The Auctioneerless Economics of Axel Leijonhufvud

Download or read book The Auctioneerless Economics of Axel Leijonhufvud written by Elisabetta de Antoni and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Leijonhufvud focuses his analysis on the coordination of economic activities. In a world tossed and torn by ever new episodes of instability, macroeconomic theory must finally admit and properly analyse the limits of collective and individual rationality. Starting from the system's coordination, Leijonhufvud underlines the crucial role of information, learning and institutions. Coming to individual choice, he unremittingly rejects unbounded rationality. Methodologically, however, his use of general equilibrium as a benchmark seems to have conditioned his analysis. In bringing to light the 'dark forces of time and ignorance', Leijonhufvud himself seems to have fallen under the influence of the siren represented by general equilibrium theory.