Book

Transforming modern macroeconomics : the search for disequilibrium microfoundations, 1956-2003

Backhouse, Roger, 1951-, Boianovsky, Mauro

Overview

\"This book tells the story of the search for non-Walrasian micro-foundations for macroeconomic theory, from the disequilibrium theories of Patinkin, Clower, and Leijonhufvud to recent dynamic stochaotic general equilibrium models with imperfect competition. Placing this search against the background of wider developments in macroeconomics, the authors contend that this was never a single research program, but involved economists with very different aims who developed the basic ideas about quantity constraints, spillover effects, and coordination failures in different ways. The authors contrast this with the equilibrium approach of Phelps and Lucas, arguing that equilibrium theories simply assumed away the problems that had motivated the disequilibrium literature. Although equilibrium Walrasian models came to dominate macroeconomics, non-Walrasian theories never went away and continue to exert an important influence on the subject. Although this book focuses on one strand in modern macroeconomics, it is crucial to understanding the origins of modern macroeconomic theory\"-- Provided by publisher.

• Publisher: Cambridge University Press
• Subject: Macroeconomics History. / Equilibrium (Economics) History. / BUSINESS & ECONOMICS / Economic History.
• ISBN: 9781107023192, 110702319X

Item info:

1 item available

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Holdings :

Call Number	Copies	Material	Location
HB172.5.B3335 2013	1	BOOK	BUSINESS