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Macro Foundations of Microeconomics

In: Studies in Banking Theory, Financial History and Vertical Control

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  • M. L. Burstein

Abstract

The stationary state plays a very different rôle in classical or Keynesian than in neoclassical economics. In classical economics, it culminates an historical process contemplated by a grand speculation. And the ‘euthanasia of the rentier class’ passages of the General Theory are closely linked to the stylized histories of the classical writers (see Keynes, 1936, pp. 220–1 and 374–7). Neoclassical stationary-state analysis mostly runs in two channels: (1) the stationary state of Marshall and Pigou is a device for isolating certain problems in resource allocation; (2) work such as that of Clower and Burstein (1960), in the wake of Archibald and Lipsey (1958), envisages full-equilibrium states corresponding to states of microscopic equilibrium in the kinetic theory of gases. And rational-expectations approaches to economic equilibrium and the idea of general competitive equilibrium also seem consistent only with microscopic equilibrium.

Suggested Citation

  • M. L. Burstein, 1988. "Macro Foundations of Microeconomics," Palgrave Macmillan Books, in: Studies in Banking Theory, Financial History and Vertical Control, chapter 2, pages 11-22, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-09978-8_2
    DOI: 10.1007/978-1-349-09978-8_2
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