This is the first full-length survey of current work which examines the compatibility of microeconomics and macroeconomics. Its particular distinction is that it makes accessible, to non-specialists, those extensive modern refinements of general equilibrium theory which are linked to macroeconomics and monetary theory. Part I traces the development and interlocking nature of two scientific research prgrams, macroeconomics and neo-Walrasian analysis. The five chapters in this part examine general equilibrium theory, Keynes' contribution, the 'neoclassical synthesis', and the Clower–Leijonhufvud contributions to questions (...) of systemic coordination. The four chapters of Part II place recent work on the micro-foundations of macroeconomics within a taxonomic scheme of Walrasian equilibrium, Walrasian disequilibrium, Edgeworthian equilibrium, and Edgeworthian disequilibrium. Part III, a single chapter, provides an overview of the subject and ventures some conclusions. (shrink)

Good scientific explanations sometimes appear to make use of averages. Using concrete examples from current economic theory, I argue that some confusions about how averages might work in explanations lead to both philosophical and economic problems about the interpretation of the theory. I formulate general conditions on potentially proper uses of averages to refine a notion of average explanation. I then try to show how this notion provides a means for resolving longstanding philosophical problems in economics and other quantitative social (...) sciences. (shrink)

Advances in molecular biology have generally been taken to support the claim that biology is reducible to chemistry. I argue against that claim by looking in detail at a number of central results from molecular biology and showing that none of them supports reduction because (1) their basic predicates have multiple realizations, (2) their chemical realization is context-sensitive and (3) their explanations often presuppose biological facts rather than eliminate them. I then consider the heuristic and confirmational implications of irreducibility and (...) argue that purely biochemical approaches are likely to be unsound and to be unable to confirm an important range of statements. I conclude by sketching criteria for scientific unity that do not entail reducibility and yet leave an important place for identifying underlying mechanisms. Molecular biology, properly understood, provides an excellent paradigm of non-reductive unity between different explanatory levels. (shrink)

This paper explores the explanatory adequacy of lower-level theories when their higher-level counterparts are irreducible. If some state or entity described by a high-level theory supervenes upon and is realized in events, entities, etc. described by the relevant lower-level theory, does the latter fully explain the higher-level event even if the higher-level theory is irreducible? While the autonomy of the special sciences and the success of various eliminativist programs depends in large part on how we answer this question, neither the (...) affirmative or negative answer has been defended in detail. I argue, contra Putnam and others, that certain facts about causation and explanation show that such lower-level theories do explain. I also argue, however, that there may be important questions about counterfactuals and laws that such explanations cannot answer, thereby showing their partial inadequacy. I defend the latter claim against criticisms based on eliminativism about higher-level explanations and sketch a number of empirical conditions that lower-level explanations would have to meet to fully explain higher-level events. (shrink)

This 1989 book is intended as an introductory survey of the philosophy of the social sciences. It is essentially a work of exposition which offers a toolbox of mechanisms - nuts and bolts, cogs and wheels - that can be used to explain complex social phenomena. Within a brief compass, Jon Elster covers a vast range of topics. His point of departure is the conflict we all face between our desires and our opportunities. How can rational choice theory help us (...) understand our motivation and behaviour? More significantly, what happens when the theory breaks down but we still cleave to a belief in the power of the rational? Elster describes the fascinating range of forms of irrationality - wishful thinking, the phenomenon of sour grapes, discounting the future in noncooperative behaviour. This is a remarkably lucid and comprehensive introduction to the social sciences for students of political science, philosophy, sociology and economics. (shrink)

This paper contributes to the recently renewed debate over methodological individualism (MI) by carefully sorting out various individualist claims and by making use of recent work on reduction and explanation outside the social sciences. My major focus is on individualist claims about reduction and explanation. I argue that reductionist versions of MI fail for much the same reasons that mental predicates cannot be reduced to physical predicates and that attempts to establish reducibility by weakening the requirements for reduction also fail. (...) I consider and reject a number of explanatory theses, among them the claims that any adequate theory must refer only to individuals and that individualist theory suffices to explain fully. The latter claim, I argue, is not entailed by the supervenience of social facts on individual facts. Lastly, I argue that there is one individualist restriction on explanation which is far more plausible and significant than one would initially suspect. (shrink)