Microfoundations: The Compatibility of Microeconomics and Macroeconomics
This is the first full-length survey of current work which examines the compatibility of microeconomics and macroeconomics. Its particular distinction is that it makes accessible, to non-specialists, those extensive modern refinements of general equilibrium theory which are linked to macroeconomics and monetary theory. Part I traces the development and interlocking nature of two scientific research prgrams, macroeconomics and neo-Walrasian analysis. The five chapters in this part examine general equilibrium theory, Keynes' contribution, the 'neoclassical synthesis', and the Clower-Leijonhufvud contributions to questions of systemic coordination. The four chapters of Part II place recent work on the micro-foundations of macroeconomics within a taxonomic scheme of Walrasian equilibrium, Walrasian disequilibrium, Edgeworthian equilibrium, and Edgeworthian disequilibrium. Part III, a single chapter, provides an overview of the subject and ventures some conclusions.
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Points of entry
Development of the neoWalrasian program 193060
The 4827th reexamination of Keynes system
The neoWalrasian synthesis
General systemic coordination
Walrasian equilibrium models
Walrasian disequilibrium theory
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ADM model agents aggregate supply allocation analysis argue argument assumptions auctioneer behavior blocking coalition bundle Chapter choice commodities comparative static competitive equilibrium constraint consumer consumption core disequilibrium dynamic economic theory economists Edgeworth Edgeworthian effective demand employment entailed equation equilibrium models equilibrium system equilibrium theory examine excess demand functions exchange existence feasible firms framework future Glower Grandmont Hahn Hicks income individual interest rate intertemporal involve Keynes Keynesian Keynesian economics labor market least as desirable Leijonhufvud liquidity trap logical macro macroeconomists Marshallian mathematical ment micro microfoundations of macroeconomics monetary theory money wages neo-Walrasian model neo-Walrasian program neo-Walrasian system numeraire optimal outcomes output Pareto Pareto optimal Pareto-efficient Patinkin period Post-Keynesian price adjustment price expectations problem production quantity questions Radner reasoning recontracting research program result sequence stability structure suggested tatonnement temporary equilibrium theoretic theorists tions trade transactions uncertainty utility Value and Capital Walras Walrasian equilibrium Walrasian system