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Published in:
1985 | OriginalPaper | Chapter
The Nature of Macroeconomic Laws
Author : Prof. Dr. Ekkehart Schlicht
Published in: Isolation and Aggregation in Economics
Publisher: Springer Berlin Heidelberg
Included in: Professional Book Archive
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This chapter sets out to argue that there is nothing particularly disreputable in doing macroeconomic analysis even if no explicit microeconomic foundation is available. It will be argued, in fact, that macroeconomic laws might possess a certain degree of independence from their microeconomic underpinnings, and that analogies between microeconomic and macroeconomic laws might be misleading.