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Author Backhouse, Roger, 1951-

Title Transforming modern macroeconomics : the search for disequilibrium microfoundations, 1956-2003 / Roger E. Backhouse, Mauro Boianovsky
Published Cambridge : Cambridge University Press, 2012


Description 1 online resource
Series Historical perspectives on modern economics
Historical perspectives on modern economics.
Contents Machine generated contents note: 1. Introduction; 2. Macroeconomics after Keynes; 3. Don Patinkin and the neoclassical synthesis; 4. Clower, Leijonhufvud and the re-appraisal of Keynesian economics; 5. Macroeconomics with slow price adjustment; 6. 'Equilibrium' microfoundations; 7. General equilibrium and imperfect competition; 8. Microeconomics and macroeconomics; 9. After the 1970s; 10. Conclusions; Bibliography
Summary "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
Bibliography Includes bibliographical references and index
Notes Print version record
Subject Macroeconomics -- History
Equilibrium (Economics) -- History
BUSINESS & ECONOMICS -- Economic History.
BUSINESS & ECONOMICS -- Economics -- Macroeconomics.
POLITICAL SCIENCE -- Economic Conditions.
Equilibrium (Economics)
Genre/Form History.
Form Electronic book
Author Boianovsky, Mauro
ISBN 9781139776738