Transforming Modern Macroeconomics

Transforming Modern Macroeconomics : Exploring Disequilibrium Microfoundations, 1956-2003

4 (3 ratings by Goodreads)
  • Electronic book text

List price: US$135.00

Currently unavailable

We can notify you when this item is back in stock

Add to wishlist

AbeBooks may have this title (opens in new window).

Try AbeBooks

Description

This 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.show more

Product details

  • Electronic book text
  • CAMBRIDGE UNIVERSITY PRESS
  • Cambridge University Press (Virtual Publishing)
  • Cambridge, United Kingdom
  • 13 b/w illus.
  • 1139150855
  • 9781139150859

Table of contents

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.show more

Review quote

'Roger Backhouse and Mauro Boianovsky provide a fascinating, lively and meticulously researched account of the quest for non-Walrasian microfoundations of macroeconomic theory, from the efforts of Don Patinkin, Robert Clower, and Axel Leijonhufvud to understand Keynesian economics in terms of quantity constraints and coordination failures to recent attempts to incorporate imperfect competition in dynamic stochastic general equilibrium models. This book belongs on the shelf of anyone interested in modern macroeconomics and its history.' Robert W. Dimand, Brock University 'For the real story of how macroeconomics got to its present state, you need to read this book. Backhouse and Boianovsky do a beautiful job of untangling a complicated literature that others have found convenient to forget.' Peter Howitt, Brown Universityshow more

Rating details

3 ratings
4 out of 5 stars
5 33% (1)
4 33% (1)
3 33% (1)
2 0% (0)
1 0% (0)
Book ratings by Goodreads
Goodreads is the world's largest site for readers with over 50 million reviews. We're featuring millions of their reader ratings on our book pages to help you find your new favourite book. Close X