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Abstract

One approach to the microeconomic foundations of macroeconomics problem takes the frame and the components of standard ‘neoclassical’ theory as the given starting point. One asks what can be used and what needs modification for purposes of representing the movement of a macro-system through time and into a future that is in some respects unknowable. The aim is to define and, if possible, solve the analytical problems that emerge at the levels of individual conceptual experiments, market experiments, and general equilibrium experiments. I have pursued this approach in other recent papers1 but am running into diminishing returns.

Keywords

Social Cost Inflation Rate Social Welfare Function Spot Market Forward Market 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© The International Economic Association 1977

Authors and Affiliations

  • A. Leijonhufvud
    • 1
  1. 1.University of CaliforniaUSA

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