Economic Theory

, Volume 21, Issue 2–3, pp 227–232 | Cite as

Macro foundations of micro-economics

  • Frank Hahn
Symposium Article

This paper attempts to circumvent the nonsense of the representative agent which arises in macroeconomics. It recognises that macro data are relevant to agents' decisions, and so excess demands should contain macro variables as arguments. The macro variables I consider are the price index, unemployment and GNP. This paper should be regarded as a tentative beginning to make macroeconomic theory literate.

Keywords and Phrases: Representative agents, Price index, Labour market search. 
JEL Classification Numbers: E13, E24, E31. 


Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

Copyright information

© Springer-Verlag Berlin Heidelberg 2003

Authors and Affiliations

  • Frank Hahn
    • 1
  1. 1.16 Adams Road, Cambridge, CB3 9AD, UK (e-mail: GB

Personalised recommendations