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dc.contributor.authorSkott, Peteren_US
dc.date.accessioned2012-03-06en_US
dc.date.accessioned2012-09-25T07:19:41Z-
dc.date.available2012-09-25T07:19:41Z-
dc.date.issued2012en_US
dc.identifier.urihttp://hdl.handle.net/10419/64241-
dc.description.abstractMainstream macroeconomics has pursued 'micro founded' models based on the explicit optimization by representative agents. The result has been a long and wasteful detour. But elements of the Lucas critique are relevant, also for heterodox economists. Challenging common heterodox views on microeconomics and formalization, this paper argues that (i) economic models should not be based purely on empirically observed regularities, (ii) heterodox economists must be able to tell an integrated story about goal-oriented micro behavior in a specific macro environment, and (iii) relatively simple analytical models have an essential role to play.en_US
dc.language.isoengen_US
dc.publisherUniv. of Massachusetts, Dep. of Economics Amherst, Mass.en_US
dc.relation.ispartofseriesWorking Paper, University of Massachusetts, Department of Economics 2012-04en_US
dc.subject.jelE1en_US
dc.subject.jelB5en_US
dc.subject.ddc330en_US
dc.subject.keywordmicro foundationsen_US
dc.subject.keywordpluralismen_US
dc.subject.keywordold Keynesian theoryen_US
dc.subject.keywordKaleckian investment functionen_US
dc.titlePluralism, the Lucas critique, and the integration of macro and microen_US
dc.typeWorking Paperen_US
dc.identifier.ppn687958261en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:Working Papers, Department of Economics, University of Massachusetts

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