Microfoundations: The Compatibility of Microeconomics and Macroeconomics

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Cambridge University Press, Feb 28, 1979 - Business & Economics - 175 pages
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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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Contents

Points of entry
3
Development of the neoWalrasian program 193060
19
The 4827th reexamination of Keynes system
38
The neoWalrasian synthesis
55
General systemic coordination
69
Introduction
87
Walrasian equilibrium models
89
Walrasian disequilibrium theory
109
Edgeworthian equilibrium
128
Edgeworth disequilibrium analysis
141
PART III
155
A brief conclusion
157
Bibliography
163
Index of names
172
Subject index
174
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