Brunner and Leijonhufvud: friends or foes?

Pierrick Clerc

The European Journal of the History of Economic Thought, 2019, vol. 26, issue 2, 231-270

Abstract: Karl Brunner and Axel Leijonhufvud constantly pointed out the prominence of imperfect information in macroeconomic analysis. This paper argues that, despite strong oppositions related to their rival schools of thought, this emphasis on informational problems led them to adopt similar views on many theoretical and methodological issues. These issues encompass the perception of the economic agent in society, the theory of price inflexibility and unemployment, the role of relative prices, the importance of signal-extraction problems and the position within the Marshall-Walras divide.

Date: 2019
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DOI: 10.1080/09672567.2018.1555606

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