Reductionism in Economics: Intentionality and Eschatological Justification in the Microfoundations of Macroeconomics

Philosophy of Science 82 (4):689-711 (2015)
  Copy   BIBTEX

Abstract

Macroeconomists overwhelmingly believe that macroeconomics requires microfoundations, typically understood as a strong eliminativist reductionism. Microfoundations aims to recover intentionality. In the face of technical and data constraints macroeconomists typically employ a representative-agent model, in which a single agent solves the microeconomic optimization problem for the whole economy, and take it to be microfoundationally adequate. The characteristic argument for the representative-agent model holds that the possibility of the sequential elaboration of the model to cover any number of individual agents justifies treating the policy conclusions of the single-agent model as practically relevant. This eschatological justification is examined and rejected

Links

PhilArchive



    Upload a copy of this work     Papers currently archived: 74,174

External links

Setup an account with your affiliations in order to access resources via your University's proxy server

Through your library

Similar books and articles

Why Macroeconomics Does Not Supervene on Microeconomics.Brian Epstein - 2014 - Journal of Economic Methodology 21 (1):3-18.
Does Macroeconomics Need Microfoundations.Kevin D. Hoover - 2008 - In Daniel M. Hausman (ed.), The Philosophy of Economics: An Anthology. Cambridge University Press. pp. 315--333.
The Oxford Handbook of Philosophy of Economics.Harold Kincaid & Don Ross (eds.) - 2009 - Oxford, England: Oxford University Press.
Macroeconomics and Behavioral Finance: A Tale of Two Disciplines.Thomas Russell - 1998 - Vienna Circle Institute Yearbook 5:153-159.
Rationalising Conventions.Seumas Miller - 1990 - Synthese 84 (1):23 - 41.
Sharing and Ascribing Goals.Pierre Jacob - 2012 - Mind and Language 27 (2):200-227.
Brute Luck and Responsibility.Peter Vallentyne - 2008 - Politics, Philosophy and Economics 7 (1):57-80.

Analytics

Added to PP
2015-09-11

Downloads
53 (#219,401)

6 months
3 (#208,566)

Historical graph of downloads
How can I increase my downloads?

Author's Profile

Kevin Hoover
Duke University

Citations of this work

Model Selection in Macroeconomics: DSGE and Ad Hocness.Jaakko Kuorikoski & Aki Lehtinen - 2018 - Journal of Economic Methodology 25 (3):252-264.
First Principles, Fallibilism, and Economics.Kevin D. Hoover - 2018 - Synthese 198 (Suppl 14):3309-3327.
It Takes a Model to Beat a Model.Hsiang-Ke Chao - 2021 - Journal of Economic Methodology 29 (3):252-256.

Add more citations

References found in this work

Experience and Nature.John Dewey - 1925 - Mind 34 (136):476-482.
Why Do Spatiotemporally Restricted Regularities Explain in the Social Sciences?Alex Rosenberg - 2012 - British Journal for the Philosophy of Science 63 (1):1-26.
Is Macroeconomics for Real?Kevin D. Hoover - 1995 - The Monist 78 (3):235-257.

Add more references