ABSTRACT
A Post Walrasian approach asks the same questions as does the Walrasian approach, but it considers the questions from a vantage point of reasonable agents operating in information-poor environments. The Post Walrasian research program is unlike most previous research programs in macro in that it is neutral about policy. Post Walrasian macro emerged as a coherent research program in the early 2000s for three reasons. The first was that the Walrasian research program had structured the macroeconomic problem in a way that attempted to model it from first principles. The second was the advancement in analytic techniques such as evolutionary game theory and non-linear dynamics, which made it possible to formally analyze more complicated interrelationships. The third reason was advance ments in computing power, which made analysis less dependent on analytic techniques and more dependent on simulation. Policy is much too complicated and nuanced to pull any policy issues out of abstract models.
