The Nature of Macroeconomic Laws
This chapter sets out to argue that there is nothing particularly disreputable in doing macroeconomic analysis even if no explicit microeconomic foundation is available. It will be argued, in fact, that macroeconomic laws might possess a certain degree of independence from their microeconomic underpinnings, and that analogies between microeconomic and macroeconomic laws might be misleading.
KeywordsStructural Causation Open Aggregation Aggregation Rule Micro Model Context Dependency
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