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Transforming Modern Macroeconomics

Exploring Disequilibrium Microfoundations, 1956-2003

Roger E Backhouse, Mauro Boianovsky
187,45 €
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Description

This book tells the story of the search for disequilibrium micro-foundations for macroeconomic theory, from the disequilibrium theories of Patinkin, Clower, and Leijonhufvud to recent dynamic stochastic 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, market-clearing approach of Phelps and Lucas, arguing that equilibrium theories simply assumed away the problems that had motivated the disequilibrium literature. Although market-clearing models came to dominate macroeconomics, disequilibrium 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.

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Parties prenantes

Auteur(s) :
Editeur:

Contenu

Nombre de pages :
238
Langue:
Anglais
Collection :

Caractéristiques

EAN:
9781107023192
Date de parution :
12-11-12
Format:
Livre relié
Format numérique:
Genaaid
Dimensions :
155 mm x 231 mm
Poids :
453 g

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