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Title: Microfoundations : The Compatibility of Microeconomics and Macroeconomics (Cambridge Surveys of Economic Literature) by E. Roy Weintraub, John Pencavel ISBN: 0-521-29445-2 Publisher: Cambridge University Press Pub. Date: 28 February, 1979 Format: Paperback Volumes: 1 List Price(USD): $25.00

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Average Customer Rating: 5 (1 review)

Rating: 5
Summary: Keynes meets Walras
Comment: The concern of the book are the various approaches to unify macroeconomics and monetary theory with general equilibrium theory. The book consists of three parts. In the first part, the problems are outlined, the interpretations of Keynes and the standard Arrow-Debreu-McKenzie model are survied, together with early approaches to unify them. The second part takes a look at Walrasian approaches, where prices and markets are central, and Edgeworthian approaches, where direct exchanges are examined, to macroeconomic questions. Both are examined from a static equilibrium perspective and dynamic disequilibrium theory. The third part is dedicated to reflections.
The book is surveying the field, it is not a textbook. The discussion remains on an informal level, with little mathematics being used. The book should be readable to advanced undergraduates and more advanced readers. The only drawback is that the book is a little bit old. There is no discussion of OLG models, which became popular later. Since the topic of dynamics has been neglicted by GE theorists for quite some time, the book is still worth reading.