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The Mainstream Obsession with Microfoundations and why it is an intellectual dead-end

Steve Keen
ProfSteveKeen, 2016
Level: advanced
Perspectives: Complexity Economics, Post-Keynesian Economics
Topic: Reflection of Economics
Format: Lecture / Presentation
Duration: 01:34:08
Link: https://www.youtube.com/watch?v=xKxzxhocTtI

Keen first compares neoclassical approaches to modelling with heterodox ones. Then he discusses in length the required assumptions and the inconsistencies of the aggregate demand and supply model, which is extrapolated from a micro perspective. At the end some dynamic models with feedback mechanisms are shown.

Go to: The Mainstream Obsession with Microfoundations and why it is an intellectual dead-end

Tags: consumption | demand | dynamics | equilibrium | firm | heterodoxy | income distribution | indifference curves | luxury goods | mainstream critique | mainstream economics | marginal productivity | modelling | neoclassical economics | production | Sonnenschein-Mantel-Debreu | Sraffa | supply | theory of the firm
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