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The Microfoundations Project in General Equilibrium Theory

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  • Rizvi, S Abu Turab
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    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.

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    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

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    Handle: RePEc:oup:cambje:v:18:y:1994:i:4:p:357-77

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    Cited by:
    1. Wright, Ian, 2008. "Implicit Microfoundations for Macroeconomics," Economics Discussion Papers 2008-41, Kiel Institute for the World Economy.
    2. Lee, Frederic, 2011. "The making of heterodox microeconomics," MPRA Paper 30907, University Library of Munich, Germany.
    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. 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.
    5. Lee, Frederic, 2011. "Heterodox microeconomics and the foundation of heterodox macroeconomics," MPRA Paper 30491, University Library of Munich, Germany.
    6. 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.
    7. Bill Gibson, 2008. "The Current Macroeconomic Crisis," UMASS Amherst Economics Working Papers 2008-02, University of Massachusetts Amherst, Department of Economics.
    8. 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.

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