Brian Epstein

In recent years, the project of providing microeconomic foundations for macroeconomics has taken on new urgency. Some philosophers and economists have challenged the project, both for the way economists actually approach microfoundations and for more general anti-reductionist reasons. Reductionists and anti-reductionists alike, however, have taken it to be trivial that the macroeconomic facts are exhaustively determined by microeconomic ones. In this paper, I challenge this supposed triviality. I argue that macroeconomic properties do not even globally supervene on microeconomic ones. This is simply a consequence of the difference in the explanatory goals of the respective fields, which implicitly carve out the microeconomic property set in such a way that it underdetermines macroeconomic properties. It means, however, that microeconomics-based foundations for macroeconomics are inadequate in principle.

Are the standards of reasoning and rationality in divination, religious practice, and textual exegesis different from those in the sciences? Can there be different standards of reasoning and rationality at all? The intense “rationality debate” of the 1960s, 70s, and 80s focused on these questions and the related problems of relativism across cultures and systems of practice. Although philosophers were at the center of these debates at the time, they may appear to have abandoned the question in recent years. On the contrary, I discuss recent developments in philosophy that approach the issue from a number of new directions, changing our understanding of reasoning and rationality. I argue that, in comparing the diviner to the scientist, focusing on reasoning is likely to be a red herring. Instead, I argue that a careful treatment of rationality, paying particular attention to its context-dependence, untangles longstanding confusions. Moreover, it points the way forward to investigating modest but interesting ways for there to be alternative standards of rationality.