Son of unit roots -Reply -Reply -Reply

[Paul Davidson <PB108928%UTKVM1.BITNET@xxxxxxxxxxxxxxxxx>]

FROM:  Paul Davidson
"      Holly Chair of Excellence in Political Economy
"      University of Tennessee, Knoxville, Tn. 37996-0550
Dear Laura and Phillippe: The question is how many axioms of micro do we need f
or a general theory. It is not that macro-- dictates micro Phillippe, it is tha
t a general theory requires fewer axioms than those underlying standard
Walrasian general equilibrium economics. And when we add the necessary
additional axioms to get a Walrasian, arrow-Debreu etc classical system, we
obtain a system that has characterisitcs on the micro-level (as well as the
macrolevel) that do not match the "facts of experience". Do not be foolish
and throw all of the classical baby axioms out with the bathwater. Some
axioms are necessary for any deductive theory. And without any axioms we only
have fables discussed in the Tower of Babel.

Have a good day! Paul
email address: PB108928@xxxxxxxxxxxxxx
fax# (615)974-1686
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