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Towards a non-walrasian macroeconomics
[Vers une macroéconomie non walrasienne]

Author

Listed:
  • Jean-Luc Gaffard

    (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis - UCA - Université Côte d'Azur - CNRS - Centre National de la Recherche Scientifique, OFCE - OFCE - Sciences Po - Sciences Po)

Abstract

This article aims to contrast modern macroeconomic analysis with a non-Walrasian or evolutionary macroeconomics. This debate, which returns to the forefront with each major economic crisis, concerns the nature of coordination problems and the means of resolving them. While modern macroeconomic models describe the inter-temporal optimization behaviour of consumers who are perfectly adapted to their environment and cleared markets, evolutionary macroeconomics focuses on market imbalances that require adaptive behaviours. This contrast affects monetary and fiscal policy as well as the nature of any structural reforms to be carried out. It also affects the type of modelling to be developed.

Suggested Citation

  • Jean-Luc Gaffard, 2018. "Towards a non-walrasian macroeconomics
    [Vers une macroéconomie non walrasienne]
    ," Post-Print halshs-01937306, HAL.
  • Handle: RePEc:hal:journl:halshs-01937306
    Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-01937306
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    References listed on IDEAS

    as
    1. Mario Amendola & Jean-Luc Gaffard & Francesco Saraceno, 2004. "Wage Flexibility and Unemployment: The Keynesian Perspective Revisited," Scottish Journal of Political Economy, Scottish Economic Society, vol. 51(5), pages 654-674, November.
    2. Mario Amendola & Jean-Luc Gaffard, 2006. "The market way to riches: behind the myth," Post-Print halshs-00420556, HAL.
    3. Joseph E Stiglitz, 2018. "Where modern macroeconomics went wrong," Oxford Review of Economic Policy, Oxford University Press, vol. 34(1-2), pages 70-106.
    4. Hicks, John, 2017. "A Market Theory of Money," OUP Catalogue, Oxford University Press, number 9780198796237.
    5. Axel Leijonhufvud, 2000. "Macroeconomic Instability and Coordination," Books, Edward Elgar Publishing, number 750.
    6. A. Leijonhufvud., 2006. "Episodes in a Century of Macroeconomics," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 11.
    7. Mario Amendola & Jean-Luc Gaffard, 2006. "The Market Way to Riches," Books, Edward Elgar Publishing, number 4234.
    8. Tobin, James, 1972. "Inflation and Unemployment," American Economic Review, American Economic Association, vol. 62(1), pages 1-18, March.
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