Heterodox Microfoundations: A Methodological Appraisal

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Heterodox Microfoundations: A Methodological Appraisal

Please use this identifier to cite or link to this item: http://hdl.handle.net/10355/10076

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Title: Heterodox Microfoundations: A Methodological Appraisal
Author: Jo, Tae-Hee
Keywords: Macrofoundation
Mesofoundation
Date: 2011-03-01
2007
Publisher: Interdisciplinary Doctoral Student Council at the University of Missouri- Kansas City
Citation: Journal of Interdisciplinary Research, Volume 1, Number 1, pp. 93-111
Abstract: This paper examines underlying methodological commitments in orthodox and heterodox approaches to micro and macro. Identifying methodological advantages and drawbacks of existing microfoundations, macrofoundations, and mesofoundations, I uphold the need for the heterodox microfoundations of macroeconomics which is centered on the casual mechanisms of an economic system. By this, we are capable of analyzing micro- and macroreality which are recursively interrelated. In addition, the fallacy of macroreductionism and central-reductionism can be avoided. One way of articulating the heterodox microfoundations is to utilize a circular production input-output matrix of a capitalist system combined with the price system. Such a framework is consistent with heterodox economics at the methodological and theoretical level.
URI: http://hdl.handle.net/10355/10076
ISSN: 1937-2647

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