torekp comments on The real difference between Reductionism and Emergentism - Less Wrong Discussion
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Your treatment seems to paint Reductionism as an epistemic thesis about explanation. That's consistent with some philosophical treatments, but there's also a (merely) ontological thesis that goes by the name "Reductionism". I think EY has an ontological thesis in mind, although I'm very tentative about that.
I think he might have an ontological claim in mind as well, although I can't see how anyone could get at the ontology without going through the epistemology.