Microfoundations - A Critical Inquiry (Hardcover, New)

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 and what the relationship between them is. 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, in this book, Maarten Janssen argues that it is really microeconomics's concern with the functioning of markets that underlies the theories which attempt to provide macroeconomics with microfoundations. This claim is substantiated by an analysis of the aggregation problem, of the individualistic foundations of equilibrium theories, of the rational expectations hypothesis, and of a model from the new Keynesian microfoundations literature. It strives to combine a thorough treatment of the technical aspects of these subjects with a critical discussion of the philosophical issues.

General

Imprint:	Routledge
Country of origin:	United Kingdom
Release date:	May 1993
First published:	1993
Authors:	Maarten Janssen
Dimensions:	216 x 138 x 16mm (L x W x T)
Format:	Hardcover
Pages:	224
Edition:	New
ISBN-13:	978-0-415-08631-8
Categories:	Books > Business & Economics > Economics > Economic theory & philosophy Books > Business & Economics > Economics > Macroeconomics > General Books > Business & Economics > Economics > Microeconomics > General
LSN:	0-415-08631-0
Barcode:	9780415086318

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