The Open-Access, Open-Assessment E-Journal, Vol. 3, 2009-23. http://www.economics-ejournal.org/economics/journalarticles/2009-23

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