Campus Units

Economics

Document Type

Book Chapter

Publication Version

Published Version

Publication Date

2006

Journal or Book Title

Post- Walrasian Macroeconomics: Beyond the Dynamic Stochastic General Equilibrium Model

Editors

David Colander

Publisher

Cambridge University Press

Place of Publication

Cambridge, UK

First Page or Article ID Number

175

Last Page

202

Abstract

How should economists model the relationship between macroeconomic phenomena and microeconomic structure? Economists have been struggling to answer this question for decades. Nevertheless, the Walrasian equilibrium model devised by the nineteenth century French economist Leon Walras (1834-1910) still remains the fundamental paradigm that frames the way many economists think about this issue. Competitive models directly adopt the paradigm. Imperfectly competitive models typically adopt the paradigm as a benchmark of coordination success. Although often critiqued for its excessive abstraction and lack of empirical salience, the paradigm has persisted.

Comments

This chapter is published as Leigh Tesfatsion, “Agent-Based Computational Modeling and Macroeconomics,” pp. 175-202 in David Colander (Ed.), Post- Walrasian Macroeconomics: Beyond the Dynamic Stochastic General Equilibrium Model , Cambridge University Press, Cambridge, UK, 2006. Posted with permission.

Copyright Owner

Cambridge University Press

Language

en

File Format

application/pdf

Published Version

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