The Microfoundations Project in General Equilibrium Theory
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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Volume (Year): 18 (1994)
Issue (Month): 4 (August)
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