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The auctioneerless economics of Axel Leijonhufvud: the 'dark forces of time and ignorance' and the coordination of economic activity

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  • Elisabetta De Antoni

Abstract

Leijonhufvud focuses his analysis on the coordination of economic activities. In a world tossed and torn by ever new episodes of instability, macroeconomic theory must finally admit and properly analyse the limits of collective and individual rationality. Starting from the system's coordination, Leijonhufvud underlines the crucial role of information, learning and institutions. Coming to individual choice, he unremittingly rejects unbounded rationality. Methodologically, however, his use of general equilibrium as a benchmark seems to have conditioned his analysis. In bringing to light the 'dark forces of time and ignorance', Leijonhufvud himself seems to have fallen under the influence of the siren represented by general equilibrium theory. Copyright 2006, Oxford University Press.

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  • Elisabetta De Antoni, 2006. "The auctioneerless economics of Axel Leijonhufvud: the 'dark forces of time and ignorance' and the coordination of economic activity," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 30(1), pages 85-103, January.
    • Handle: RePEc:oup:cambje:v:30:y:2006:i:1:p:85-103
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    File URL: http://hdl.handle.net/10.1093/cje/bei050
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    Cited by:

    1. Peter Spahn, 2007. "Real Interest Rates, Intertemporal Prices and Macroeconomic Stabilization A Journey Through the History of Economic Thought," Diskussionspapiere aus dem Institut für Volkswirtschaftslehre der Universität Hohenheim 292/2007, Department of Economics, University of Hohenheim, Germany.

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