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Pré-Publication, Document De Travail Année : 2023

A micro foundational episode of the early history of macroeconomics: a 1932 debate on Walrasian economics and multiple equilibria

Vincent Carret

Résumé

This paper documents an early fork in the development of macroeconomics, by examining a debate between the Dutch economists Jan Tinbergen and Johan Koopmans. In a 1932 paper, Tinbergen argued that two firms could be stuck in a "bad" equilibrium in the absence of a coordinated action to increase employment. Koopmans replied with a paper demonstrating that multiple equilibria in an exchange economy could not be ranked on the basis of their productive efficiency. This debate contributed to a larger turn away from dynamizing the general equilibrium model, towards the new field of macrodynamics, with long-ranging consequences for the field.
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hal-04360311 , version 1 (21-12-2023)

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  • HAL Id : hal-04360311 , version 1

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Michaël Assous, Vincent Carret. A micro foundational episode of the early history of macroeconomics: a 1932 debate on Walrasian economics and multiple equilibria. 2023. ⟨hal-04360311⟩
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