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Backhouse and Boianovsky on 'disequilibrium theory'. A review article of Transforming modern macroeconomics. Exploring disequilibrium microfoundations, 1956-2003

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  • Michel DE VROEY

    ()
    (UNIVERSITE CATHOLIQUE DE LOUVAIN, Institut de Recherches Economiques et Sociales (IRES))

Abstract

In this review article of Backhouse and Boianovsky’s book, Transforming modern macroeconomics. Exploring disequilibrium microfoundations, 1956-2003, I make the following points: (a) Backhouse and Boianovsky’s too broad understanding of the disequilibrium approach results in their bringing together theories that should be kept separate. While the disequilibrium label fits the works of Patinkin, Clower and Leijonhuvud, it betrays the project of Barro and Grossman, Drèze and Benassy who strived at producing an equilibrium theory. (b) I put in question their claim that an inner link exists between disequilibrium and fixed price equilibrium theories and imperfect competition modeling. (c) I try to identify the deep nature of the controversy in which these authors were involved. (d) I put forward a few conjectures about the reason why fixed price modeling petered out.

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Paper provided by Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) in its series Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) with number 2014006.

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Length: 16
Date of creation: 24 Feb 2014
Date of revision:
Handle: RePEc:ctl:louvir:2014006

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Keywords: Disequilibrium theory; non-Walrasian equilibrium models; Keynesian macroeconomics;

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  1. Michel De Vroey, 2007. "Did The Market-Clearing Postulate Pre-Exist New Classical Economics? The Case Of Marshallian Theory," Manchester School, University of Manchester, vol. 75(3), pages 328-348, 06.
  2. P. Diamond, 1980. "Aggregate Demand Management in Search Equilibrium," Working papers 268, Massachusetts Institute of Technology (MIT), Department of Economics.
  3. Anna Batyra & Michel De Vroey, 2012. "From One To Many Islands: The Emergence Of Search And Matching Models," Bulletin of Economic Research, Wiley Blackwell, vol. 64(3), pages 393-414, 07.
  4. De Vroey Michel & Duarte Pedro Garcia, 2013. "In search of lost time: the neoclassical synthesis," The B.E. Journal of Macroeconomics, De Gruyter, vol. 13(1), pages 1-31, January.
  5. Michel De Vroey, 2012. "Marshall and Walras: Incompatible bedfellows?," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 19(5), pages 765-783, October.
  6. Backhouse,Roger E. & Boianovsky,Mauro, 2013. "Transforming Modern Macroeconomics," Cambridge Books, Cambridge University Press, number 9781107023192, October.
  7. Michel, DE VROEY, 2005. "Involuntary Unemployment : the Elusive Quest for a Theory," Discussion Papers (ECON - Département des Sciences Economiques) 2005004, Université catholique de Louvain, Département des Sciences Economiques.
  8. Hart, Oliver, 1982. "A Model of Imperfect Competition with Keynesian Features," The Quarterly Journal of Economics, MIT Press, vol. 97(1), pages 109-38, February.
  9. Muellbauer, John & Portes, Richard, 1978. "Macroeconomic Models with Quantity Rationing," Economic Journal, Royal Economic Society, vol. 88(352), pages 788-821, December.
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