Equilibrium models in economics: purposes and critical limitations
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Oxford
Oxford University Press
[2017]
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| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | xvii, 264 Seiten Diagramme |
| ISBN: | 9780190274337 9780190274320 |
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Datensatz im Suchindex
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|---|---|
| adam_text | CONTENTS
Preface xiii
Acknowledgements xvii
Prologue: Problems with modelling equilibrium attainment 1
P.l. A general economic equilibrium as a necessary social
optimum 4
P.2. Maximization is the only behavioural assumption in neoclassical
equilibrium models 8
P.3. On the road to Dynamic Stochastic General Equilibrium
models 9
P.4. Outline of this book 10
PART ONE: The purpose and problems for equilibrium models
1. Equilibrium models and explanation 13
1.1. Equilibrium and explanation: Elementary considerations
1.1.1. Marshalls two ‘Principles’ of explanation 15
1.1.2. Long-run vs. short-run equilibria and the role of time
1.1.3. Comparative statics analysis as thought experiment
1.2. Equilibrium implies recognition of disequilibrium
dynamics 18
1.3. Equilibrium and necessary knowledge 20
1.4. Marshallian textbook explanations vs. modern economic model
building 23
2. Equilibrium attainment vs. equilibrium necessities 25
2.1. Price adjustment in a formal model 26
2.2. Equilibrium attainment as an explicit process 29
2.3. Equilibrium vs. imperfect competition 32
3. Does general equilibrium attainment imply universal maximization? 35
3.1. The equilibrium actually reached by an ignorant
monopolist 36
3.2. An equilibrium state as a sub-optimum 43
14
16
17
(vii)
( viii) Contents
4. Time and knowledge matters for general equilibrium attainment 47
4.1. Knowledge and learning in economic models 48
4.2. Richardson on completing an equilibrium model 49
4.2.1. The informational requirements for a perfectly competitive
equilibrium 49
4.2.2. The consequences of reaching a general equilibrium 50
4.2.3. Considering the disequilibrium before reaching the
equilibrium 52
4.2.4. The availability of needed information in a competitive general
equilibrium model 53
5. Equilibrium concepts and critiques: Two cultures 57
5.1. Two cultures 59
5.2. Equilibrium concepts involving time, dynamics and
process 62
5.3. Equilibrium concerns of the formal model builders 63
5.3.1. Existence 64
5.3.2. Uniqueness 65
5.3.3. Stability 65
5.4. Concerns, beyond realism, of the critics of formal equilibrium
models 66
5.4.1. Knowledge and information 66
5.4.2. Expectations 66
5.4.3. Uncertainty 67
5.4.4. Increasing returns to scale 67
5.4.5. Operational? 68
5.5. Exogenous vs. endogenous variables in equilibrium models: Cause
vs. effect? 70
5.5.1. Causality among economists 70
5.5.2. Causality and economic model builders 71
5.5.3. Can economists so easily avoid causality? 74
PART TWO: The limits of equilibrium models
6. Recognizing knowledge and learning in equilibrium
models 79
6.1. Modern attempts to include knowledge and learning 80
6.2. Recognizing knowledge in equilibrium models 81
6.3. Towards including realistic learning in economic equilibrium
models 84
6.3.1. Does learning matter in the model? 84
6.3.2. What role do probabilities play in the models decision maker’s
learning process? 85
6.3.3. Does the equilibrium model involve agents’ making decision
errors? 86
Contents ( ix )
6.4. The problem of maintaining methodological individualism in
equilibrium models 90
6.5. The problem of the compatibility of general equilibrium and
psychologism 93
6.5.1. Multiple equilibria? 95
6.5.2. Psychologism 97
7. Limits of equilibrium methodology: An educational dialogue 99
7.1. A dialogue in an Economics 101 class 100
7.2. The stability in an equilibrium model must be
endogenous 105
8. Equilibrium models vs. realistic understanding 107
8.1. Equilibrium attainment and knowledge sufficiency 108
8.2. Equilibrium models and the ignorant consumer 112
8.3. The market’s equilibrium price: Learning vs. knowing 115
9. Macroeconomic equilibrium model building and the stability
problem 117
9.1. Rational expectations and macroeconomic equilibrium
models 118
9.1.1. Rational expectations in a microeconomic context 120
9.1.2. The Rational Expectations Hypothesis in macroeconomic
equilibrium models 122
9.1.3. The Rational Expectations Hypothesis and various ideas about
learning in macroeconomics 123
9.2. Stochasticism and macroeconomic equilibrium models 125
9.2.1. Rational expectations vs. bounded rationality 125
9.2.2. Rational expectations and Bayesian learning 126
9.2.3. Rational expectations and econometric learning 128
9.3. instrumentalism and the use of stochasticism in equilibrium
models 129
10. Equilibrium models intended to overcome limits 131
10.1. The alleged limits of general equilibrium models 133
10.1.1. Dynamics vs. time 135
10.1.2. A list of other short-comings of the Arrow-Debreu general
equilibrium 137
10.2. The current attempts to overcome the limits of general
equilibrium models 140
10.2.1. DSGE models to the rescue? 141
10.2.2. Recent unrealistic efforts in formal equilibrium model
building to address limitations 143
10.3. Three empirical alternatives to Walrasian general equilibrium
models 144
(x) Contents
11. Equilibrium models vs. evolutionary economic models 147
11.1. Darwin and evolutionary economics 150
11.2. Non-Darwinian theoretical evolutionary economic
models 153
11.3. Alternative views of evolutionary economic models 155
11.4. Going beyond the evolutionary theory of the individual 157
12. Equilibrium models vs. complexity economics 159
12.1. Complexity economics 159
12.2. Technology, increasing returns and evolution 162
12.3. Diversity, learning, path dependency and evolution 163
12.4. Learning and ‘inductive reasoning in Santa Fe: A critique 163
PART THREE: Avenues for overcoming the limits of equilibrium
models: Some methodological considerations
13. Building models of price dynamics 173
13.1. The analytical problem of price adjustment as presented by Arrow
in 1959 175
13.2. Closure of the formal equilibrium model 176
13.3. Toward closure through posited ignorance 180
13.4. Exogenous convergence to equilibrium with forced
learning 182
13.5. Endogenous convergence to equilibrium with autonomous
learning 185
14. Building models of non-clearing markets 189
14.1. Unintentional disequilibria 190
14.2. Endogenously deliberate disequilibria: Keynes-Hicks generalized
liquidity 193
14.2.1. A macroeconomics textbooks simple Keynesian
macroeconomics equilibrium model 195
14.2.2. Choosing not to consume in simple Keynesian
macroeconomics equilibrium models 196
14.3. Deliberate disequilibria vs. methodological
individualism 202
15. Building models of learning and the equilibrium process 205
15.1. Learning vs. knowledge in equilibrium models 208
15.2. Learning and methodological individualism 209
15.3. Learning without psychologism or any quantity-based theory
of knowledge and learning 212
15.4. Equilibrium stability and active learning 217
15.5. Are macro foundations needed for equilibrium
microeconomics? 221
Contents (xi)
15.6. Conjectural knowledge and endogenous expectations 222
15.7. Generalized methodological individualism 223
Epilogue: Prospects for changing equilibrium model building practice in
economics 229
E.l. Behavioural and experimental economics and equilibrium
models 229
E.2. Behavioural and evolutionary economics as alternatives to
equilibrium models 230
E.3. Complexity economics and equilibrium models 231
E.4. Teaching with evolutionary or complexity economics 232
E.5. The issue of learning must be dealt with 233
Bibliography 237
Names Index 249
Subject Index 253
|
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| language | English |
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| spelling | Boland, Lawrence A. 1939- Verfasser (DE-588)170138437 aut Equilibrium models in economics purposes and critical limitations Lawrence A. Boland, FRSC Oxford Oxford University Press [2017] © 2017 xvii, 264 Seiten Diagramme txt rdacontent n rdamedia nc rdacarrier Wirtschaftstheorie (DE-588)4079351-5 gnd rswk-swf Gleichgewichtsmodell (DE-588)4125214-7 gnd rswk-swf Gleichgewichtsmodell (DE-588)4125214-7 s Wirtschaftstheorie (DE-588)4079351-5 s b DE-604 Digitalisierung UB Regensburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029658514&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Boland, Lawrence A. 1939- Equilibrium models in economics purposes and critical limitations Wirtschaftstheorie (DE-588)4079351-5 gnd Gleichgewichtsmodell (DE-588)4125214-7 gnd |
| subject_GND | (DE-588)4079351-5 (DE-588)4125214-7 |
| title | Equilibrium models in economics purposes and critical limitations |
| title_auth | Equilibrium models in economics purposes and critical limitations |
| title_exact_search | Equilibrium models in economics purposes and critical limitations |
| title_full | Equilibrium models in economics purposes and critical limitations Lawrence A. Boland, FRSC |
| title_fullStr | Equilibrium models in economics purposes and critical limitations Lawrence A. Boland, FRSC |
| title_full_unstemmed | Equilibrium models in economics purposes and critical limitations Lawrence A. Boland, FRSC |
| title_short | Equilibrium models in economics |
| title_sort | equilibrium models in economics purposes and critical limitations |
| title_sub | purposes and critical limitations |
| topic | Wirtschaftstheorie (DE-588)4079351-5 gnd Gleichgewichtsmodell (DE-588)4125214-7 gnd |
| topic_facet | Wirtschaftstheorie Gleichgewichtsmodell |
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