Microfoundations Reconsidered: The Relationship of Micro and Macroeconomics in Historical Perspective
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.

Contributors: M. De Vroey, P. Garcia Duarte, D.W. Hands, K.D. Hoover, R. Leonard, G.T. Lima, P.E. Mirowski

1117890506
Microfoundations Reconsidered: The Relationship of Micro and Macroeconomics in Historical Perspective
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.

Contributors: M. De Vroey, P. Garcia Duarte, D.W. Hands, K.D. Hoover, R. Leonard, G.T. Lima, P.E. Mirowski

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Microfoundations Reconsidered: The Relationship of Micro and Macroeconomics in Historical Perspective

Microfoundations Reconsidered: The Relationship of Micro and Macroeconomics in Historical Perspective

Microfoundations Reconsidered: The Relationship of Micro and Macroeconomics in Historical Perspective
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Microfoundations Reconsidered: The Relationship of Micro and Macroeconomics in Historical Perspective

Microfoundations Reconsidered: The Relationship of Micro and Macroeconomics in Historical Perspective

Overview

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.

Contributors: M. De Vroey, P. Garcia Duarte, D.W. Hands, K.D. Hoover, R. Leonard, G.T. Lima, P.E. Mirowski

Product Details

ISBN-13: 9781781953303
Publisher: Edward Elgar Publishing
Publication date: 02/27/2014
Pages: 256
Product dimensions: 6.00(w) x 9.10(h) x 0.60(d)

About the Author

Edited by Pedro Garcia Duarte and Gilberto Tadeu Lima, Professors, Department of Economics, University of São Paulo, Brazil

Table of Contents

Contents:

Foreword
John B. Davis

Introduction: Privileging Micro Over Macro? A History of Conflicting Positions
Pedro Garcia Duarte and Gilberto Tadeu Lima

1. Microfoundational Programs
Kevin D. Hoover

2. From Foundational Critique to Fictitious Players: The Curious Odyssey of Oskar Morgenstern
Robert Leonard

3. The Rise and Fall of Walrasian Microeconomics: The Keynesian Effect
D. Wade Hands

4. The Cowles Commission as an Anti-Keynesian Stronghold 1943–54
Philip E. Mirowski

5. Microfoundations: A Decisive Dividing Line between Keynesian and New Classical Macroeconomics?
Michel De Vroey

6. Not Going Away? Microfoundations in the Making of a New Consensus in Macroeconomics
Pedro Garcia Duarte

Index
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