Microfoundations Reconsidered
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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 Knowledge We Have Lost In Information
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Author : Philip Mirowski
language : en
Publisher: Oxford University Press
Release Date : 2017
The Knowledge We Have Lost In Information written by Philip Mirowski and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with Business & Economics categories.
An enlightening examination of the role of information in modern economics and how it influences policy and politics.
Low Carbon Sustainable Future In East Asia
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Author : Soocheol Lee
language : en
Publisher: Routledge
Release Date : 2015-08-27
Low Carbon Sustainable Future In East Asia written by Soocheol Lee and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-08-27 with Business & Economics categories.
East Asia is a key region in the global economy, including both the second and third largest global economies already and, led by China, continuing to expand at a rapid rate. This economic growth has led to unprecedented gains in prosperity in the region but it has also led to increasing environmental pressures and energy issues. This book assesses ways in which East Asia can continue or even increase existing rates of economic growth while at the same time reducing greenhouse gas emissions and other environmental degradation. Using advanced modelling approaches, future scenarios for four East Asian countries are assessed in detail, including analysis of particular challenges in each country (e.g. coal power in China, nuclear power in Japan). Prospects for each country’s energy system are assessed in detail and the potential effects of various types of Environmental Tax Reform in the four countries are also considered carefully. The final section of the book explores the interaction between trade liberalization, a key driver of growth, and emission levels in the East Asia region.
Banks And Finance In Modern Macroeconomics
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Author : Bruna Ingrao
language : en
Publisher: Edward Elgar Publishing
Release Date : 2019
Banks And Finance In Modern Macroeconomics written by Bruna Ingrao 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 2019 with Banks and banking categories.
The world financial crisis of 2007–2008 dramatically showed the importance of credit and financial relations for the efficient working of the economy. For a long time mainstream macroeconomics ignored these aspects and concentrated only on the real sector or just took into account the most elementary picture of the financial side of the economy. This book aims at explaining why this happened through an historical excursion of 20th century mainstream macroeconomic theory.
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.
Beyond Microfoundations
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Author : David Colander
language : en
Publisher: Cambridge University Press
Release Date : 1996-01-26
Beyond Microfoundations written by David Colander 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 1996-01-26 with Business & Economics categories.
This book discusses the foundations for post-Walrasian macroeconomics.
The Friedman Lucas Transition In Macroeconomics
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Author : Peter Galbács
language : en
Publisher: Academic Press
Release Date : 2020-02-20
The Friedman Lucas Transition In Macroeconomics written by Peter Galbács and has been published by Academic Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-02-20 with Business & Economics categories.
The Friedman-Lucas Transition in Macroeconomics: A Structuralist Approach considers how and to what extent monetarist and new classical theories of the business-cycle can be regarded as approximately true descriptions of a cycle's causal structure or whether they can be no more than useful predictive instruments. This book will be of interest to upper-division undergraduates, graduate students, researchers and professionals concerned with practical, theoretical and historical aspects of macroeconomics and business-cycle modeling. - Offers a wide selection of Robert Lucas's unpublished works - Discusses the history of business-cycle theories in the context of methodological advancements - Suggests effective arguments for emphasizing the key role of representative agents and their assumed properties in macro-modeling
From Small Talk To Microaggression
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Author : Michael Lempert
language : en
Publisher: University of Chicago Press
Release Date : 2024-12-06
From Small Talk To Microaggression written by Michael Lempert and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-12-06 with Social Science categories.
A provocative and eye-opening history of how we have studied and theorized social interaction. In this ambitious, wide-ranging book, anthropologist Michael Lempert offers a conceptual history that explores how, why, and with what effects we have come to think of interactions as “scaled.” Focusing on the sciences of interaction in midcentury America, Lempert traces how they harnessed diverse tools and media technologies, from dictation machines to 16mm film, to study communication “microscopically.” In looking closely, many hoped to transform interaction: to improve efficiency, grow democracy, curb racism, and much else. Yet their descent into a microworld created troubles, with some critics charging that these scientists couldn’t see the proverbial forest for the trees. Exploring talk therapy and group dynamics studies, social psychology and management science, conversation analysis, “micropolitics,” and more, Lempert shows how scale became a defining problem across the behavioral sciences. Ultimately, he argues, if we learn how our objects of study have been scaled in advance, we can better understand how we think and interact with them—and with each other—across disciplinary and ideological divides. Even as once-fierce debates over micro and macro have largely subsided, Lempert shows how scale lives on and continues to affect the ethics and politics of language and communication today.
A History Of Macroeconomics From Keynes To Lucas And Beyond
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Author : Michel De Vroey
language : en
Publisher: Cambridge University Press
Release Date : 2016-01-08
A History Of Macroeconomics From Keynes To Lucas And Beyond written by Michel De Vroey 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 2016-01-08 with Business & Economics categories.
This book retraces the history of macroeconomics from Keynes's General Theory to the present. Central to it is the contrast between a Keynesian era and a Lucasian - or dynamic stochastic general equilibrium (DSGE) - era, each ruled by distinct methodological standards. In the Keynesian era, the book studies the following theories: Keynesian macroeconomics, monetarism, disequilibrium macro (Patinkin, Leijongufvud, and Clower) non-Walrasian equilibrium models, and first-generation new Keynesian models. Three stages are identified in the DSGE era: new classical macro (Lucas), RBC modelling, and second-generation new Keynesian modeling. The book also examines a few selected works aimed at presenting alternatives to Lucasian macro. While not eschewing analytical content, Michel De Vroey focuses on substantive assessments, and the models studied are presented in a pedagogical and vivid yet critical way.
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.