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Marx, Capitalism, and Neoclassical Economics | Steve Keen | Escaped Sapiens #65
The Escaped Sapiens Podcast
Aggregating Individuals for Macroeconomics
When transitioning from examining individual persons to macroeconomics, the diversity in people's preferences and transactions poses a challenge. Therefore, it is suggested to aggregate and focus on larger units like a city to analyze economic variables effectively. This approach, as recommended by Alan Kerman, highlights the necessity to think at a higher level of aggregation than individual units. This aligns with the idea that classical economic theory, which emphasized workers and capitalists, was on the right track by considering larger groups rather than isolated individuals.
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