Microfoundations
The Compatibility of Microeconomics and Macroeconomics

The first full-length survey of current work which examines the compatibility of microeconomics and macroeconomics.

E. Roy Weintraub (Author)

9780521294454, Cambridge University Press

Paperback, published 28 February 1979

184 pages
21.6 x 13.9 x 1.4 cm, 0.263 kg

' … it is a brilliant and thoroughly readable survey of the history and current state of the Keynesian Debate. Unlike almost everything else that has been done along this line, this manuscript is balanced and unemotional in tone and its coverage of various 'schools' and points of view is even-handed. It is accurately described as 'a remarkable tour de force'.' Robert W, Clower

This is the first full-length survey of current work which examines the compatibility of microeconomics and macroeconomics. Its particular distinction is that it makes accessible, to non-specialists, those extensive modern refinements of general equilibrium theory which are linked to macroeconomics and monetary theory. Part I traces the development and interlocking nature of two scientific research prgrams, macroeconomics and neo-Walrasian analysis. The five chapters in this part examine general equilibrium theory, Keynes' contribution, the 'neoclassical synthesis', and the Clower–Leijonhufvud contributions to questions of systemic coordination. The four chapters of Part II place recent work on the micro-foundations of macroeconomics within a taxonomic scheme of Walrasian equilibrium, Walrasian disequilibrium, Edgeworthian equilibrium, and Edgeworthian disequilibrium. Part III, a single chapter, provides an overview of the subject and ventures some conclusions.

Preface
Part I: Introduction
1. Points of entry
2. Development of the neo-Walrasian program 1930–60
3. The 4,87th reexamination of Keynes' system
4. The neo-Walrasian synthesis
5. General systemic coordination
Part II: Introduction
6. Walrasian equilibrium models
7. Walrasian disequilibrium theory
8. Edgeworthian equilibrium
9. Edgeworth disequilibrium analysis
Part III: 10. A brief conclusion
Bibliography
Index of names
Subject index.

Subject Areas: Economic theory & philosophy [KCA]