Some issues surrounding the reduction of macroeconomics to microeconomics

Philosophy of Science 51 (4):573-594 (1984)
This paper examines the relationship between modern theories of microeconomics and macroeconomics and, more generally, it evaluates the prospects of theoretically reducing macroeconomics to microeconomics. Many economists have shown strong interest in providing "microfoundations" for macroeconomics and much of their work is germane to the issue of theoretical reduction. Especially relevant is the work that has been done on what is called The Problem of Aggregation. On some accounts, The Problem of Aggregation just is the problem of reducing macroeconomics to microeconomics. I show how to separate these problems and then try to determine to what extent particular kinds of solutions to The Problem of Aggregation succeed in reducing macroeconomics to microeconomics as well. I argue that reduction is not possible by this means given the current state of microeconomics. I also describe how reduction may be possible by means of (dis)aggregation if microeconomics is supplemented in a certain way with the results of experimental research on individual economic agents
Keywords No keywords specified (fix it)
Categories (categorize this paper)
 Save to my reading list
Follow the author(s)
My bibliography
Export citation
Find it on Scholar
Edit this record
Mark as duplicate
Revision history Request removal from index
Download options
PhilPapers Archive

Upload a copy of this paper     Check publisher's policy on self-archival     Papers currently archived: 9,351
External links
  • Through your library Configure
    References found in this work BETA

    No references found.

    Citations of this work BETA
    Alan J. Nelson (1990). Social Science and the Mental. Midwest Studies in Philosophy 15 (1):194-209.
    Similar books and articles

    Monthly downloads

    Added to index


    Total downloads

    24 ( #60,979 of 1,088,374 )

    Recent downloads (6 months)

    1 ( #69,601 of 1,088,374 )

    How can I increase my downloads?

    My notes
    Sign in to use this feature

    Start a new thread
    There  are no threads in this forum
    Nothing in this forum yet.