Disequilibrium economics: some comments about its nature, origins and fate. A review essay of "Transforming Modern Macroeconomics, The Relationship of Micro and Macroeconomics in Historical Perspective" (2013)

In 2013, Roger Backhouse and Mauro Boianovsky published Transforming Modern Macroeconomics Exploring Disequilibrium Microfoundations, 1956-2003. This book is the first comprehensive history of the “search for disequilibrium microfoundations” or disequilibrium theories. While being sympathetic to this general undertaking, this essay points two weaknesses of the book. Firstly, the presentation of the origins of the search for disequilibrium microfoundations downplays the interactions between key players like Patinkin, Clower, Arrow or Hahn. As a consequence, Backhouse and Boianovsky tend to overemphasize the heterogeneity of their approaches. Secondly, they argue that disequilibrium theories left a deep mark on contemporary macroeconomics. But this claim is not supported by a step by step analysis. Reading the book is also be the occasion to take stock and identify the issues that remain unanswered and need to be clarified in order to complete the history of disequilibrium macroeconomics.