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A macroeconomics of social contracts

Wilkinson, Thomas 2013. A macroeconomics of social contracts. PhD Thesis, Cardiff University.
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This thesis sets out the case and foundations for a new way to think about, and model, Macroeconomics. This framework aims to describe the fluctuations and differing growths of economies, not in terms of the choice and exchange of Microeconomics, but rather in terms of the enforcement relationships that allow that exchange and other cooperation between people. It first establishes just why this is necessary, with a thorough methodological critique of the way Macroeconomics is done right now. It then presents computational models of two presumably competing kinds of enforcement relationship. The first of these is the third party supervision that we are most familiar with as enforcement from every day life, and which has received some of the longest running philosophical discussion. This hierarchical model reproduces economic fluctuations, through occasional collapses of large parts of the hierarchy. To assess the scientific merit of this model on the terms of conventional Macroeconomics, I develop a compatible hypothesis testing strategy. The second kind of enforcement considered is what would commonly be called peer pressure. For this I derive a preliminary result, that would allow further development of an overarching research program.

Item Type: Thesis (PhD)
Status: Unpublished
Schools: Business (Including Economics)
Subjects: H Social Sciences > HB Economic Theory
Funders: ESRC
Date of First Compliant Deposit: 30 March 2016
Last Modified: 19 Mar 2016 23:40

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