The irreductibility of macro to microeconomics: a methodological approach

Luiz Carlos Bresser-Pereira () and Gilberto Lima

Brazilian Journal of Political Economy, 1996, vol. 16, issue 2, 175-201

Abstract: This paper criticizes the idea, widespread today, of the need to seek microfoundationsfor macroeconomics. The authors argue that these two fields of economics,micro and macroeconomics, use different methodological approaches. Microeconomicsdeals with economic problems according to a logical-deductive methodology, whilemacroeconomics is more characterized by a historical-inductive approach. The attempt toreduce macroeconomics to microeconomics, or vice versa, brings only an impoverishment toscience and economic debate, in which, ideally, there should be room for a great pluralismof ideas and theoretical currents. JEL Classification: B41; E10.

Keywords: Economic methodology; microfoundations of macroeconomics (search for similar items in EconPapers)
Date: 1996
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