Does Macroeconomics Need Microeconomic Foundations?

Sergio Da Silva ()

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

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: C82 B41 B22 D87 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-hpe, nep-mac and nep-neu
Date: Written
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Persistent link: http://EconPapers.repec.org/RePEc:zbw:ifwedp:7482

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