Macroeconomic Theory Must Be Independent of Human Psychology and Anthropology

Textbooks must present a theory of macroeconomics independent of human psychology and anthropology.

A theory of macroeconomic dynamics is constituted by laws which are conceptually prior to and more fundamental than psychological categories such as utility, time preference, rational expectations, irrational behaviorism, etc..  The theory will present the laws and norms to which human psychology must adapt.

Accounting is an exercise within common sense.  As such, it is descriptive rather than explanatory, and psychological rather than scientific. (Continue reading)

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