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Macroeconomics as Systems Theory: Setting the Stage

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Macroeconomics as Systems Theory

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Abstract

This chapter explores what happens to the material of macroeconomics once it is recognized that contemporary economies are far too complex to be treated plausibly as objects of aggregate planning. Macroeconomics is reconceptualized in terms of theories of emergence and spontaneous ordering. A macro economy is thus analyzed as a continually evolving ecology of plans. All action in society occurs on the micro and meso-levels, with macro outcomes emerging out of interactions at those lower levels. While the book affirms the significance of micro-foundations for macro analysis, it also affirms the significance of macro-foundations for micro analysis. In short, macroeconomics becomes a form of economic sociology.

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Authors and Affiliations

  1. Department of Economics, George Mason University, Fairfax, VA, USA

    Richard E. Wagner

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  1. Richard E. Wagner
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Correspondence to Richard E. Wagner .

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Wagner, R.E. (2020). Macroeconomics as Systems Theory: Setting the Stage. In: Macroeconomics as Systems Theory. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-44465-5_1

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  • DOI: https://doi.org/10.1007/978-3-030-44465-5_1

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  • Publisher Name: Palgrave Macmillan, Cham

  • Print ISBN: 978-3-030-44464-8

  • Online ISBN: 978-3-030-44465-5

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