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Franklin Fisher on the Stability(?) of General Equilibrium
The eminent Franklin Fisher, winner of the J. B. Clark Medal in 1973, a famed econometrician and antitrust economist, who was the expert economics witness for IBM in its long battle with the U. S....
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Price Stickiness and Macroeconomics
Noah Smith has a classically snide rejoinder to Stephen Williamson’s outrage at Noah’s Bloomberg paean to price stickiness and to the classic Ball and Maniw article on the subject, an article that...
View ArticleA Tale of Two Syntheses
I recently finished reading a slender, but weighty, collection of essays, Microfoundtions Reconsidered: The Relationship of Micro and Macroeconomics in Historical Perspective, edited by Pedro Duarte...
View ArticleFranklin Fisher on Adjustment Processes and Stability
As an addendum to yesterday’s post I will merely quote the first three paragraphs of Franklin Fisher’s entry in The New Palgrave on “Adjustment Processes and Stability.” The whole article merits...
View ArticleLucas and Sargent on Optimization and Equilibrium in Macroeconomics
In a famous contribution to a conference sponsored by the Federal Reserve Bank of Boston, Robert Lucas and Thomas Sargent (1978) harshly attacked Keynes and Keynesian macroeconomics for shortcomings...
View ArticleFranklin Fisher on the Disequilibrium Foundations of Economics and the...
Last November I posted a revised section of a paper I’m now working on an earlier version of which is posted on SSRN. I have now further revised the paper and that section in particular, so I’m...
View ArticleA New Version of my Paper “Between Walras and Marshall: Menger’s Third Way”...
Last week I reposted a revised version of a blogpost from last November, which was a revised section from my paper “Between Walras and Marshall: Menger’s Third Way.” That paper was presented at a...
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