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Books > Business & Economics > Economics > Microeconomics
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Microfoundations - A Critical Inquiry (Hardcover, New)
Loot Price: R4,627
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Microfoundations - A Critical Inquiry (Hardcover, New)
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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.
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