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This book tells the story of the search for disequilibrium micro-foundations for macroeconomic theory, from the disequilibrium theories of Patinkin, Clower and Leijonhufvud to recent dynamic stochastic general equilibrium models with imperfect competition. Placing this search against the background of wider developments in macroeconomics, the authors contend that this was never a single research program, but involved economists with very different aims who developed the basic ideas about quantity constraints, spillover effects and coordination failures in different ways. The authors contrast this with the equilibrium, market-clearing approach of Phelps and Lucas, arguing that equilibrium theories simply assumed away the problems that had motivated the disequilibrium literature. Although market-clearing models came to dominate macroeconomics, disequilibrium theories never went away and continue to exert an important influence on the subject. Although this book focuses on one strand in modern macroeconomics, it is crucial to understanding the origins of modern macroeconomic theory.

Macroeconomics --- Equilibrium (Economics) --- History --- Macroéconomie --- Equilibre (Economie politique) --- History. --- Histoire --- 330.01 --- AA / International- internationaal --- Economics --- DGE (Economics) --- Disequilibrium (Economics) --- DSGE (Economics) --- Dynamic stochastic general equilibrium (Economics) --- Economic equilibrium --- General equilibrium (Economics) --- Partial equilibrium (Economics) --- SDGE (Economic theory) --- Statics and dynamics (Social sciences) --- Theorie van het economisch evenwicht --- Business, Economy and Management --- Macroeconomics - History --- Equilibrium (Economics) - History

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The most common mode of analysis in economic theory is to assume equilibrium. Yet, without a proper theory of how economies behave in disequilibrium, there is no foundation for such a practice. The necessary step in proposing a foundation is the formulation of a theory of stability, and in this 1984 book, Professor Fisher is primarily concerned with this subject, although disequilibrium behavior itself is analyzed. The author first undertakes a review of the existing literature on the stability of general equilibrium. He then proposes a more satisfactory general model in which agents realize their state of disequilibrium and act on arbitrage opportunities. The interrelated topics of the role of money, the nature of quantity constraints, and the optimal behaviour of arbitraging agents are extensively treated.

Economics --- Equilibrium (Economics) --- 330.1 --- AA / International- internationaal --- 330.01 --- Disequilibrium (Economics) --- Economic equilibrium --- General equilibrium (Economics) --- Partial equilibrium (Economics) --- Stagnation (Economics) --- Statics and dynamics (Social sciences) --- Economische grondbegrippen. Algemene begrippen in de economie --- Theorie van het economisch evenwicht. --- Prijstheorie --- Prijstheorie. --- 330.1 Economische grondbegrippen. Algemene begrippen in de economie --- DGE (Economics) --- DSGE (Economics) --- Dynamic stochastic general equilibrium (Economics) --- SDGE (Economic theory) --- Theorie van het economisch evenwicht --- Business, Economy and Management

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This is the first full-length survey of current work which examines the compatibility of microeconomics and macroeconomics. Its particular distinction is that it makes accessible, to non-specialists, those extensive modern refinements of general equilibrium theory which are linked to macroeconomics and monetary theory. Part I traces the development and interlocking nature of two scientific research prgrams, macroeconomics and neo-Walrasian analysis. The five chapters in this part examine general equilibrium theory, Keynes' contribution, the 'neoclassical synthesis', and the Clower-Leijonhufvud contributions to questions of systemic coordination. The four chapters of Part II place recent work on the micro-foundations of macroeconomics within a taxonomic scheme of Walrasian equilibrium, Walrasian disequilibrium, Edgeworthian equilibrium, and Edgeworthian disequilibrium. Part III, a single chapter, provides an overview of the subject and ventures some conclusions.

Microeconomics --- Macroeconomics --- Equilibrium (Economics) --- Economics --- Micro-économie --- Macroéconomie --- Equilibre (Economie politique) --- Economie politique --- Mathematical models --- Modèles mathématiques --- 330.101 --- -Equilibrium (Economics) --- micro-economie --- macro-economie --- 330.1 --- Price theory --- Disequilibrium (Economics) --- Economic equilibrium --- General equilibrium (Economics) --- Partial equilibrium (Economics) --- Stagnation (Economics) --- Statics and dynamics (Social sciences) --- Economic theory --- Political economy --- Social sciences --- Economic man --- Economische analyse. Economische methodologie. Economische onderzoeksmethoden--(theoretische economie) --- 330.101 Economische analyse. Economische methodologie. Economische onderzoeksmethoden--(theoretische economie) --- Micro-économie --- Macroéconomie --- Modèles mathématiques --- Economics, Mathematical --- DGE (Economics) --- DSGE (Economics) --- Dynamic stochastic general equilibrium (Economics) --- SDGE (Economic theory) --- Economics - Mathematical models --- Business, Economy and Management --- Microeconomics. --- Macroeconomics. --- Mathematical models.

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This book, together with Marx's Economic and Walras' Economics, completes a sequence of titles by Professor Morishima on the first generation of scientific economists. The author's assessment of Ricardo differs substantially from the established views adopted by economists and historians of economic thought. While economists such as Pasinetti, Caravale and Samuelson have concentrated on macroeconomic interpretations of Ricardo, and historians of economic thought have emphasised his labour theory of value, Morishima takes a different course. In this book the author concentrates on Ricardo's main work, The Principles, and shows that his economics is the prototype of mathematical economies without the symbols and formulae. Morishima then translates Ricardo's economics into mathematical language to find a general equilibrium system (very similar to Walras') concealed within. The analysis also contradicts the conventional view that marginalism emerged in opposition to classical economics, showing instead that Ricardian analysis is firmly based on marginalist principles, using prices, wages and profits rather than labour values. The book ends with a discussion of the historical character of economic theory and an attempt to specify the epoch of Ricardian economics.

Ricardo, David --- Classical school of economics. --- Ecole classique d'économie politique --- Ricardo, David, --- Ecole classique d'économie politique --- AA / International- internationaal --- 330.44 --- 330.00 --- 330.40 --- Geschiedenis van het economisch en sociaal denken --- Evolution historique de la pensée économique et sociale: généralités --- History of the economic and social thinking --- 330.40 Geschiedenis van het economisch en sociaal denken --- 330.40 Evolution historique de la pensée économique et sociale: généralités --- 330.40 History of the economic and social thinking --- Adam Smith. --- Economische en sociale theorieën: algemeenheden. --- Geschiedenis van het economisch en sociaal denken. --- Equilibrium (Economics) --- Classical school of economics --- Equilibre (Economie politique) --- Adam Smith --- Economische en sociale theorieën: algemeenheden --- Business, Economy and Management --- Economics --- Ricardo, David, - 1772-1823 --- Classical economics --- Individualist school of economics --- Orthodox school of economics --- Schools of economics --- DGE (Economics) --- Disequilibrium (Economics) --- DSGE (Economics) --- Dynamic stochastic general equilibrium (Economics) --- Economic equilibrium --- General equilibrium (Economics) --- Partial equilibrium (Economics) --- SDGE (Economic theory) --- Statics and dynamics (Social sciences)

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Professor Kenneth J. Arrow is one of the most distinguished economic theorists. He has played a major role in shaping the subject and is honoured by the publication of three volumes of essays on economic theory. Each volume deals with a different area of economic theory. The books include contributions by some of the best economic theorists from the United Stated, Japan, Israel and Europe. This third volume is entitled Uncertainty, Information, and Communication.

Public finance --- Social choice --- Decision Making --- Equilibrium (Economics) --- Macroeconomics --- Uncertainty --- Arrow, Kenneth Joseph, --- 330.1 --- Decision making --- Deciding --- Decision (Psychology) --- Decision analysis --- Decision processes --- Making decisions --- Management --- Management decisions --- Choice (Psychology) --- Problem solving --- Reasoning --- Choice, Social --- Collective choice --- Public choice --- Social psychology --- Welfare economics --- Economics --- Disequilibrium (Economics) --- Economic equilibrium --- General equilibrium (Economics) --- Partial equilibrium (Economics) --- Stagnation (Economics) --- Statics and dynamics (Social sciences) --- Economische grondbegrippen. Algemene begrippen in de economie --- Arrow, Kenneth Joseph --- 330.1 Economische grondbegrippen. Algemene begrippen in de economie --- Besluitvorming --- Besluitvormingsanalyse --- Besluitvormingsprocessen --- Choix collectif --- Collectieve keuze --- Decision-making --- Décision [Prise de ] --- Décision [Théorie de la ] --- Economisch evenwicht --- Equilibre (Economie) --- Equilibre économique --- Evenwicht (Economie) --- Incertitude --- Management--Beslissingen --- Management--Besluitvorming --- Management--Decision making --- Onzekerheid --- Prise de décision --- Théorie de la décision --- 330.35 --- 330.35 Economische groei. Kwantitatieve toename. Technische vooruitgang --zie ook {338.09} --- Economische groei. Kwantitatieve toename. Technische vooruitgang --zie ook {338.09} --- DGE (Economics) --- DSGE (Economics) --- Dynamic stochastic general equilibrium (Economics) --- SDGE (Economic theory) --- Equilibre économique. --- Economisch evenwicht. --- Business, Economy and Management --- Arrow, Kenneth Joseph, - 1921-2017 --- Social choice. --- Decision making. --- Uncertainty. --- Macroeconomics. --- Arrow, Kenneth J. --- A-lo, Kʻen-ni-ssu, --- Aluo, Kennisi, --- Arrow, Kenneth, --- Arrow, K. J.