The Two Components Explaining The Concrete Economic Process

One cannot help but think that Bernard Lonergan had Functional Macroeconomic Dynamics clearly in mind as he treated the intelligibility of world process in CWL 3, Insight: …, which book is very much an implementation or explanation of the acts of understanding of mathematicians and natural scientists.  In his own understanding of mathematics, the natural sciences, and the science of macroeconomics in particular, he grasped that the explanation of the dynamic concrete economic process is expressed by a conjoining of component abstract primary relationships with concrete secondary determinations from the non-systematic manifold of actual occurrences.  And these secondary determinations, such as particular prices and quantities, are to be interpreted in the light of the significant, abstract, explanatory variables rather than in the obscurity of the macrostatic IS-LM, and AD-AS models. (Continue reading)

Leave a Reply