Notes on the Historical Approach as a Methodology of Macroeconomics: A Critique to Contemporary Macroeconomics

Ichihashi Masaru

IDEC DP2 Series

This paper proposes a path for macroeconomic analysis as an alternative to orthodox analysis because the latter cannot successfully describe the reality of an economic society with the following essential features: 1) the structure of the macroeconomy is basically a system open to the outside; 2) variables within the system are frequently affected by factors outside the system; 3) variables are constantly being influenced by newly emerging factors; 4) the subject of analysis is an aggregate rather than individuals; 5) people usually behave by considering the situation and changing their initial plans; 6) interdependency and feedback form the basic structure; and 7) people do not always behave rationally, and they tend to have some bias in their cognition. If economic society presents all these inevitable features, historical analysis as an evolutionary perspective might be an alternative method for economists.

Macroeconomic Analysis

Positive Economic Study

Historical Analysis

Evolutionary Theory

Economic Developments

JEL: B22

JEL: B41

JEL: B52

JEL: N01

eng

広島大学大学院国際協力研究科