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Beyond Microfoundations
Post Walrasian Economics

£35.99

David Colander, Robert Clower, Peter Howitt, Axel Leijonhufvud, Perry Mehrling, J. Barkley Rosser Jr, Robert J. Martel, David M. Reaume, John Bryant, Hans van Ees, Harry Garretsen
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  • Date Published: December 2006
  • availability: Available
  • format: Paperback
  • isbn: 9780521034586

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About the Authors
  • 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.

    • An accessible challenge to current thinking in macroeconomic theory
    • Well-known editor Colander has reputation in the field as an innovative and prolific thinker
    • Contributors include well-known economists such as Robert Clower, Axel Leijonhufvud, John Bryant and Barkley Rosser
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    Product details

    • Date Published: December 2006
    • format: Paperback
    • isbn: 9780521034586
    • length: 284 pages
    • dimensions: 229 x 152 x 16 mm
    • weight: 0.42kg
    • contains: 9 b/w illus.
    • availability: Available
  • Table of Contents

    About the authors
    Preface
    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
    10. Team coordination problems and macroeconomic models John Bryant
    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's 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
    Name index
    Subject index.

  • Editor

    David Colander, Middlebury College, Vermont

    Contributors

    David Colander, Robert Clower, Peter Howitt, Axel Leijonhufvud, Perry Mehrling, J. Barkley Rosser Jr, Robert J. Martel, David M. Reaume, John Bryant, Hans van Ees, Harry Garretsen

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