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Cambridge Journal of Economics Advance Access originally published online on June 6, 2005
Cambridge Journal of Economics 2006 30(1):85-103; doi:10.1093/cje/bei050
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© The Author 2005. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved.

Article

The auctioneerless economics of Axel Leijonhufvud: the ‘dark forces of time and ignorance’ and the coordination of economic activity

Elisabetta De Antoni*

* Department of Economics, University of Trento

Address for correspondence: Elisabetta De Antoni, Dipartimento di Economia, via Inama 5, 38100 Trento, Italy; email: elisabetta.deantoni{at}economia.unitn.it.

Abstract

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.

Key Words: Monetary macroeconomics • Walrasian auctioneer • Coordination • Information • Monetary regimes

JEL classifications: B31, E12, E13, E42

Manuscript received June 13, 2003; final version received June 3, 2004.


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