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  • Micro- or macro-moralities? Economic discourses and policy possibilities

    Author(s)
    Best, Jacqueline
    Widmaier, Wesley
    Griffith University Author(s)
    Widmaier, Wesley
    Year published
    2006
    Metadata
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    Abstract
    This paper highlights the ethical implications of the distinction between micro- and macroeconomics, arguing that the methodological emphasis on establishing microfoundations has hardened into a liberal-individualist normative bias. We first argue that the key difference between micro- and macroeconomics is less any ostensible concern for small- or large-scale processes than a value-laden emphasis on the priority of private or public interests. We then show how these methodological assumptions have structured policy debates over the past century, from the emergence of Keynesian macroeconomics in the aftermath of the Great ...
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    This paper highlights the ethical implications of the distinction between micro- and macroeconomics, arguing that the methodological emphasis on establishing microfoundations has hardened into a liberal-individualist normative bias. We first argue that the key difference between micro- and macroeconomics is less any ostensible concern for small- or large-scale processes than a value-laden emphasis on the priority of private or public interests. We then show how these methodological assumptions have structured policy debates over the past century, from the emergence of Keynesian macroeconomics in the aftermath of the Great Depression to the more recent neoliberal emphasis on policy credibility. This analysis highlights the unappreciated ethical components of policy debates in the age of globalization, and the ways in which methodological biases infuse even the most ostensibly positive models with normative implications.
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    Journal Title
    Review of International Poliitical Economy
    Volume
    13
    Issue
    4
    DOI
    https://doi.org/10.1080/09692290600839881
    Subject
    Political Science not elsewhere classified
    Applied Economics
    Policy and Administration
    Political Science
    Publication URI
    http://hdl.handle.net/10072/59934
    Collection
    • Journal articles

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