| Abstract: | Leijonhufvud focuses his analysis on the coordination of economicactivities. In a world tossed and torn by ever new episodesof instability, macroeconomic theory must finally admit andproperly analyse the limits of collective and individual rationality.Starting from the system's coordination, Leijonhufvud underlinesthe crucial role of information, learning and institutions.Coming to individual choice, he unremittingly rejects unboundedrationality. Methodologically, however, his use of general equilibriumas a benchmark seems to have conditioned his analysis. In bringingto light the dark forces of time and ignorance,Leijonhufvud himself seems to have fallen under the influenceof the siren represented by general equilibrium theory. |
