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Transforming Modern Macroeconomics : exploring disequilibrium microfoundations, 1956-2003



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.


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1993/PUP/2016339.5 BAC t c.1Perpustakaan Universitas PertaminaAvailable

Detail Information

Series Title
-
Call Number
339.5 BAC t
Publisher Cambridge University : New York.,
Collation
xx, 215 p. ; 23 cm
Language
English
ISBN/ISSN
9781107023192
Classification
339.5
Content Type
-
Media Type
-
Carrier Type
-
Edition
-
Subject(s)
Specific Detail Info
-
Statement of Responsibility
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