 Robert Solow’s Non-Walrasian Conception of EconomicsMatthieu Ballandonne () and
Goulven Rubin
Post-Print from HAL Abstract: The neoclassical synthesis has been defined as a bridge between Keynesian theory and Walrasian general equilibrium theory. The aim of this article is to show that founders of the neoclassical synthesis were not homogenous in their appraisal of the importance of Walrasian theory. To do so, we focus on Solow's contributions as a case study and examine the history of his lifelong criticism of what he called "axiomatics." According to Solow, the axiomatic approach aims at founding economics on one general and complex model based on first principles or axioms. In contrast, Solow advocated the use of a diversity of simple and partial models, which have practical utility, are realistic in their crucial assumptions, consider institutions and the evolving nature of the economy, and rely on common sense microfoundations. We conclude by suggesting that Solow can be characterized as Cournotian. Keywords: Robert Solow; Milton Friedman; Methodology of economics; Walrasian Program; Marshallian Economics; Macroeconomics; History of macroeconomics; Axiomatics; Cournot Augustin; Complex models; Simple models (search for similar items in EconPapers) Published in History of Political Economy, 2020, 52 (5), pp.827-861. ⟨10.1215/00182702-8671843⟩ There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03185244 Access Statistics for this paper More papers in Post-Print from HAL |
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