Macro Theory within a Diachronic, Non-Equilibrium Motif

Abstract

The relation between micro theory and macro theory is necessarily one between the parts of something and the whole of that thing. This simple recognition entails numerous analytical complexities which contemporary macro theories do more to conceal than to reveal, mostly out of a concern with constructing theories that are analytically tractable. I don’t deny the value of analytical tractability, but I also think that from time to time it is good to probe whether some of the analytical fictions invoked in the name of tractability might be overcome thorough some alternative scheme of analysis. In this paper I seek to sketch some contours of a possible bypass. In doing this, I follow up on three joint efforts (Lewis and Wagner 2017), Veetil and Wagner (2015), Caton and Wagner (2015) along with my earlier effort (Wagner 2012a) to treat a macro economy as an ecology of plans. This paper also seeks to extend George Shackle (1972, 1974) and Ludwig Lachman (1956, 1977) by working within a diachronic and non-equilibrium analytical motif.