Aggregates and Methodological Individualism: A Relational Approach

Alexander William Salter

Berry College

September 1, 2011

New Perspectives on Political Economy 9(1) 2013: 5-28

Methodological individualism, coupled with radical subjectivity, leads naturally to skepticism regarding the objective theoretical value of economic aggregates. I restate the role of aggregates in the methodological individualist paradigm, focusing on the Austrian tradition, in a way consistent with Hodgson’s (2007) critique and emphasize belief and meaning as the relevant channel through which these aggregates operate. Viewing aggregates this way leads to a relational approach which is consistent with formulations made by scholars working within in the methodological individualist paradigm and answers Hodgson’s call for recognition of the importance of interactive relations between individuals.

Number of Pages in PDF File: 32

Keywords: methodological individualism, aggregation, subjectivism, belief, meaning, Austrian economics

JEL Classification: B4, B53

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Date posted: September 7, 2012 ; Last revised: August 16, 2014

Suggested Citation

Salter, Alexander William, Aggregates and Methodological Individualism: A Relational Approach (September 1, 2011). New Perspectives on Political Economy 9(1) 2013: 5-28. Available at SSRN: http://ssrn.com/abstract=2142963 or http://dx.doi.org/10.2139/ssrn.2142963

Contact Information

Alexander William Salter (Contact Author)
Berry College ( email )
Mount Berry, GA 30149
United States
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