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Beyond Microfoundations : Post Walrasian Economics - David Colander

Beyond Microfoundations

Post Walrasian Economics

By: David Colander (Editor)

Paperback Published: 14th December 2006
ISBN: 9780521034586
Number Of Pages: 284

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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 an alternative 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. That rejection leads one to a fundamentally different conception of macro than most macroeconomics have implicit in their formal model. Post-Walrasian macroeconomics offers a vision of macro in which micro foundations devoid of an explicit macro context have no place, but one in which institutions have a fundamental role. Post-Walrasian macroeconomics provides a foundation for an alternative macroeconomics for the twenty-first century built on the edges of chaos.

"...books like this are fun to read..." Andrew John, Journal of Economic Literature "...this book is extremely valuable for expanding the horizon of economic thinking. It provides a key to a sizeable literature working towards new economic paradigm." Michael Ambrosi, Eastern Economic Journal

About the authors
Preface
Overview
The Post-Walrasian Macroeconomic Vision
Taking markets seriously: groundwork for a post-Walrasian macroeconomics
Towards a not-too-rational macroeconomics
The macrofoundations of micro
The Underpinnings of Post-Walrasian
The evolution of macroeconomics: the origins of post-Walrasian economics
Chaos theory and post-Walrasian macroeconomics
Marshallian general equilibrium analysis
Modelling a Post-Walrasian Economy
Heterogeneity, aggregation and a meaningful macroeconomics
Walras, complexity and post-Walrasian macroeconomics
Team coordination problems and macroeconomic models
'Competitive' market disequilibrium: a post-Walrasian analysis of investment
New Structuralist Macroeconomics vs. Post-Walrasian Macroeconomics
Endogenizing the natural rate of unemployment: Phelps's structural slumps and the post-Walrasian framework
Post-Walrasian macroeconomic policy
Appendix: Literature Survey: An annotated bibliography on the (macro)foundation of Post-Walrasian economics
Name index
Subject index
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9780521034586
ISBN-10: 0521034582
Audience: Professional
Format: Paperback
Language: English
Number Of Pages: 284
Published: 14th December 2006
Publisher: Cambridge University Press
Country of Publication: GB
Dimensions (cm): 22.9 x 15.2  x 1.6
Weight (kg): 0.42
Edition Type: Annotated

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