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Intertemporal General Equilibrium

In: Value and Capital: Fifty Years Later

Author

Listed:
  • Roy Radner

    (At&T Bell Laboratories and New York University)

Abstract

In the Preface to his book, Causality in Economics (1979), Hicks mentioned his participation in a conference on the ‘Microfoundations of Macroeconomics’, which was organised by the International Economic Association at S’Agaro in 1974. He reported that ‘though some excellent papers were given, reviewers . . . rightly perceived that the conference as a whole was a failure. We did not get to grips with the question we were supposed to be discussing.’ He went on to say One of the reasons … was that the question had been wrongly posed. It took for granted that ‘micro’ (the economics of the firm and of the individual) was a solid foundation, on which the more dubious ‘macro’ (economics of the whole economy, usually a national economy) was to be built. What were the grounds for holding that the one was more solid than the other? We were begging the question, but we should have faced it.

Suggested Citation

  • Roy Radner, 1991. "Intertemporal General Equilibrium," International Economic Association Series, in: Lionel W. McKenzie & Stefano Zamagni (ed.), Value and Capital: Fifty Years Later, chapter 15, pages 423-460, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-11029-2_26
    DOI: 10.1007/978-1-349-11029-2_26
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    Cited by:

    1. M. Ali Khan, 2007. "Perfect Competition," PIDE-Working Papers 2007:15, Pakistan Institute of Development Economics.
    2. Juli Radev, 2011. "Static and dynamic market disequilibrium," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 2, pages 36-63.

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