Beyond Microfoundations PDF Download

Author: David Colander
Publisher: Cambridge University Press
ISBN: 9780521552370
Category : Business & Economics
Languages : en
Pages : 286

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Book Description
This book discusses the foundations for post-Walrasian macroeconomics.

Author: David Colander
Publisher: Cambridge University Press
ISBN: 9780521034586
Category : Business & Economics
Languages : en
Pages : 0

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Book Description
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.

Author: John Edward King
Publisher: Edward Elgar Publishing
ISBN: 1781009120
Category : Business & Economics
Languages : en
Pages : 301

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Book Description
ïThis excellent book documents the creation of what has become the first commandment of orthodox macroeconomics: that microeconomic theory provides its foundation because this is the most secure form of economic knowledge. By contrast, John King shows conclusively that microeconomics cannot play such a role when assessed by the criteria of logic, or of science, or of economics itself. Indeed, he goes further and demonstrates that the microfoundations dogma detracts from knowledge about how economies actually operate, and instead generates patently false conclusions. Moreover, the dogma is shown to have blinded orthodox economists from even seeing the possibility of typical macroeconomic crises, and has disarmed them in formulating policies that would eliminate actual crises. The book therefore deals with a topic at the very heart of the present debacle in the world economy.Í _ Michael Howard, University of Waterloo, Canada ïA generation ago Dudley Dillard wrote a famous article on the ñbarter illusion in classical and neoclassical economicsî. Now John King has gone a step further and written about the microfoundations delusion. The illusion has been with us for a very long time, the delusion is of more recent vintage. Together they have blocked a basic understanding of macroeconomic and monetary phenomena at a time when they are most urgently needed. This is a book that had to be written, and we are fortunate that it is John King who has written it. Essential reading for our times.Í _ John Smithin, York University, Canada In this challenging book, John King makes a sustained and comprehensive attack on the dogma that macroeconomic theory must have ïrigorous microfoundationsÍ. He draws on both the philosophy of science and the history of economic thought to demonstrate the dangers of foundational metaphors and the defects of micro-reduction as a methodological principle. Strong criticism of the microfoundations dogma is documented in great detail, from some mainstream and many heterodox economists and also from economic methodologists, social theorists and evolutionary biologists. The author argues for the relative autonomy of macroeconomics as a distinct ïspecial scienceÍ, cooperating with but most definitely not reducible to microeconomics. The Microfoundations Delusion will prove a stimulating and thought-provoking read for scholars, students and researchers in the fields of economics, heterodox economics and history of economic thought.

Author: Pedro Garcia Duarte
Publisher: Edward Elgar Publishing
ISBN: 1781004102
Category : Business & Economics
Languages : en
Pages : 257

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Book Description
Most macroeconomists agree that we live in the age of microfoundations. The recent worldwide financial crisis may have emboldened critics of this microfoundational orthodoxy, but it remains the dominant view that macroeconomic models must go beyond supply and demand functions to the level of individual decision-making, taking into account the general dynamic environment where agents live. Microfoundations Reconsidered seeks to reassess how the relationship of micro and macroeconomics evolved over time. The highly regarded contributors to the book argue that the standard narrative of microfoundations is likely to be unreliable. They therefore re-examine the history of the relationship of microeconomics and macroeconomics, starting from their emergence as self-consciously distinct fields within economics in the early 1930s. They seek to go beyond the conventional history that is often told and written by practicing economists. From different perspectives they challenge the association of microfoundations with Robert Lucas and rational expectations and offer both a more complete and a deeper reading of the relationship between micro and macroeconomics. Microfoundations Reconsidered is a valuable addition to the macroeconomic research literature. It is ideally suited to students, scholars, researchers, and practitioners with an interest in macro and microeconomics and the history of economics.

Author: R. Salehnejad
Publisher: Springer
ISBN: 0230625150
Category : Business & Economics
Languages : en
Pages : 321

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Book Description
This book challenges the generally accepted theories of classical economics, explaining why the expected utility theory, even if it were true, fails to be of much help in solving economic controversies.

Author: Steven Horwitz
Publisher: Routledge
ISBN: 1134642229
Category : Business & Economics
Languages : en
Pages : 288

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Book Description
In the past, Austrian economics has been seen as almost exclusively focused on microeconomics. Here,Steven Horwitz constructs a systematic presentation of what Austrian macroeconomics would look like. This original and highly accessible work will be of great value and interest to professional economists and students.

Author: Yoshinori Shiozawa
Publisher: Springer
ISBN: 4431552677
Category : Business & Economics
Languages : en
Pages : 360

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Book Description
This book provides for the first time the microfoundations of evolutionary economics, enabling the reader to grasp a new framework for economic analysis that is compatible with evolutionary processes. Any independent approach to economics must include a value theory (or price theory) and price and quantity adjustment processes. Evolutionary economics has rightly and successfully concentrated its efforts on explaining evolutionary processes in technology and institutions. However, it does not have its own value theory and is not capable of explaining the workings of everyday economics processes, in which any evolutionary process would take place. Our point of departure is the addition of myopic agents with severely limited rational and forecasting capacities (in stark contrast to mainstream economics). We show how myopic agents, in a complex world, can produce a stable price system and demonstrate how they can adjust their production to changing demand flows. Agents behave without any knowledge of the overall process, and they generate a stable economy as large as the global network of exchanges. This is the true “miracle” of the market mechanism. In contrast to mainstream general equilibrium theory, this miracle can be explained without the need for an auctioneer or infinitely rational agents. Thanks to this book, evolutionary economics can now claim to be an independent approach to economics that can completely replace mainstream neoclassical economics.

Author: Alexandra Délano Alonso
Publisher: Routledge
ISBN: 1000454983
Category : Social Science
Languages : en
Pages : 247

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Book Description
The Microfoundations of Diaspora Politics examines the various actors within and beyond the state that participate in the design and implementation of diaspora policies, as well as the mechanisms through which diasporas are constructed by governments, political parties, diaspora entrepreneurs, or international organisations. Extant theories are often hard-pressed to capture the empirical variation and often end up identifying ‘exceptions’. The multidisciplinary group of contributors in this book theorise these ‘exceptions’ through three interrelated conceptual moves: first, by focusing on understudied aspects of the relationships between states as well as organised non-state actors and their citizens or co-ethnics abroad (or at home - in cases of return migration). Second, by examining dyads of ‘origin’ states and specific diasporic communities differentiated by time of emigration, place of residence, socio-economic status, migratory status, generation, or skills. Third, by considering migration in its multiple spatial and temporal phases (emigration, immigration, transit, return) and how they intersect to constitute diasporic identities and policies. These conceptual moves facilitate comparative research and help scholars identify the mechanisms connecting structural variables with specific policies by states (and other actors) as well as responses by the relevant diasporic communities. This book was originally published as a special issue of the Journal of Ethnic and Migration Studies.

Author: Mark Setterfield
Publisher: Routledge
ISBN: 1317467728
Category : Business & Economics
Languages : en
Pages : 294

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Book Description
In this interactive collection of essays, many of the leading proponents of analytical political economy examine major macroeconomic issues through the integration of mathematical analysis and non-neoclassical economic theory. The topics covered include the macroeconomics of the labor market, open economy issues, economic growth, and macroeconomic policy. The chapter-comment-reply format of the book creates a genuine dialogue on each theme, and evokes a sense of unfolding debate which draws the reader into the discussion.

Author: Dario Togati
Publisher: Routledge
ISBN: 113467029X
Category : Business & Economics
Languages : en
Pages : 408

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Book Description
This book is a critical assessment of the Neoclassical Synthesis, long regarded as the standard interpretation of Keynes. It offers a fresh interpretation of Keynes and makes an important contribution to post-Keynesian economics