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Author: John Warwick Nevile
Publisher:
ISBN:
Category : Keynesian economics
Languages : en
Pages : 52
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Book Description
Author: John Warwick Nevile
Publisher:
ISBN:
Category : Keynesian economics
Languages : en
Pages : 52
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Book Description
Author: B. Bhaskara Rao
Publisher: Springer
ISBN: 1349262935
Category : Business & Economics
Languages : en
Pages : 240
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Book Description
'I wish Professor Rao and his collaborators every success in ensuring that future generations of students do not have to put up with logically incoherent foundations to their understanding of modern economic systems' - G.C. Harcourt, Jesus College, Cambridge There is now an increasing realisation that the popular textbook macroeconomic model of aggregate demand and supply is logically incorrect. While there is a broad agreement among the critiques on these logical flaws there has been no such agreement on how the basic textbook macromodel should be modified. The essays in this volume contain very promising alternative models which will significantly influence the way macroeconomics will be taught in the future.
Author: Warren Young
Publisher: Springer Science & Business Media
ISBN: 940100644X
Category : Business & Economics
Languages : en
Pages : 171
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Book Description
IS-LM is perhaps the prime example of `cognitive dissonance' in economics, and is problematic to many economists. On the one hand, the IS-LM model is still taught by many academic economists or they use it to derive the AD-AS approach. On the other hand, the same economists realize the limitations of the basic IS-LM model and would not now use it for policy analysis, as they did in the past. The distinction between pedagogical and analytical efficacy is made by all the authors in this volume regarding the IS-LM model. Indeed, even those who would reject using the model for modern policy analysis still see the basic model as useful for teaching purposes. Moreover, in an augmented form, some of the authors in this volume would even see fit to use IS-LM for modern policy analysis. As will be seen, therefore, the IS-LM model is `not yet dead'. Rather, the model's `plasticity' has enabled it to undergo a metamorphosis into augmented form, enabling its continuing utilization in economics accordingly.
Author: G. Harcourt
Publisher: Springer
ISBN: 1137475293
Category : Business & Economics
Languages : en
Pages : 525
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Book Description
Joseph Halevi, G. C. Harcourt, Peter Kriesler and J. W. Nevile bring together a collection of their most influential papers on post-Keynesian thought. Their work stresses the importance of the underlying institutional framework, of the economy as a historical process and, therefore, of path determinacy. In addition, their essays suggest the ultimate goal of economics is as a tool to inform policy and make the world a better place, with better being defined by an overriding concern with social justice. Volume IV explores theory.
Author: Pascal Michaillat
Publisher:
ISBN:
Category : Business cycles
Languages : en
Pages :
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Book Description
This paper presents a parsimonious equilibrium business cycle model with trade frictions in the product and labor markets. The model features unemployment and unsold production and its general equilibrium can be represented very simply: as the intersection of an aggregate supply and an aggregate demand, with product market tightness acting as a price. The aggregate supply represents the expected amount of sales by firms given product market tightness and optimal hiring on the labor market. The aggregate demand represents optimal product consumption given product market tightness-consumers can also spend their income on an unproduced good. We use a search-and-matching structure to realistically represent trade frictions in the product and labor markets. In such a structure, it is not price or wage but market tightness that equalizes supply to demand. In fact, the frictions create situations of bilateral monopoly in price and wage setting that make price and wage indeterminate. To resolve this indeterminacy, we take price and wage as parameters, thus disconnecting price and wage determination from our analysis. Since the equilibrium representation is very transparent and tractable, we are able to obtain a broad range of comparative statics with respect to demand and supply shocks. The model is also suited to think about inventories, labor hoarding, income and wealth inequality. It can be extended to a dynamic environment.
Author: Dorian Owen
Publisher:
ISBN:
Category : Macroeconomics
Languages : en
Pages : 20
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Book Description
Author: G. Harcourt
Publisher: Springer
ISBN: 1137475382
Category : Business & Economics
Languages : en
Pages : 375
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Book Description
Joseph Halevi, Geoff Harcourt, Peter Kriesler and J. W. Nevile bring together a collection of their most influential papers on post-Keynesian thought. Their work stresses the importance of the underlying institutional framework, of the economy as a historical process and, therefore, of path determinacy. In addition, their essays suggest the ultimate goal of economics is as a tool to inform policy and make the world a better place, with better being defined by an overriding concern with social justice. Volume I analyses the contributions of Keynes, Harrod and Kalecki.
Author: N. Hart
Publisher: Springer
ISBN: 1137029757
Category : Business & Economics
Languages : en
Pages : 390
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Book Description
Alfred Marshall and Modern Economics re-examines Marshall's legacy and relevance to modern economic analysis with the more settled conventional wisdom concerning evolutionary processes allowing advances in economic theorising which were not possible in Marshall's life time.
Author: Rhona C. Free
Publisher: SAGE
ISBN: 1412961424
Category : Business & Economics
Languages : en
Pages : 1038
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Book Description
Interest in economics is at an all-time high. Among the challenges facing the nation is an economy with rapidly rising unemployment, failures of major businesses and industries, and continued dependence on oil with its wildly fluctuating price. Americans are debating the proper role of the government in company bailouts, the effectiveness of tax cuts versus increased government spending to stimulate the economy, and potential effects of deflation. Economists have dealt with such questions for generations, but they have taken on new meaning and significance. Tackling these questions and encompassing analysis of traditional economic theory and topics as well as those that economists have only more recently addressed, 21st Century Economics: A Reference Handbook is intended to meet the needs of several types of readers. Undergraduate students preparing for exams will find summaries of theory and models in key areas of micro and macroeconomics. Readers interested in learning about economic analysis of an issue as well students embarking on research projects will find introductions to relevant theory and empirical evidence. And economists seeking to learn about extensions of analysis into new areas or about new approaches will benefit from chapters that introduce cutting-edge topics. To make the book accessible to undergraduate students, models have been presented only in graphical format (minimal calculus) and empirical evidence has been summarized in ways that do not require much background in statistics or econometrics. It is thereby hoped that chapters will provide both crucial information and inspiration in a non-threatening, highly readable format.
Author: Max Gillman
Publisher: Routledge
ISBN: 1134021747
Category : Business & Economics
Languages : en
Pages : 422
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Book Description
These essays bring together a progression in monetary theory. The major theme that runs through all of the chapters is that in order to do monetary economics well in general equilibrium, it helps to have a good money demand underlying the theory. A proper underlying money demand sets up arguably the best foundation from which to make extensions of monetary economics from the basic model. At the same time that money demand is modelled, this also “endogenizes” the velocity of money. This has been a challenge in the literature that these essays solve and then use to extend basic neoclassical growth and business cycle theory. Solving this problem, in a way that is a natural, direct, and “micro-founded” extension of the standard monetary theory is the first major contribution of the collection. The second major contribution is the extension of the neoclassical monetary models, using this solution, to reinvigorate classic issues of monetary economics and take them to the frontier.
