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Transforming Modern Macroeconomics

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  • Backhouse,Roger E.
  • Boianovsky,Mauro

Abstract

This book tells the story of the search for disequilibrium micro-foundations for macroeconomic theory, from the disequilibrium theories of Patinkin, Clower and Leijonhufvud to recent dynamic stochastic general equilibrium models with imperfect competition. Placing this search against the background of wider developments in macroeconomics, the authors contend that this was never a single research program, but involved economists with very different aims who developed the basic ideas about quantity constraints, spillover effects and coordination failures in different ways. The authors contrast this with the equilibrium, market-clearing approach of Phelps and Lucas, arguing that equilibrium theories simply assumed away the problems that had motivated the disequilibrium literature. Although market-clearing models came to dominate macroeconomics, disequilibrium theories never went away and continue to exert an important influence on the subject. Although this book focuses on one strand in modern macroeconomics, it is crucial to understanding the origins of modern macroeconomic theory.

Suggested Citation

  • Backhouse,Roger E. & Boianovsky,Mauro, 2014. "Transforming Modern Macroeconomics," Cambridge Books, Cambridge University Press, number 9781107435384.
  • Handle: RePEc:cup:cbooks:9781107435384
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    Cited by:

    1. Roger E. Backhouse, 2013. "Responding to economic crisis: macroeconomic revolutions in the 1930s and 1970s," Chapters, in: Mats Benner (ed.), Before and Beyond the Global Economic Crisis, chapter 2, pages 38-54, Edward Elgar Publishing.
    2. Romain Plassard, 2019. "From Disequilibrium to Equilibrium Macroeconomics: Barro and Grossman's Trade-off between Rigor and Realism," GREDEG Working Papers 2019-17, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France.
    3. Robert W. Dimand, 2014. "James Tobin and Modern Monetary Theory," Center for the History of Political Economy Working Paper Series 2014-5, Center for the History of Political Economy.
    4. Andre Roncaglia De Carvalho, 2016. "Anticipations Of The Kaldor-Pazos-Simonsen Mechanism," Anais do XLIII Encontro Nacional de Economia [Proceedings of the 43rd Brazilian Economics Meeting] 008, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    5. Erhard Glötzl & Florentin Glötzl & Oliver Richters, 2019. "From constrained optimization to constrained dynamics: extending analogies between economics and mechanics," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 14(3), pages 623-642, September.
    6. Goulven Rubin, 2014. "Disequilibrium economics: some comments about its nature, origins and fate. A review essay of "Transforming Modern Macroeconomics, The Relationship of Micro and Macroeconomics in Historical Persp," Working Papers halshs-01091765, HAL.
    7. Plassard, Romain, 2015. "Clower's about-face regarding the 'Keynesian Revolution'," MPRA Paper 69233, University Library of Munich, Germany.
    8. Michel De Vroey, 2014. "Backhouse and Boianovsky on "disequilibrium theory". A review article of transforming modern macroeconomics. Exploring disequilibrium microfoundations, 1956-2003," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 21(4), pages 724-742, August.
    9. Roger Backhouse, 2015. "Samuelson, Keynes and the Search for a General Theory of Economics," Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, Springer;Società Italiana degli Economisti (Italian Economic Association), vol. 1(1), pages 139-153, March.
    10. Matthieu Renault, 2020. "Theory to the Rescue of Large-scale Models: Edmond Malinvaud's Alternative View on the Search for Microfoundations," GREDEG Working Papers 2020-27, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France, revised Apr 2021.
    11. Goutsmedt, Aurélien & Sergi, Francesco & Guizzo, Danielle, 2019. "An Agenda without a Plan: Robert E. Lucas's Trajectory throught the Public Debate," OSF Preprints 7jpa9, Center for Open Science.
    12. Laurent Linnemer & Michael Visser, 2018. "Jean-Michel Grandmont A forthcoming mind," Working Papers 2018-06, Center for Research in Economics and Statistics.
    13. Shogo Ogawa, 2022. "Neoclassical stability and Keynesian instability: A two‐sector disequilibrium approach," Metroeconomica, Wiley Blackwell, vol. 73(2), pages 481-513, May.
    14. Romain Plassard, "undated". "The origins, development, and fate of Clower’s ‘stock-flow’ general-equilibrium program," Center for the History of Political Economy Working Paper Series 2016-16, Center for the History of Political Economy.
    15. Roger E. Backhouse, 2014. "Hayek and Keynes," Chapters, in: Roger W. Garrison & Norman Barry (ed.), Elgar Companion to Hayekian Economics, chapter 5, pages 94-115, Edward Elgar Publishing.
    16. Plassard, Romain, 2021. "Barro, Grossman, and the domination of equilibrium macroeconomics," MPRA Paper 107201, University Library of Munich, Germany.
    17. Ogawa, Shogo, 2019. "Effective Demand and Quantity Constrained Growth: A Simple Two-Sector Disequilibrium Approach," MPRA Paper 93336, University Library of Munich, Germany.
    18. Plassard, Romain, 2022. "Diagnosing unemployment: the dual project of the ENSAE's band," MPRA Paper 113584, University Library of Munich, Germany.
    19. Harvey Gram & Geoffrey Harcourt, 2015. "Joan Robinson and MIT," Working Papers 9, City University of New York Graduate Center, Ph.D. Program in Economics.
    20. Francesco Sergi, 2015. "L'histoire (faussement) naïve des modèles DSGE," Documents de travail du Centre d'Economie de la Sorbonne 15066, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
    21. Michael Assous & Pedro Garcia Duarte, 2017. "Challenging Lucas: from overlapping generations to infinite-lived agent models," Working Papers, Department of Economics 2017_03, University of São Paulo (FEA-USP).
    22. Acosta, Juan & Assistant, JHET, 2021. "Book Review of 'Banks and Finance in Modern Macroeconomics' by Claudio Sardoni and Bruna Ingrao," OSF Preprints kfxhy, Center for Open Science.

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