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Backhouse and Boianovsky on “disequilibrium theory”. A review article of transforming modern macroeconomics. Exploring disequilibrium microfoundations, 1956–2003

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De Vroey, Michel [UCL]

This article is an in-depth analysis of Backhouse and Boianovsky's book, Transforming Modern Macroeconomics: Exploring Disequilibrium Microfoundations, 1956–2003. I start with questioning Backhouse and Boianovsky's too broad understanding of the disequilibrium approach. Thereby they bring together theories that should be kept separate, those by Patinkin, Clower and Leijonhuvud on the one hand, and those by Barro and Grossman, Drèze and Benassy, on the other. I also substantiate my disagreement with their claim that an inner link exists between fixed price equilibrium theories and imperfect competition modelling. Finally, I put forward a few conjectures about the reason why fixed price modelling petered out.

Document type Article de périodique (Journal article) – Article de recherche
Publication date 2014
Language Anglais
Journal information "European Journal of the History of Economic Thought" - Vol. 21, no.4, p. 724-742 (August 2014)
Peer reviewed yes
Publisher Routledge ((United Kingdom) Abingdon)
issn 0967-2567
e-issn 1469-5936
Publication status Publié
Affiliation UCL - SSH/LIDAM/IRES - Institut de recherches économiques et sociales
Keywords Disequilibrium theory ; Non-Walrasian equilibrium models ; Keynesian macroeconomics
Links
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  2. Batyra Anna, De Vroey Michel, FROM ONE TO MANY ISLANDS: THE EMERGENCE OF SEARCH AND MATCHING MODELS, 10.1111/j.1467-8586.2010.00389.x
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  4. Clower R., In: Money and Markets. Essays by Robert Clower, 34 (1965)
  5. Clower Robert, Reflections on the Keynesian Perplex, 10.1007/bf01291800
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  8. De Vroey Michel, Marshall and Walras: Incompatible bedfellows?, 10.1080/09672567.2010.540345
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  11. Hart Oliver, A Model of Imperfect Competition with Keynesian Features, 10.2307/1882629
  12. Leijonhufvud A., On Keynesian economics and the economics of Keynes (1968)
  13. Lucas R. E., In The rational expectations revolution: readings from the front line, 5 (1979)
  14. Muellbauer John, Portes Richard, Macroeconomic Models with Quantity Rationing, 10.2307/2231979
  15. Patinkin D., Money, interest and prices (1965)
  16. The Region. 2005 September.InInterview with Robert Barro, 1–16. The Federal Reserve Bank of Minneapolis.
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Bibliographic reference De Vroey, Michel. Backhouse and Boianovsky on “disequilibrium theory”. A review article of transforming modern macroeconomics. Exploring disequilibrium microfoundations, 1956–2003. In: European Journal of the History of Economic Thought, Vol. 21, no.4, p. 724-742 (August 2014)
Permanent URL http://hdl.handle.net/2078.1/157675