Professor Sir John Hicks introduced the discussion by explaining that we were holding this final meeting because our discussions had so far not done what we thought we were setting out to do. We had met to discuss a rather central issue in economics; but it had been shown that economists were not in a good state to discuss central issues. Economics was an expanding universe: we were each shooting off on our own paths, and we were lucky if we could keep in sight even of our closest neighbours; central issues, therefore, were almost lost from sight. We had been supposed to be discussing the microeconomic foundations of macroeconomics, but we had come to realise that there were several kinds of macroeconomics, each probably requiring its own foundations, and though they overlapped they were not wholly the same. One had to distinguish at the least between macroeconometrics and ‘macro-political-economy’. The microeconomic foundations of macroeconometrics was a rather technical issue, which had not been our main concern; we had been much more concerned with macro-political-economy.
KeywordsMonetary Policy General Equilibrium General Equilibrium Model Microeconomic Theory Final Discussion
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