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  3. Beyond Microfoundations
  • Cited by 33
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    • Publisher:
      Cambridge University Press
      Publication date:
      June 2012
      January 1996
      ISBN:
      9781139174626
      9780521552370
      9780521034586
      DOI:
      https://doi.org/10.1017/CBO9781139174626
      Dimensions:
      (228 x 152 mm)
      Weight & Pages:
      0.52kg, 284 Pages
      Dimensions:
      (228 x 152 mm)
      Weight & Pages:
      0.42kg, 284 Pages
      • Subjects:
      Economics, Economics: General Interest, Economic Thought, Philosophy and Methodology
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    Subjects:
    Economics, Economics: General Interest, Economic Thought, Philosophy and Methodology
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    Book description

    Beyond Microfoundations discusses the foundations for a post-Walrasian macroeconomics and, in doing so, carries the work of Robert Clower and Axel Leijonhufvud to the present. This book spells out both why an alternative approach to macro is needed, and what the essence of the approach will be. This post-Walrasian approach to macro is neither Keynesian nor Classical, both of which have Walrasian foundations, but it offers an approach to macro in which Walrasian economics is turned on its head. Specifically, it rejects the Walrasian ad hoc assumptions of the existence of a unique equilibrium and of simple dynamics. That rejection leads one to a fundamentally different conception of macro than most macroeconomics have implicit in their formal model. Post-Walrasian macroeconomics offers a vision of macro in which micro foundations devoid of an explicit macro context have no place, but one in which institutions have a fundamental role. Post-Walrasian macroeconomics provides a foundation for an alternative macroeconomics for the twenty-first century built on the edges of chaos.

    Reviews

    "...books like this are fun to read..." Andrew John, Journal of Economic Literature

    "...this book is extremely valuable for expanding the horizon of economic thinking. It provides a key to a sizeable literature working towards new economic paradigm." Michael Ambrosi, Eastern Economic Journal

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