Does Macroeconomics Need Microeconomic Foundations?

Sergio Da Silva

No 2009-3, Economics Discussion Papers from Kiel Institute for the World Economy (IfW Kiel)

Abstract: The author argues 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.

Keywords: Microfoundations; neuroeconomics; econophysics (search for similar items in EconPapers)
JEL-codes: B22 B41 C82 D87 (search for similar items in EconPapers)
Date: 2009
New Economics Papers: this item is included in nep-hpe, nep-mac and nep-neu
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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Journal Article: Does Macroeconomics Need Microeconomic Foundations? (2009)
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:ifwedp:7482

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