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A Critical Essay on Modern Macroeconomic Theory. By Frank Hahn and Robert Solow. Cambridge, Mass.: The MIT Press, 1995. Pp. viii, 159. $22.50.
In their preface, Hahn and Solow write: "We decided on this joint venture when we found that we shared the same unease with the "New Classical Economics" that was just then becoming dominant. [ . . . ] . . . we both regarded ourselves as neoclassical economists in the sense that we required theories of the economy to be firmly based on the rationality of agents and on decentralized modes of economic communication among them. Indeed, it was this general approach that led us to the view that the new macroeconomists were claiming much more than could be deduced from fundamental neoclassical principles. We thus set out to show this." The same rationale for writing...