Overview

All economists are familiar with the division of the subject into microeconomics and macroeconomics. However, few economists are able to give an accurate account of what distinguishes micro and macro. The increasing interest in the microfoundations of macroeconomics' has typically attracted those who feel that economics is about the rational behaviour of individuals and who regard macro propositions as a consequence of the intentions of individuals. As a result, microfoundations' have come to be synonymous with theories of individual behaviour. However, Maarten Janssen argues that it is microeconomics' concern with the functioning of markets that underlies theories of microfoundations. This claim is substantiated by an analysis of the aggregation problem, of the foundations of equilibrium theories, of the rational expectations hypothesis, and of a model from the New Keynesian literature.

Full Product Details

Author:   Maarten Janssen
Publisher:   Taylor & Francis Ltd
Imprint:   Routledge
Dimensions:   Width: 13.80cm , Height: 1.60cm , Length: 21.60cm
Weight:   0.408kg
ISBN:  

9780415086318

ISBN 10:   0415086310
Pages:   224
Publication Date:   06 May 1993
Audience:   College/higher education ,  General/trade ,  Tertiary & Higher Education ,  General
Format:   Hardback
Publisher's Status:   Active
Availability:   In Print  
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Reviews

`It is well written and has a host of clear illustrations drawn from a wide range fo contemporary economic theory. It is stimulating, and well worth a read by those who would like to take a little time to reflect on what we are doing.' - The Economic Journal

Author Information

Janssen, Maarten

Tab Content 6

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