{"product_id":"transforming-modern-macroeconomics-exploring-disequilibrium-microfoundations-1956-2003-paperback-9781107435384","title":"Transforming Modern Macroeconomics; Exploring Disequilibrium Microfoundations, 1956–2003 (Paperback \/ softback) 9781107435384","description":"\u003cfont face=\"Georgia\"\u003e\r\n\u003cp\u003e\u003cfont size=\"6\"\u003eTransforming Modern Macroeconomics\u003c\/font\u003e\u003cbr\u003e\r\n\u003cfont size=\"5\"\u003eExploring Disequilibrium Microfoundations, 1956–2003\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cem\u003eThis book tells the story of the search for disequilibrium micro-foundations for macroeconomic theory.\u003c\/em\u003e\u003c\/p\u003e\r\n\r\n\r\n\u003cp\u003e\u003cfont size=\"4\"\u003eRoger E. Backhouse (Author), Mauro Boianovsky (Author)\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e9781107435384, Cambridge University Press\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003ePaperback \/ softback, published 7 August 2014\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e238 pages, 13 b\/w illus.\u003cbr\u003e22.9 x 15.2 x 1.4 cm, 0.36 kg\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\r\n\u003cp align=\"justify\"\u003e\u003cem\u003e\u003cfont size=\"3\"\u003e'… this is a very nice book written by two specialists on the history of macroeconomics, and one that brings to the fore a crucial development that transformed the area: the disequilibrium literature.' Pedro Garcia Duarte, Journal of the History of Economic Thought\u003c\/font\u003e\u003c\/em\u003e\u003c\/p\u003e\r\n\r\n\u003cp align=\"justify\"\u003e\u003cstrong\u003e\u003cfont size=\"3\"\u003eThis 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.\u003c\/font\u003e\u003c\/strong\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e1. Introduction\u003cbr\u003e 2. Macroeconomics after Keynes\u003cbr\u003e 3. Don Patinkin and the neoclassical synthesis\u003cbr\u003e 4. Clower, Leijonhufvud and the re-appraisal of Keynesian economics\u003cbr\u003e 5. Macroeconomics with slow price adjustment\u003cbr\u003e 6. 'Equilibrium' microfoundations\u003cbr\u003e 7. General equilibrium and imperfect competition\u003cbr\u003e 8. Microeconomics and macroeconomics\u003cbr\u003e 9. After the 1970s\u003cbr\u003e 10. Conclusions\u003cbr\u003e Bibliography.\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eSubject Areas: Economic history [\u003ca title=\"See our other books on Economic history\" href=\"https:\/\/freshlyprintedbooks.co.uk\/search?q=%22Economic%20history%20%5BKCZ%5D%22\"\u003eKCZ\u003c\/a\u003e], Monetary economics [\u003ca title=\"See our other books on Monetary economics\" href=\"https:\/\/freshlyprintedbooks.co.uk\/search?q=%22Monetary%20economics%20%5BKCBM%5D%22\"\u003eKCBM\u003c\/a\u003e], Macroeconomics [\u003ca title=\"See our other books on Macroeconomics\" href=\"https:\/\/freshlyprintedbooks.co.uk\/search?q=%22Macroeconomics%20%5BKCB%5D%22\"\u003eKCB\u003c\/a\u003e]\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\u003c\/font\u003e","brand":"Cambridge University Press","offers":[{"title":"Default Title","offer_id":46003730383128,"sku":"9781107435384","price":29.29,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0730\/2037\/5320\/products\/9781107435384i_a76b7373-267c-4eb4-83f2-907803dc260f.jpg?v=1694486229","url":"https:\/\/freshlyprintedbooks.co.uk\/products\/transforming-modern-macroeconomics-exploring-disequilibrium-microfoundations-1956-2003-paperback-9781107435384","provider":"Freshly Printed Books","version":"1.0","type":"link"}