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 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)

Macroeconomists overwhelmingly believe that macroeconomics requires microfoundations, typically understood as a strong eliminativist reductionism. Microfoundations aims to recover intentionality. In the face of technical and data constraints macroeconomists typically employ a representative-agent model, in which a single agent solves the microeconomic optimization problem for the whole economy, and take it to be microfoundationally adequate. The characteristic argument for the representative-agent model holds that the possibility of the sequential elaboration of the model to cover any number of individual agents justifies treating (...) the policy conclusions of the single-agent model as practically relevant. This eschatological justification is examined and rejected. (shrink)

The dominant view among macroeconomists is that macroeconomics reduces to microeconomics, both in the sense that all macroeconomic phenomena arise out of microeconomic phenomena and in the sense that macroeconomic theory—to the extent that it is correct—can be derived from microeconomic theory. More than that, the dominant view believes that macroeconomics should in practice use the reduced microeconomic theory: this is the program of microfoundations for macroeconomics to which the vast majority of macroeconomists adhere. The "microfoundational" models that they actually (...) employ are, however, characterized by another feature: they are highly idealized, even when they are applied as direct characterizations of actual data, which itself consists of macroeconomic aggregates. This paper explores the interrelationship between reductionism and idealization in the microfoundational program and the role of idealization in empirical modeling. (shrink)

Finanskrisen har satt fornyet fokus på den praktiske betydningen av samfunnsøkonomifaget. I det følgende vil jeg diskutere fagets problematiske posisjon i overgangen mellom teori og praksis. Dette danner utgangspunkt for min påstand om at økonomene bærer et moralsk ansvar for hvordan faget direkte og indirekte legger premisser for økonomisk politikk og dermed også for den økonomiske utviklingen i samfunnet, finanskrisen inkludert. Jeg vil argumentere for at dette påkaller en etisk og epistemologisk bevisstgjøring av samfunnsøkonomiprofesjonen, og jeg antyder noen forslag til (...) hvordan dette kan angripes. (shrink)

Scientific pluralism is an issue at the forefront of philosophy of science. This landmark work addresses the question, Can pluralism be advanced as a general, philosophical interpretation of science?