5 Holism and the fallacy of composition in macroeconomics
Victoria Chick and Jesper Jespersen
Introduction: from parts to the whole
The word ‘holism’ comes, remarkably, from Jan Smuts.1 His book Holism and Evolution (1926) was written in a period when he was leader of the opposition in South Africa, when we suppose he felt the duties left time for such an undertaking. The book is an exercise in natural history, a passion of his from his time in the University of Cambridge. He defines ‘holism’ as ‘the fundamental factor operative towards the creation of wholes in the universe’. It lays out a plan for nature’s actions at several different levels, which, it is openly acknowledged, is only ever partly realised – hence ...
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