Cherchez la Firme. Redressing the Missing Meso Middle in Mainstream Economics
Aristotle warned against a ‘missing middle’ in logic (Gk Mesos – middle; intermediate). This paper submits that one of the reasons why there has been next no major breakthrough in macroeconomics since the financial crisis of 2007-2008, has been a missing middle in the micro-macro syntheses of mainstream economics – constrained by partial and general equilibrium premises. It proposes that transcending this requires recognition that large and multinational corporations (between small micro firms and macro outcomes – yet also influencing both) merit the concept of mesoeconomics. Drawing on earlier applications, the paper relates this concept to the reasons for ‘too big to fail’ and suggests implications for both research and policies to gain institutional accountability of global big business. Including how a meso dimension to input-output could gain transparency on risk-prone financial transactions by banks and transfer pricing by multinational corporations and even on global warming. It also offers an invitation to interested scholars to join a post-Keynesian and post-Marxian mesoeconomics research network within an evolutionary economics perspective.