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Beyond Microfoundations discusses the foundations for a post-Walrasian macroeconomics and, in doing so, carries the work of Robert Clower and Axel Leijonhufvud to the present. This book spells out both why an alternative approach to macro is needed, and what the essence of the approach will be. This post-Walrasian approach to macro is neither Keynesian nor Classical, both of which have Walrasian foundations, but it offers an approach to macro in which Walrasian economics is turned on its head. Specifically, it rejects the Walrasian ad hoc assumptions of the existence of a unique equilibrium and of simple dynamics. That rejection leads one to a fundamentally different conception of macro than most macroeconomics have implicit in their formal model. Post-Walrasian macroeconomics offers a vision of macro in which micro foundations devoid of an explicit macro context have no place, but one in which institutions have a fundamental role. Post-Walrasian macroeconomics provides a foundation for an alternative macroeconomics for the twenty-first century built on the edges of chaos.
Macroeconomics --- Walras, Léon --- Macroeconomics. --- Microeconomics. --- Economics, Mathematical. --- Walras, Leon, --- Walras, Léon, --- Business, Economy and Management --- Economics --- Walras, Léon, - 1834-1910. --- Walras, Léon, --- Mathematical economics --- Econometrics --- Mathematics --- Price theory --- Methodology --- Walras, Marie Esprit Léon,
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Economics. --- AA / International- internationaal --- 08 --- 330.00 --- 012 --- Biografieën en memoires. --- Economische en sociale theorieën: algemeenheden. --- Individuele bibliografieën van auteurs --- Economics --- Economic theory --- Political economy --- Social sciences --- Economic man --- Biografieën en memoires --- Economische en sociale theorieën: algemeenheden
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Macroeconomics is evolving in an almost dialectic fashion. The latest evolution is the development of a new synthesis that combines insights of new classical, new Keynesian and real business cycle traditions into a dynamic, stochastic general equilibrium (DSGE) model that serves as a foundation for thinking about macro policy. That new synthesis has opened up the door to a new antithesis, which is being driven by advances in computing power and analytic techniques. This new synthesis is coalescing around developments in complexity theory, automated general to specific econometric modeling, agent-based models, and non-linear and statistical dynamical models. This book thus provides the reader with an introduction to what might be called a Post Walrasian research program that is developing as the antithesis of the Walrasian DSGE synthesis.
Macroeconomics --- Equilibrium (Economics) --- Mathematical models. --- -Equilibrium (Economics) --- -339.015195 --- Disequilibrium (Economics) --- Economic equilibrium --- General equilibrium (Economics) --- Partial equilibrium (Economics) --- Economics --- Stagnation (Economics) --- Statics and dynamics (Social sciences) --- Mathematical models --- -Electronic information resources --- Electronic information resources --- E-books --- Equilibrium (Economics). --- DGE (Economics) --- DSGE (Economics) --- Dynamic stochastic general equilibrium (Economics) --- SDGE (Economic theory) --- Business, Economy and Management --- Macroeconomics - Mathematical models.
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000.1 --- 33 --- Algemene werken --- Economie --- Economics
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