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dc.contributor.authorSkott, Peteren
dc.date.accessioned2012-03-06-
dc.date.accessioned2012-09-25T07:19:41Z-
dc.date.available2012-09-25T07:19:41Z-
dc.date.issued2012-
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
dc.language.isoengen
dc.publisher|aUniversity of Massachusetts, Department of Economics |cAmherst, MAen
dc.relation.ispartofseries|aWorking Paper |x2012-04en
dc.subject.jelE1en
dc.subject.jelB5en
dc.subject.ddc330en
dc.subject.keywordmicro foundationsen
dc.subject.keywordpluralismen
dc.subject.keywordold Keynesian theoryen
dc.subject.keywordKaleckian investment functionen
dc.titlePluralism, the Lucas critique, and the integration of macro and micro-
dc.typeWorking Paperen
dc.identifier.ppn687958261en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:ums:papers:2012-04en

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