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Fri Mar 31 17:18:49 2006 |
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This discussion seems to have devolved
into simply a discussion of microeconomics,
although some have mentioned such issues as
production, growth, and distribution. Let
me note more generally that if one takes at
all seriously aggregation problems, aka the
fallacy of composition (which applies to many
things besides the usual old textbook Keynesian
investment story), what is going on at the level
of individual choice, whether it is constrained
optimization or robotized slavery or whatever,
may have little to do with a variety of aggregate
(or macro) phenomena that economists surely do
study and take seriously, unless of course one
insists on the supreme reality of the representative
agent model, which I do not personally.
So, this is another reason why the Robbins
definition is at best limited, however useful it
may be for large portions of economics.
Barkley Rosser
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