| This dissertation utilizes some simple analyses to examine and to extend aspects of the theory and methodology of macroeconomics from the viewpoint of the theory of value, the theory of exchange, disequilibrium theory, microfoundations of macroeconomics, and the economics of information.; After a survey of the recent directions in macroeconomic analysis, the primary laws of motion, or adjustment hypotheses during dynamic-disequilibrium processes are examined through a market-structure, market-activity setting. It is proposed that macroeconomic analyses often utilize what is called--partly borrowing from Samuelson--the Problematic Method in Correspondence. The "minimization" of utilizing this method may be used as a criterion for proper generalizations and appraisal of macroeconomic theorems. When a methodological distinction is made between "terminal" and "non-terminal" states, it is possible to distinguish between two hypotheses embodied in Say's Law. This contention is illustrated by use of a special "balance sheet."; Say's Law is extensively analyzed in order to approach to its choice-theoretic foundations. It is proposed that the ex ante version of this Law goes beyond the budget constraint of the oft-claimed economic accounting framework. Furthermore, Say's Law in its non-trivial format is a disequilibrium proposition which has no necessary relation to the terminal-equilibrium state of economic system. In the investigation of the disequilibrium dynamics of this Law, it is suggested that behind Say's Law of "Markets" there must be necessity exist Say's Law of "Sectors." Accordingly, an attempt is made to provide an analytical framework, by which this Law could be examined in an inter-sectoral setting. This analysis is introduced as the Coordinated Methodology.; The mechanics of monetary exchange from the viewpoint of Marx is examined and Marx's attack on Say's Assertion is scrutinized. Through a conciliatory approach, however, a resolution to this debate is provided by the introduction of the "Say-Marx" theorem. This theorem, which appears as a fundamental proposition of the theory or exchange, applies the concept of "surplus-value" symmetrically to both the value-in-exchange approach of Karl Marx and the value-in-use approach of Jean-Baptiste Say.; With the realization of the importance of "information" in exchange, a reexamination of the Walrasian, or the General Equilibrium, tatonnement price-vector is provided. The transmission of the price vector itself is considered together with the contents and characteristics of exchangeable goods. In a "Limited-Information" system, certain well-known economic theorems require modifications. Thus, the concept of "expansion of value" is investigated in terms of both ex ante and ex post exchanges settings. Through a harmonious, non-conflict view of market confrontations, some "contracting" theorems are set forth. These theorems are in substance restatements of fundamental theorems of exchange in terms of the value-in-use of market participants in an imperfectly-informative exchange environment. Finally, some suggestions for further research programs in macroeconomic theory are provided.; Two explicit views are maintained throughout this work: (i) that the General Equilibrium is capable of being applied to the study of disequilibrium phenomena, and (ii) that microfoundation theorizing in macroeconomics requires the incorporation of some modified propositions of the theories of value and exchange. |
