A Discussion of Leijonhufvud’s Social Consequences of Inflation

Paul Davidson

Chapter 4 in Inflation, Open Economies and Resources, 1991, pp 25-30 from Palgrave Macmillan

Abstract: Abstract Commenting on Professor Leijonhufvud’s paper, Professor Davidson … [recalled] the story that Gerald Shove once said ‘Maynard has never taken the twenty minutes that is necessary to understand microeconomics’. Such stories underlay the widespread belief that Keynes did not have a proper microeconomic foundation for his macroeconomics, and therefore the continuing delusive search by our profession to find a ‘new microfoundation’ which was compatible with Keynes’s underemployment equilibrium phenomenon. This might, in part, explain why we were meeting here thirty-nine years after The General Theory.

Keywords: Calendar Time; Spot Market; Spot Prex; Microeconomic Theory; Forward Market (search for similar items in EconPapers)
Date: 1991
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-11516-7_4

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DOI: 10.1007/978-1-349-11516-7_4

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