This approach seems to me to be the only way for solving the "complexity problem" in macroeconomics, but I would like to hear of other possibilities. The implication of having to accept this approach are provided in my working paper SSRN 2865571 "Einstein's Criterion Applied to Logical Macroeconomics Modeling" (see attachment) and the development of this model for use are in my recent 310 page book, "Consequential Macroeconomics", also attached.
This is a very important question. In general, economists have struggled with it. The mainstream uncritically accepts that a macroeconomic framework has to be built on micro agents making optimal decisions. Post Keynesians in particular ( Structuralists too) emphasize "downward causation" and several paradoxes that make it impossible to sum up the optimizing micro agents into macro aggregates. Simon Wren-Lewis, I think, has some very good papers on this topic. J. E. King also has a very good discussion in his Advanced Introduction to P. K. Economics.
Economics originated when property acquired rights to be possessed by an individual or a group for their own use. Exchange between the owners’ – individuals or the one in control of a group – originated exchange or trade. Natural instinct to gather or grow property and its utilization grew proportionately with the development of intelligent factors – the macro economics.
The intelligentsia who penetrate deep into micro factors that controls the titbits of trade, commerce and other utilization of it shapes micro economics.
For a common citizen it is economy in their daily life and for a primitive it is of no utility in their life.
This is a very important question. In general, economists have struggled with it. The mainstream uncritically accepts that a macroeconomic framework has to be built on micro agents making optimal decisions. Post Keynesians in particular ( Structuralists too) emphasize "downward causation" and several paradoxes that make it impossible to sum up the optimizing micro agents into macro aggregates. Simon Wren-Lewis, I think, has some very good papers on this topic. J. E. King also has a very good discussion in his Advanced Introduction to P. K. Economics.
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