Advanced Search
MyIDEAS: Login to save this article or follow this journal

The Microfoundations Project in General Equilibrium Theory

Contents:

Author Info

  • Rizvi, S Abu Turab
Registered author(s):

    Abstract

    The author (1) argues that the long-lived microfoundations project based on general equilibrium models has come to an end, and (2) shows that non-Walrasian models intended to provide microfoundations for macroeconomics are inadequate. The arguments are derived from the Sonnenschein-Mantel-Debreu (SMD) demonstration of the arbitrariness of aggregate excess demands in general equilibrium models of the Walrasian Arrow-Debreu-McKenzie type. The issues raised have significance for the proper method of modeling macroeconomic phenomena. For instance, the SMD results have led a growing number of general equilibrium theorists to make assumptions concerning macroeconomic structure in order to analyze other regularities at the macro level. These points validate the position that systematic macroeconomic phenomena are intrinsically macroeconomic. Copyright 1994 by Oxford University Press.

    Download Info

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below under "Related research" whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Bibliographic Info

    Article provided by Oxford University Press in its journal Cambridge Journal of Economics.

    Volume (Year): 18 (1994)
    Issue (Month): 4 (August)
    Pages: 357-77

    as in new window
    Handle: RePEc:oup:cambje:v:18:y:1994:i:4:p:357-77

    Contact details of provider:
    Postal: Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK
    Fax: 01865 267 985
    Email:
    Web page: http://www.cje.oupjournals.org/

    Order Information:
    Web: http://www.oup.co.uk/journals

    Related research

    Keywords:

    References

    No references listed on IDEAS
    You can help add them by filling out this form.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as in new window

    Cited by:
    1. Lee, Frederic, 2011. "Heterodox microeconomics and the foundation of heterodox macroeconomics," MPRA Paper 30491, University Library of Munich, Germany.
    2. Bill Gibson, 2008. "Keynesian And Neoclassical Closures In An Agent-Based Context," UMASS Amherst Economics Working Papers 2008-03, University of Massachusetts Amherst, Department of Economics.
    3. Isabel Almudi & Julio Sánchez Chóliz, 2011. "Sustainable use of renewable resources: an identity approach," Journal of Bioeconomics, Springer, vol. 13(2), pages 97-123, July.
    4. Wright, Ian, 2009. "Implicit Microfoundations for Macroeconomics," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy, vol. 3(19), pages 1-27.
    5. Bill Gibson, 2008. "The Current Macroeconomic Crisis," UMASS Amherst Economics Working Papers 2008-02, University of Massachusetts Amherst, Department of Economics.
    6. Lee, Frederic, 2011. "The making of heterodox microeconomics," MPRA Paper 30907, University Library of Munich, Germany.
    7. José Félix Cataño, 2003. "Teoría económica y neoinstitucionalismo. Comentarios a "El neoinstitucionalismo como escuela" de Salomón Kalmanovitz," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 5(9), pages 213-227, July-Dece.
    8. Bill Gibson, 2007. "A Multi-Agent Systems Approach to Microeconomic Foundations of Macro," UMASS Amherst Economics Working Papers 2007-10, University of Massachusetts Amherst, Department of Economics.

    Lists

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    Statistics

    Access and download statistics

    Corrections

    When requesting a correction, please mention this item's handle: RePEc:oup:cambje:v:18:y:1994:i:4:p:357-77. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Oxford University Press) or (Christopher F. Baum).

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.