Microfoundations
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Microfoundations Reconsidered
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Author : Pedro Garcia Duarte
language : en
Publisher: Edward Elgar Publishing
Release Date : 2012-01-01
Microfoundations Reconsidered written by Pedro Garcia Duarte and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-01-01 with Business & Economics categories.
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.
The Microfoundations Delusion
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Author : John Edward King
language : en
Publisher: Edward Elgar Publishing
Release Date : 2012-01-01
The Microfoundations Delusion written by John Edward King and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-01-01 with Business & Economics categories.
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.
Microfoundations
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Author : Maarten Janssen
language : en
Publisher: Routledge
Release Date : 2005-07-26
Microfoundations written by Maarten Janssen and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-07-26 with Business & Economics categories.
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.
Microfoundations Of Institutions
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Author : Patrick Haack
language : en
Publisher: Emerald Group Publishing
Release Date : 2019-11-25
Microfoundations Of Institutions written by Patrick Haack and has been published by Emerald Group Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-11-25 with Self-Help categories.
The notion of microfoundations has received growing interest in neo-institutional theory along with an increasing interest in microfoundational research in disciplines such as strategic management and organizational economics.
Microfoundations
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Author : E. Roy Weintraub
language : en
Publisher: Cambridge University Press
Release Date : 1979-02-28
Microfoundations written by E. Roy Weintraub and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1979-02-28 with Business & Economics categories.
The first full-length survey of current work which examines the compatibility of microeconomics and macroeconomics.
Economic Microfoundations Of Strategic Management
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Author : Kirsten Foss
language : en
Publisher: Springer Nature
Release Date : 2022-10-18
Economic Microfoundations Of Strategic Management written by Kirsten Foss and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-10-18 with Business & Economics categories.
This book develops a property rights approach to firm strategy and demonstrates how it helps address key challenges in strategic management research. It shows that the property rights approach holds important implications both for entrepreneurship and organizational learning theory. Property rights have direct implications for strategic management, as control over assets has an immediate link to the creation and appropriation of economic value. For a firm to execute a competitive strategy, it must hold rights to appropriate resources. This book will appeal to scholars working in the fields of strategic management, organizational theory and resource allocation. It is an invaluable summary of two decades of groundbreaking research.
The Representative Agent In Macroeconomics
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Author : James E Hartley
language : en
Publisher: Routledge
Release Date : 2002-01-04
The Representative Agent In Macroeconomics written by James E Hartley and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-01-04 with Business & Economics categories.
Rpresentative agent models have become a predominant means of studying the macroeconomy in modern economics without there being much discussion in the literature about their propriety or usefulness. This volume evaluates the use of these models in macroeconomics, examining the justifications for their use and concluding that representative agent models are neither a proper nor a particularly useful means of studying aggregate behaviour.
Microfoundations Of Evolutionary Economics
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Author : Yoshinori Shiozawa
language : en
Publisher: Springer
Release Date : 2016-08-08
Microfoundations Of Evolutionary Economics written by Yoshinori Shiozawa and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-08-08 with Business & Economics categories.
This book provides for the first time the microfoundations of evolutionary economics. It enables the reader to grasp a new framework for economic analysis that is compatible with evolutionary processes. Any independent economics must contain a value theory (or price theory) and price and quantity adjustment processes. Evolutionary economics rightly and successfully concentrated its efforts on explaining evolutionary processes in technology and institutions. However, it did not have its own value theory and could not explain the workings of everyday economics processes, in which any evolutionary processes would take place. Our point of departure is myopic agents with strongly limited rationality and forecasting capacities (in extreme contrast to mainstream economics). We show how myopic agents, in a complex world, can produce a stable price system and observe how they can adjust their productions to the changes of demand flows. Agents behave without knowledge of the total process and they generate a stable economy as large as the global network of exchanges. This is a true wonder of the market mechanism. In contrast to mainstream general equilibrium theory, this wonder is finely explained without the help of an auctioneer or the concepts of demand and supply functions. With this book, evolutionary economics can claim to be an independent economics that can totally replace mainstream neoclassical economics.
Microfoundations Of Economic Growth
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Author : International Schumpeter Society. Meeting
language : en
Publisher:
Release Date : 1998
Microfoundations Of Economic Growth written by International Schumpeter Society. Meeting and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Biography & Autobiography categories.
Contributors to this volume seek further understanding of the microfoundations of economic growth. The book focuses on three subjects that interested the great Austrian and Harvard economist, Joseph A. Schumpeter--innovation, technological change, and economic growth. These papers were presented at the 1996 meeting of the International Schumpeter Society.
Microfoundations
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Author : Peter Kriesler
language : en
Publisher:
Release Date : 1994
Microfoundations written by Peter Kriesler and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Microeconomics categories.