By Philip Pilkington
Fixing the Economists Article of the Week
Kevin Hoover, although not generally well-known in Post-Keynesian circles, is easily one of the most interesting economists writing on epistemology and ontology today. He was originally an applied macroeconomist but, like anyone who is remotely philosophically literate, he quickly began to see an awful lot of problems with both the econometric approach and with the models that were generally being used — most particularly, microfounded macroeconomic models.
In his article Microfoundations and the Ontology of Macroeconomics he makes any number of interesting points. One that Lars Syll recently picked up on and which I highlighted in a book review last year is that the Rational Agent in microfounded models is an