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Robert Solow’s Non-Walrasian Conception of Economics

Author

Listed:
  • Matthieu Ballandonne

    (ESCA - École de Management de Casablanca = Casablanca's School of Management)

  • Goulven Rubin

    (PHARE - Philosophie, Histoire et Analyse des Représentations Économiques - UP1 - Université Paris 1 Panthéon-Sorbonne)

Abstract

The neoclassical synthesis has been defined as a bridge between Keynesian theory and Walrasian general equilibrium theory. The aim of this article is to show that founders of the neoclassical synthesis were not homogenous in their appraisal of the importance of Walrasian theory. To do so, we focus on Solow's contributions as a case study and examine the history of his lifelong criticism of what he called "axiomatics." According to Solow, the axiomatic approach aims at founding economics on one general and complex model based on first principles or axioms. In contrast, Solow advocated the use of a diversity of simple and partial models, which have practical utility, are realistic in their crucial assumptions, consider institutions and the evolving nature of the economy, and rely on common sense microfoundations. We conclude by suggesting that Solow can be characterized as Cournotian.

Suggested Citation

  • Matthieu Ballandonne & Goulven Rubin, 2020. "Robert Solow’s Non-Walrasian Conception of Economics," Post-Print hal-03185244, HAL.
    • Handle: RePEc:hal:journl:hal-03185244
    DOI: 10.1215/00182702-8671843
    as

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