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Microfoundations : A Critical Inquiry - Maarten C. W. Janssen


A Critical Inquiry

Hardcover Published: 16th July 2005
ISBN: 9780415086318
Number Of Pages: 220

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Few economists can accurately account for the distinctions between microeconomics and macroeconomics or properly describe their relationship to each other. Scholars attempting to bridge the gap between the two subdisciplines have turned to analyzing the microfoundations of macroeconomics. However, much of this microfoundations literature has depicted microeconomics as concerned only with individual behavior and has regarded macroeconomic propositions as consequences of the interaction of rational individuals.
In "Microfoundations," Maarten Janssen aruges that the concern in microeconomics with the functioning of markets is the real underpinning for microfoundations theories. Using simple examples to illustrate his arguments, Janssen analyzes the aggregation problem, the individualistic foundations of equilibrium theories and the rational expectations hypothesis. His book combines a thorough treatment of the technical aspects of these subjects with a critical discussion of the deeper philosophical issues at stake.

Micro and macro in economics: definitions and relations
The Meaning of Micro and Macro in Economicsp. 3
Individual Behaviour and Aggregate Relationsp. 10
General Equilibrium Analysis and Macroeconomics: Alternative Programmesp. 41
Intermezzo: Methodology
Economics and the Real Worldp. 57
Aggregation issues
Aggregation, Analogy and the Representative Agentp. 71
On the Probability Distribution of Aggregate Demandp. 94
Equilibrium and expectations
Individualistic Foundations for Market Equilibriump. 107
The Individual Rationality of Rational Expectationsp. 131
Table of Contents provided by Blackwell. All Rights Reserved.

ISBN: 9780415086318
ISBN-10: 0415086310
Audience: Tertiary; University or College
Format: Hardcover
Language: English
Number Of Pages: 220
Published: 16th July 2005
Country of Publication: GB
Dimensions (cm): 21.59 x 13.97  x 1.6
Weight (kg): 0.43
Edition Number: 1