151. Robert Solow’s Non-Walrasian Conception of Economics
- Author
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Goulven Rubin, Matthieu Ballandonne, Philosophie, Histoire et Analyse des Représentations Économiques (PHARE), and Université Paris 1 Panthéon-Sorbonne (UP1)
- Subjects
Economics and Econometrics ,History ,General equilibrium theory ,060106 history of social sciences ,media_common.quotation_subject ,05 social sciences ,Axiomatic system ,Common sense ,06 humanities and the arts ,Neoclassical synthesis ,[SHS.ECO]Humanities and Social Sciences/Economics and Finance ,JEL: B - History of Economic Thought, Methodology, and Heterodox Approaches/B.B2 - History of Economic Thought since 1925/B.B2.B22 - Macroeconomics ,JEL: B - History of Economic Thought, Methodology, and Heterodox Approaches/B.B4 - Economic Methodology/B.B4.B41 - Economic Methodology ,0502 economics and business ,Economics ,Criticism ,0601 history and archaeology ,JEL: B - History of Economic Thought, Methodology, and Heterodox Approaches/B.B3 - History of Economic Thought: Individuals/B.B3.B31 - Individuals ,050207 economics ,Mathematical economics ,ComputingMilieux_MISCELLANEOUS ,Microfoundations ,Axiom ,Simple (philosophy) ,media_common - Abstract
The neoclassical synthesis has been defined as a bridge between Keynes-ian 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 Robert 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.
- Published
- 2020