Abstract
Macroeconomics became a distinct discipline as a consequence of Keynes’s General Theory. He argued that the ‘sum of the parts’ often differs from a simple aggregation of the parts, as practised in methodological individualism. Judging the whole from the behaviour of a part leaves out viral feedbacks and risks the fallacy of composition.
But, when it comes to applications, most macro-systems are too complex to be analysed as a whole. Much of the success of a system-theoretic approach to the macroeconomy depends on decisions about how to parcel the system up into relevant sub-parts for analysis. Perhaps the first step into a macroeconomic analysis should be to describe a procedure for setting up dividing lines to establish semi-closures, where the holistic nature of the economy as a whole under study is recognised and fits together coherently in a second analytical round.
But, when it comes to applications, most macro-systems are too complex to be analysed as a whole. Much of the success of a system-theoretic approach to the macroeconomy depends on decisions about how to parcel the system up into relevant sub-parts for analysis. Perhaps the first step into a macroeconomic analysis should be to describe a procedure for setting up dividing lines to establish semi-closures, where the holistic nature of the economy as a whole under study is recognised and fits together coherently in a second analytical round.
Originalsprog | Engelsk |
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Titel | Routledge Handbook of Macroeconomic Methodology |
Redaktører | Jesper Jespersen, Victoria Chick, Bert Tieben |
Antal sider | 10 |
Udgivelsessted | Abingdon, Oxon |
Forlag | Routledge |
Publikationsdato | 20 jun. 2023 |
Udgave | 1 |
Sider | 54-63 |
Kapitel | 5 |
ISBN (Trykt) | 9781138816626, 9781032463490 |
ISBN (Elektronisk) | 9781315745992 |
DOI | |
Status | Udgivet - 20 jun. 2023 |
Navn | Routledge International Handbooks |
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