Thursday, September 28, 2006

 

"Take care of the Micro..."

After reading this list (nod to the Door), I pondered a statement I made yesterday to a friend. Is it a fallacy of composition to say, "Take care of the micro and the macro will take care of itself." or is it MORE of a fallacy of composition to make the assumptions of aggregation Macro makes in its assertions?
Nathan

Comments:
What does it mean to "take care of" micro- and macro-economics?
 
Travis beat me to it.
Same question.
 
Take care = Study and employ in developing economic models.
Sheldon Richman at FEE coined the phrase, as far as I can tell, in this article:
http://www.fee.org/publications/the-freeman/article.asp?aid=5578

The final paragraph:
People are so much smarter living day to day in the microworld than they are designing the macroworld. The rationalism of the social engineer’s laboratory is a curse that has brought untold misery. A popular slogan goes,“Think globally, act locally.” Jacobs’s work suggests a better if less romantic one: “Take care of the micro and the macro will take care of itself.”
 
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