Category Archives: coordination problem
From Don Boudreaux. Teachers in particular will want to steal Bourdreaux eye opening thought experiment.
I knew [in the mid 1930s] that there was something more fundamental than the difference [with Keynes] on [the question of the relation of employment to aggregate demand], but the concepts of this difference, between macro- and micro- theory, had then not yet become quite clear. It was only becoming aware of the fact that really [an engagement with Keynes and Cambridge macroeconomics more generally] to be discussion of the contrasts between micro- and macro- theory. — F. A. Hayek