Abuse Of Macrofoundations

David Goalstone

Chapter 19 in Macrofoundations of Political Economy and Development, 2007, pp 179-186 from Palgrave Macmillan

Abstract: Abstract During the dying days of the Soviet Empire I attended a conference in Budapest. One of the participants asked about my research interests. I replied: “macrofoundations of economics.” With a look of shock that could not be masked, he blurted out, “Oh! we tried that! It doesn’t work!” I tried to calmly assure him that I respected the importance of both micro and macro foundations. He was too agitated to listen: “We tried that! It doesn’t work!”

Keywords: Marginal Product; Power Optimum; Perfect Competition; Surplus Output; Subsistence Consumption (search for similar items in EconPapers)
Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-60431-5_19

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DOI: 10.1057/9780230604315_19

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