Re: Keynes' Critique

[BMOORE@xxxxxxxxxxxxxxxxxx]

Dear Paul
    I think the debate about microfoundations for macro, and the lack
of same, can be finessed in the following way. If the real world is a
nonlinear system, i.e. chaotic, one cannot get from the
microfoundations to the macro phenomena. Technically, the system has
no closed form solution.  Even if one could write down the
"microfoundations", which one can't, one could not deduce the
behaviour of the macrosystem. One cannot get the properties of the
ocean from h2o: the whole is always biger than the sum of its parts.

Basil Moore