Routledge Handbook of Macroeconomic Methodology (Routledge International Handbooks)

The present macroeconomic crisis has demonstrated that a deeper understanding of the importance of relevant macroeconomic theories and methods is wanting. Additionally, lack of methodological awareness is behind much of the disagreement within macroeconomics which, looked upon from outside, often appears incomprehensible. The Handbook gives a structured presentation of the study of principles and procedures by which macroeconomics is researched, taught and communicated both within academia and to a wider audience, and why specific theories, research strategies and teaching are preferred. The principles of selecting theory relevant to real-world problems are the core of methodology. This book contains a broad range of arguments behind theory construction and appraisal and the consequences of these choices within the field of macroeconomics. An international range of experts provide clear analysis of key concepts, ideas and principles to give academics, students and others a better understanding of the macroeconomics behind policy conclusions which are put forward at different levels. This book is a presentation of the study of the methods by which macroeconomics is researched, taught and communicated, and why specific theories, research strategies and teaching are preferred. A range of experts provide analysis of the concepts, ideas and principles to give a better understanding of the macroeconomics behind policies. Cover 1 Half Title 4 Title Page 6 Copyright Page 7 Dedication 8 Table of Contents 10 List of Illustrations 14 List of Contributors 16 Preface: How to use this Handbook and Acknowledgments 20 Introduction: The Scope and Content of the Handbook 22 Part I: Philosophy of Science Perspectives 34 1 Methodological Individualism and Macroeconomics 36 2 Deduction, Induction and Abduction 46 3 Instrumentalism 58 4 From Positivism to Naturalism in Macroeconomics 65 5 Holism and the Fallacy of Composition in Macroeconomics 75 6 Macroeconomics and Ethics 85 Part II: Concepts 94 7 Time in Macroeconomics 96 8 Uncertainty and Macroeconomic Methodology 106 9 Path Dependency 121 10 Equilibrium 129 11 Causality and Macroeconomics 142 12 Microeconomic Foundations of Macroeconomics 158 13 Open and Closed Systems 165 14 Money and Macroeconomic Methodology 175 Part III: Schools of Thought 182 15 Classical Political Economy 184 16 Neoclassical Macroeconomics 193 17 Keynes’s Macroeconomic Method 208 18 Post-Keynesian Methodology 218 19 Complexity, Policymaking, and the Austrian Denial of Macroeconomics 229 20 What was Marx’s Method, Actually? 241 21 Methodological Pluralism in Macroeconomics 257 Part IV: Models, Econometrics and Measurement 270 22 Use of Mathematics in Macroeconomic Analysis 272 23 Explanation and Forecasting 287 24 Using Macroeconomic Models in Policy Practice: The Relationship between Models and Reality 297 25 Traditional Methods of Macroeconometrics 311 26 Macro econometrics: The Cointegrated VAR Methodology 324 27 National Accounts and Macroeconomic Methodology 336 Part V: Communicating Macroeconomics 348 28 The Rhetorical Perspective on Macroeconomics: Macroeconomics is Good for Making Sense of the Macroeconomy 350 29 Teaching Macroeconomic Methodology 361 Name Index 370 Index 374 Macroeconomics;,Methodological,Individualism;,Sustainable,Growth;,Political,Economy;,Instrumentalism;,Econometrics Macroeconomics,Methodological Individualism,Sustainable Growth,Political Economy,Instrumentalism,Econometrics "The present macroeconomic crisis has demonstrated that a deeper understanding of the importance of relevant macroeconomic theories and methods is wanting. Additionally, lack of methodological awareness is behind much of the disagreement within macroeconomics which, looked upon from outside, often appears incomprehensible. The Handbook will give a structured presentation of the study of principles and procedures by which macroeconomics is researched, taught and communicated both within academia and to a wider audience, and why specific theories, research strategies and teaching are preferred. The principles of selecting theory relevant to real-world problems are the core of methodology. This book will contain a broad range of arguments behind theory construction and appraisal and the consequences of these choices within the field of macroeconomics. An international range of experts provide clear analysis of key concepts, ideas and principles to give academics, students and others a better understanding of the macroeconomics behind policy conclusions which are put forward at different levels"-- Provided by publisher This Handbook will give a structured presentation of the study of the methods by which macroeconomics is researched, taught and communicated both within academia and to a wider audience, and why specific theories, research strategies and teaching are preferred. An international range of experts provide clear analysis of the concepts, ideas and principles to give academics, students and others a better understanding of the macroeconomics behind policy conclusions which are put forward at different levels.