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Microfoundations And Macroeconomics
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Book Synopsis Microfoundations and Macroeconomics by : Steven Horwitz
Download or read book Microfoundations and Macroeconomics written by Steven Horwitz and published by Routledge. This book was released on 2000-09-28 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis The Microfoundations Delusion by : John Edward King
Download or read book The Microfoundations Delusion written by John Edward King and published by Edward Elgar Publishing. This book was released on 2012-01-01 with total page 301 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Microfoundations Reconsidered by : Pedro Garcia Duarte
Download or read book Microfoundations Reconsidered written by Pedro Garcia Duarte and published by Edward Elgar Publishing. This book was released on 2012-01-01 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Microfoundations by : E. Roy Weintraub
Download or read book Microfoundations written by E. Roy Weintraub and published by Cambridge University Press. This book was released on 1979-02-28 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first full-length survey of current work which examines the compatibility of microeconomics and macroeconomics.
Book Synopsis Transforming Modern Macroeconomics by : Roger E. Backhouse
Download or read book Transforming Modern Macroeconomics written by Roger E. Backhouse and published by Cambridge University Press. This book was released on 2013 with total page 239 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the 1950s, macroeconomics has been transformed. This book is about one of the most important aspects of that transformation: the attempt, through the end of the twenty-first century and beyond, to construct macroeconomic models rigorously derived from models of individual firms and households.
Book Synopsis A Search-equilibrium Approach to the Micro Foundations of Macroeconomics by : Peter A. Diamond
Download or read book A Search-equilibrium Approach to the Micro Foundations of Macroeconomics written by Peter A. Diamond and published by MIT Press. This book was released on 1984 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt: Peter A. Diamond discusses search equilibrium as a framework for integrating micro and macroeconomics.
Book Synopsis Economics, Economists and Expectations by : William Darity
Download or read book Economics, Economists and Expectations written by William Darity and published by Routledge. This book was released on 2004-03-04 with total page 315 pages. Available in PDF, EPUB and Kindle. Book excerpt: The concept of rational expectations has played a hugely important role in economics over the years. Dealing with the origins and development of modern approaches to expectations in micro and macroeconomics, this book makes use of primary sources and previously unpublished material from such figures as Hicks, Hawtrey and Hart. The accounts of the '
Book Synopsis Aggregation and the Microfoundations of Dynamic Macroeconomics by : Mario Forni
Download or read book Aggregation and the Microfoundations of Dynamic Macroeconomics written by Mario Forni and published by Oxford University Press. This book was released on 1997 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: Through careful methodological analysis, this book argues that modern macroeconomics has completely overlooked the aggregate nature of the data. In Part I, the authors test and reject the homogeneity assumption using disaggregate data. In Part II, they demonstrate that apart from random flukes, cointegration unidirectional Granger causality and restrictions on parameters do not survive aggregation when heterogeneity is introduced. They conclude that the claim that modern macroeconomics has solid microfoundations is unwarranted. However, some important theory-based models that do not fit aggregate data well in their representative-agent version can be reconciled with aggregate data by introducing heterogeneity.
Book Synopsis Microfoundations Reconsidered by : Pedro Garcia Duarte
Download or read book Microfoundations Reconsidered written by Pedro Garcia Duarte and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Microeconomic Foundation/h by : Nic Harcourt
Download or read book Microeconomic Foundation/h written by Nic Harcourt and published by Routledge. This book was released on 2019-03-13 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: This discourse on the conference proceedings unveils Sir John Hicks's efforts to discuss capital/income family of concepts with their principal characteristics of inter-temporality. Papers on capital, profits, the concept of invariant capital stock and Kaleckian theory of investment are discussed.
Book Synopsis Microfoundations by : Maarten Janssen
Download or read book Microfoundations written by Maarten Janssen and published by Routledge. This book was released on 2005-07-26 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: All economists are familiar with the division of the subject into microeconomics and macroeconomics. However, few economists are able to give an accurate account of what distinguishes micro and macro. The increasing interest in the `microfoundations of macroeconomics' has typically attracted those who feel that economics is about the rational behaviour of individuals and who regard macro propositions as a consequence of the intentions of individuals. As a result, `microfoundations' have come to be synonymous with theories of individual behaviour. However, Maarten Janssen argues that it is microeconomics' concern with the functioning of markets that underlies theories of microfoundations. This claim is substantiated by an analysis of the aggregation problem, of the foundations of equilibrium theories, of the rational expectations hypothesis, and of a model from the New Keynesian literature.
Book Synopsis Macroeconomics in the Small and the Large by : Axel Leijonhufvud
Download or read book Macroeconomics in the Small and the Large written by Axel Leijonhufvud and published by Edward Elgar Publishing. This book was released on 2009-01-01 with total page 207 pages. Available in PDF, EPUB and Kindle. Book excerpt: Roger Farmer is to be congratulated for editing this splendid set of essays in honour of Axel Leijonhufvud. . . I am sure that most of the readers of these essays will be excited and stimulated by their contents. Economic Record This book honors the work of the influential economist Axel Leijonhufvud. His work in macroeconomics, monetary theory and European economic history has spurred great discussion over many years, and the authors of this book comprise some of the very best economists active today. The broad influence of his work is evident in the variety of subjects his readers address. The topics range from Keynesian economics and the economics of high inflation to the micro-foundations of macroeconomics and economic history. The reader will find an intriguing compilation of ideas ranging from bankruptcy and collateral debt, the macroeconomics of broken promises, interest rate setting, growth patterns of macro models, innovation history to macroeconomics with intelligent autonomous agents. Scholars and students of economic history, Keynesian economics and alternative monetary theory will be delighted with the work inspired by this influential thinker.
Book Synopsis Macroeconomics as Systems Theory by : Richard E. Wagner
Download or read book Macroeconomics as Systems Theory written by Richard E. Wagner and published by Springer Nature. This book was released on 2020-05-02 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines macroeconomic theory from an analytical framework provided by theories of complex systems, in contrast to conventional theories founded on aggregation. The resulting difference in analytical perspectives is huge: the macro level of society is not pursued through aggregation over micro entities. To the contrary, the micro-macro relation is treated as one of parts-to-whole, and this relation is approached from within an ecological scheme of thought. A society is a complex ecology of plans. That ecology, however, is not reducible to a single plan. Conventional macro theory presents a national economy as a collection of such aggregate variables as output, employment, investment, and a price level, and seeks to develop theoretical relationships among those variables. In contrast, the social-theoretic approach to macro or social theory in this book treats the standard macro variables as having been shaped through social institutions, conventions, and processes that in turn are generated through interaction among economizing persons. The object denoted as macro is thus of a higher order of complexity than the object denoted as micro.
Book Synopsis The Methodology of Empirical Macroeconomics by : Kevin D. Hoover
Download or read book The Methodology of Empirical Macroeconomics written by Kevin D. Hoover and published by Cambridge University Press. This book was released on 2001-10-11 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Methodology of Empirical Macroeconomics stakes out a pragmatic middle-ground between traditional, prescriptive economic methodology and recent descriptive (sociological or rhetorical) methodology. The former is sometimes seen as arrogantly telling economists how to do their work and the latter as irrelevant to their practice. The lectures are built around a case study of a concrete example of macroeconomic analysis. They demonstrate that economic methodology and the philosophy of science offer insights that help to resolve the genuine concerns of macroeconomists. Some examples of questions addressed include: What is the relationship between theoretical models and empirical observations? What is the relevance of macroeconomics to policy? Should macroeconomics be viewed as a special case of microeconomics? What is the place of long-standing philosophical issues in macroeconomics, such as the scope and nature of economic laws, the role of idealizations, methodological individualism, and the problem of causality?
Book Synopsis Advanced Modern Macroeconomics by : Max Gillman
Download or read book Advanced Modern Macroeconomics written by Max Gillman and published by Financial Times/Prentice Hall. This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Modern Macroeconomics, by Max Gillman, takes a new and modern approach to macroeconomic theory using microeconomic foundations. Building from the standard neo-classical models, Gillman has developed a new dynamic model which works to explain business cycles and unemployment, why you can have a banking lead recession as well as fiscal and monetary policy. Although strong in mathematical rigour all calculations in this text are fully derived and graphs provide a direct representation making it accessible. This text is suitable for undergraduate students studying Advanced Macroeconomics courses.
Book Synopsis Macroeconomics by : Robert J. Rossana
Download or read book Macroeconomics written by Robert J. Rossana and published by Taylor & Francis. This book was released on 2011-02-25 with total page 560 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research in macroeconomics in the last thirty years has featured, almost exclusively on two characteristics: an emphasis on the microfoundations of macroeconomics and secondly, intertemporal economics, that is, the behavior of economic actors over time. Curiously, textbooks in intermediate macroeconomics have been very slow to adopt these traits. The aim of this book is to bring intermediate instruction in macroeconomics fully into line with the direction taken by the research community. Key hallmarks of the text include: a full introduction to the microfoundations of consumption and investment a complete model of the labor market with profit maximization for firms to determine labor demand and a utility maximization model to determine labor supply an analysis of the Baumol-Tobin model to determine money demand accompanied by a discussion of traditional money supply Possessing a full range of additional learning features including a companion website, test bank and instructor’s manual, the book takes an international view of macroeconomics with case studies and examples from the United States and beyond.
Download or read book Macroeconomics written by Wendy Carlin and published by Oxford University Press. This book was released on 2006 with total page 866 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume provides a unified framework for the analysis of short- and medium-run macroeconomics. It develops a core New Keynesian macro model based on imperfect competition and nominal rigidities and shows how this compares with alternatives.
