Intertemporal General Equilibrium

In the Preface to his book, Causality in Economics (1979), Hicks mentioned his participation in a conference on the ‘Microfoundations of Macroeconomics’, which was organised by the International Economic Association at S’Agaro in 1974. He reported that ‘though some excellent papers were given, reviewers . . . rightly perceived that the conference as a whole was a failure. We did not get to grips with the question we were supposed to be discussing.’ He went on to say One of the reasons … was that the question had been wrongly posed. It took for granted that ‘micro’ (the economics of the firm and of the individual) was a solid foundation, on which the more dubious ‘macro’ (economics of the whole economy, usually a national economy) was to be built. What were the grounds for holding that the one was more solid than the other? We were begging the question, but we should have faced it.

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