We propose two different macroscopic dynamics to describe the decay of metastable phases in many-particle systems with local interactions. These dynamics depend on the macroscopic order parameter m through the restricted free energy F (m) and are designed to give the correct equilibrium distribution for m. The connection between macroscopic dynamics and the underlying microscopic dynamic are considered in the context of a projectionoperator formalism. Application to the square-lattice nearest-neighbor Ising ferromagnet gives good agreement with droplet theory and Monte Carlo simulations of the underlying microscopic dynamic. This includes quantitative agreement for the exponential dependence of the lifetime τ on the inverse of the applied field H, and the observation of distinct field regions in which Λ ≡ d ln τ /d|H| 1−d depends differently on |H|. In addition, at very low temperatures we observe oscillatory behavior of Λ with respect to |H|, due to the discreteness of the lattice and in agreement with rigorous results. Similarities and differences between this work and earlier works on finite Ising models in the fixed-magnetization ensemble are discussed.PACS Numbers: 64.60 My, 64.60 Qb, 02.70.Lq, 05.50 +q Typeset using REVT E XRecently, complex-valued constrained free energies were numerically obtained for both the two-dimensional nearest-neighbor Ising ferromagnet [11,12] and for models with weak