Chapter

Introduction to Part I

Alan Kirman and Louis‐André Gérard‐Varet

in Economics Beyond the Millennium

Published in print September 1999 | ISBN: 9780198292111
Published online November 2003 | e-ISBN: 9780191596537 | DOI: http://dx.doi.org/10.1093/0198292112.003.0001

Series: The ASSET Series

 Introduction to Part I

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The author suggests that the problem of aggregation in economics has been treated in too extreme a way. Economists want to deal with all individuals as in the General Equilibrium approach, or to model a representative agent, or to deal with the relation between aggregate variables. Philippe Michel argues in favour of a partial disaggregation into several categories of representative agents. He suggests that this would be a more fruitful approach to macroeconomics.

Keywords: aggregation; individual rationality; macroeconomic theory; representative agent

Chapter.  2067 words. 

Subjects: Macroeconomics and Monetary Economics

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