Beyond Microfoundations
Subtitle: Post Walrasian Economics
Publisher: Cambridge University Press
Published: January 26, 1996
Language: eng
Format: Hardcover
Number of pages: 280
ISBN-13: 9780521552370
Subjects: Macroeconomics; Economics, Mathematical; Economic Theory; Business & Economics; Business / Economics / Finance; Business/Economics; Walras, Leon,; Economics - Macroeconomics; Business & Economics / Macroeconomics; Walras, Leon; 1834-1910; Microeconomics
First sentence: It has been 25 years since the microfoundations of macro became popular.
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 a new 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 microfoundations 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 a new macroeconomics for the 21st century built on the edges of chaos.