Beyond Microfoundations: Post Walrasian Economics

by Edited by David Colander

• ISBN13: 9780521552370
• ISBN10: 0521552370
• Format: Hardcover
• Copyright: 1996-01-26
• Publisher: Cambridge University Press

Summary

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.

Table of Contents

1. Overview David Colander

Part I. The Post-Walrasian Macroeconomic Vision: 2. Taking markets seriously: groundwork for a post-Walrasian macroeconomics Robert Clower, and Peter Howitt

3. Towards a not-too-rational macroeconomics Axel Leijonhufvud

4. The macrofoundations of micro David Colander

Part II. The Underpinnings of Post-Walrasian Macroeconomics: 5. The evolution of macroeconomics: the origins of post-Walrasian economics Perry Mehrling

6. Chaos theory and post-Walrasian macroeconomics J. Barkley Rosser, Jr.

7. Marshallian general equilibrium analysis David Colander

Part III. Modelling a Post-Walrasian Economy: 8. Heterogeneity, aggregation, and a meaningful macroeconomics Robert J. Martel

9. Walras, complexity and post-Walrasian macroeconomics David M. Reaume

11. 'Competitive' market disequilibrium: a post-Walrasian analysis of investment John Bryant

Part IV. New Structuralist Macroeconomics vs. Post-Walrasian Macroeconomics: 12. Endogenizing the natural rate of unemployment: Phelps' structural slumps and the post-Walrasian framework Hans van Ees, and Harry Garretsen

13. Post-Walrasian macroeconomic policy David Colander, and Hans van Ees

Part V. Appendix: Literature Survey: An annotated bibliography on the (macro)foundation of Post Walrasian economics Hans van Ees, and Harry Garretsen.