ABSTRACT
The most interesting recent developments in macroeconomic theory is describable as the reincorporation of aggregative problems such as inflation and the business cycle within the general framework of ‘microeconomic’ theory. Macroeconomics contrasts sharply with the implications of aggregated microeconomics. While stressing that any decision involves assumptions about the future might be problematic for neoclassical theorists, a more general issue is raised whenever the economy ‘as a whole’ is considered to be a matter of macroeconomics. Evolutionary game theory has elements of the general equilibrium theory version of microeconomics yet recognizes the process of experimenting and groping that is characteristic of what might be going on in a market before the attainment of a long-run equilibrium. Evolutionary game theory interactions can have an effect on the distribution of other individuals as well as on both the actual history of how the distribution changes and what the final distribution becomes.
