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From Foundational Critique to Fictitious Players: The Curious Odyssey of Oskar Morgenstern

In: Microfoundations Reconsidered

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  • Robert Leonard

Abstract

The highly regarded contributors to the book argue that the standard narrative of microfoundations is likely to be unreliable. They therefore re-examine the history of the relationship of microeconomics and macroeconomics, starting from their emergence as self-consciously distinct fields within economics in the early 1930s. They seek to go beyond the conventional history that is often told and written by practicing economists. From different perspectives they challenge the association of microfoundations with Robert Lucas and rational expectations and offer both a more complete and a deeper reading of the relationship between micro and macroeconomics.

Suggested Citation

  • Robert Leonard, 2012. "From Foundational Critique to Fictitious Players: The Curious Odyssey of Oskar Morgenstern," Chapters, in: Microfoundations Reconsidered, chapter 2, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:14869_2
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    References listed on IDEAS

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    1. Leonard, Robert, 2004. "“Between Worlds,†or an Imagined Reminiscence by Oskar Morgenstern about Equilibrium and Mathematics in the 1920s," Journal of the History of Economic Thought, Cambridge University Press, vol. 26(3), pages 285-310, September.
    2. J. v. Neumann, 1945. "A Model of General Economic Equilibrium," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 13(1), pages 1-9.
    3. Robert Leonard, 2011. "The Collapse of Interwar Vienna: Oskar Morgenstern's Community, 1925–50," History of Political Economy, Duke University Press, vol. 43(1), pages 83-130, Spring.
    4. Pedro Garcia Duarte & Gilberto Tadeu Lima, 2012. "Microfoundations Reconsidered," Books, Edward Elgar Publishing, number 14869.
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