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A Reformulation Of The Keynesian Model
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Book Synopsis A Reformulation Of Keynesian Economics by : Jagdish Handa
Download or read book A Reformulation Of Keynesian Economics written by Jagdish Handa and published by World Scientific. This book was released on 2015-07-16 with total page 571 pages. Available in PDF, EPUB and Kindle. Book excerpt: John Maynard Keynes' response to the extreme distress of the early years of the Great Depression produced The General Theory, which represented an overhaul of the macroeconomics inherited by his generation. The economic upheaval (including the Great Recession) since 2008 raised serious doubts about the relevance of economics as it had come to be formulated and taught by the beginning of this century. While numerous books and articles have addressed the current distress of economies through contributions to specific parts of macroeconomics, none has offered an attractive alternative that represents a general overhaul of the macroeconomics inherited by the current generation. A Reformulation of Keynesian Economic does so, and provides a modern integrated version of macroeconomics for the modern economies as they function.This book's many insights and innovations include: discarding the classical concepts of the long run and the short run in favour of the behavioural concepts of the planning period (the long term) and the short term (the operating period); discarding the exogenous production function in favour of an endogenous one; distinguishing between the short-term and the long-term production functions; replacing the dynamic stochastic notional general equilibrium (DSGE) approach for the short term by a more general one that permits effective equilibrium and disequilibrium in specific markets; and, a reformulation of the financial sector analysis and of the Keynesian business cycle theory.This thoroughgoing revision of macroeconomics is must-read for macroeconomists, policymakers and graduate students. It can even be used as a textbook by instructors who question the inherited orthodoxy built around the DSGE model and are looking for an alternative formulation of macroeconomics.
Book Synopsis A Reformulation of the Keynesian Model by : José Encarnación
Download or read book A Reformulation of the Keynesian Model written by José Encarnación and published by . This book was released on 1998 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A Note on a Suggested Reformulation of the Basic Keynesian Model by : J. Kirker Stephens
Download or read book A Note on a Suggested Reformulation of the Basic Keynesian Model written by J. Kirker Stephens and published by . This book was released on 1975 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Raising Keynes by : Stephen A. Marglin
Download or read book Raising Keynes written by Stephen A. Marglin and published by Harvard University Press. This book was released on 2020-07-14 with total page 921 pages. Available in PDF, EPUB and Kindle. Book excerpt: Back to the future: a heterodox economist rewrites Keynes's General Theory of Employment, Interest, and Money to serve as the basis for a macroeconomics for the twenty-first century. John Maynard Keynes's General Theory of Employment, Interest, and Money was the most influential economic idea of the twentieth century. But, argues Stephen Marglin, its radical implications were obscured by Keynes's lack of the mathematical tools necessary to argue convincingly that the problem was the market itself, as distinct from myriad sources of friction around its margins. Marglin fills in the theoretical gaps, revealing the deeper meaning of the General Theory. Drawing on eight decades of discussion and debate since the General Theory was published, as well as on his own research, Marglin substantiates Keynes's intuition that there is no mechanism within a capitalist economy that ensures full employment. Even if deregulating the economy could make it more like the textbook ideal of perfect competition, this would not address the problem that Keynes identified: the potential inadequacy of aggregate demand. Ordinary citizens have paid a steep price for the distortion of Keynes's message. Fiscal policy has been relegated to emergencies like the Great Recession. Monetary policy has focused unduly on inflation. In both cases the underlying rationale is the false premise that in the long run at least the economy is self-regulating so that fiscal policy is unnecessary and inflation beyond a modest 2 percent serves no useful purpose. Fleshing out Keynes's intuition that the problem is not the warts on the body of capitalism but capitalism itself, Raising Keynes provides the foundation for a twenty-first-century macroeconomics that can both respond to crises and guide long-run policy.
Book Synopsis A Reformulation of Harrod Growth Theory by : Jay Bernard Spector
Download or read book A Reformulation of Harrod Growth Theory written by Jay Bernard Spector and published by . This book was released on 1971 with total page 494 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Unbalanced Growth from a Balanced Perspective by : Carl Chiarella
Download or read book Unbalanced Growth from a Balanced Perspective written by Carl Chiarella and published by Edward Elgar Publishing. This book was released on 2021-01-29 with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt: As a whole this book adds the ‘Keynes’-component (K) to the Goodwinian vision of a ‘MKS-System’. It first provides a reconsideration of prominent past approaches towards the formation of Keynesian macrodynamics. Ultimately it aims to integrate Marx's Distributive Cycle and aspects of Schumpeter's reformulation of socialism and democracy theory, with Keynes' macro-theory of a ‘Tripartite Market Hierarchy’. This regards financial markets as being at the top, followed by goods markets which in turn are followed by the weakest element, the labor markets. It is completed by certain repercussions that influence the central causal nexus of these three fundamental macro-markets in the longer-run.
Book Synopsis Toward a New Economics by : Alfred S. Eichner
Download or read book Toward a New Economics written by Alfred S. Eichner and published by Routledge. This book was released on 1985 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presents the body of Post-Keynesian theory as an integrated whole, demonstrating that it is just as comprehensive and coherent as the neoclassical synthesis.
Download or read book Dissent on Keynes written by Mark Skousen and published by Praeger. This book was released on 1992-03-19 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Published under the auspices of the Ludwig von Mises Institute." Includes bibliographical references (p. [225]-243) and index.
Book Synopsis Reconstructing Keynesian Macroeconomics Volume 2 by : Carl Chiarella
Download or read book Reconstructing Keynesian Macroeconomics Volume 2 written by Carl Chiarella and published by Routledge. This book was released on 2013-01-17 with total page 497 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book represents the second of three volumes offering a complete reinterpretation and restructuring of Keynesian macroeconomics and a detailed investigation of the disequilibrium adjustment processes characterizing the financial, the goods and the labour markets and their interaction. In this second volume the authors present a detailed analysis and comparison of two competing types of approaches to Keynesian macroeconomics, one that integrates goods, labour and financial markets, and another from the perspective of a conventional type of LM-analysis or interest-rate policy of the central bank. The authors employ rigorous dynamic macro-models of a descriptive and applicable nature, which will be of interest to all macroeconomists who use formal model-building in their investigations. The research in this book with its focus on Keynesian propagation mechanisms provides a unique alternative to the black-box shock-absorber approaches that dominate modern macroeconomics. The main conclusion of the work is that policy makers need to reconsider Keynesian ideas, but in the modern form in which they are expressed in this volume. Reconstructing Keynesian Macroeconomics will be of interest to students and researchers who want to look at alternatives to the mainstream macrodynamics that emerged from the Monetarist critique of Keynesianism. This book will also engage central bankers and macroeconomic policy makers.
Download or read book Economic Theory written by Gary S Becker and published by Routledge. This book was released on 2017-09-08 with total page 243 pages. Available in PDF, EPUB and Kindle. Book excerpt: Others might have called this book Micro Theory or Price Theory. Becker's choice of Economic Theory as the title for his book reflects his deep belief that there is only one kind of economic theory, not separate theories for micro problems, macro problems, non-market decisions, and so on. Indeed, as he notes, the most promising development in recent years in the literature on large scale economic problems such as unemployment has been the increasing reliance on utility maximization, a concept generally identified with microeconomics. Microeconomics is the subject matter of this volume, but it is emphatically not confined to microeconomics in the literal sense of micro units like firms or households. Becker's main interest is in market behavior of aggregations of firms and households. Although important inferences are drawn about individual firms and households, the author tries to understand aggregate responses to changes in basic economic parameters like tax rates, tariff schedules, technology, or antitrust provisions. His discussion is related to the market sector in industrialized economies, but the principles developed are applied to other sectors and different kinds of choices. Becker argues that economic analysis is essential to understand much of the behavior traditionally studied by sociologists, anthropologists, and other social scientists. The broad definition of economics in terms of scarce means and competing ends is taken seriously and should be a source of pride to economists since it provides insights into a wide variety of problems. Practically all statements proved mathematically are also provided geometrically or verbally in the body of the text.
Book Synopsis Contending Economic Theories by : Richard D. Wolff
Download or read book Contending Economic Theories written by Richard D. Wolff and published by MIT Press. This book was released on 2012-09-07 with total page 425 pages. Available in PDF, EPUB and Kindle. Book excerpt: A systematic comparison of the 3 major economic theories—neoclassical, Keynesian, and Marxian—showing how they differ and why these differences matter in shaping economic theory and practice. Contending Economic Theories offers a unique comparative treatment of the three main theories in economics as it is taught today: neoclassical, Keynesian, and Marxian. Each is developed and discussed in its own chapter, yet also differentiated from and compared to the other two theories. The authors identify each theory's starting point, its goals and foci, and its internal logic. They connect their comparative theory analysis to the larger policy issues that divide the rival camps of theorists around such central issues as the role government should play in the economy and the class structure of production, stressing the different analytical, policy, and social decisions that flow from each theory's conceptualization of economics. Building on their earlier book Economics: Marxian versus Neoclassical, the authors offer an expanded treatment of Keynesian economics and a comprehensive introduction to Marxian economics, including its class analysis of society. Beyond providing a systematic explanation of the logic and structure of standard neoclassical theory, they analyze recent extensions and developments of that theory around such topics as market imperfections, information economics, new theories of equilibrium, and behavioral economics, considering whether these advances represent new paradigms or merely adjustments to the standard theory. They also explain why economic reasoning has varied among these three approaches throughout the twentieth century, and why this variation continues today—as neoclassical views give way to new Keynesian approaches in the wake of the economic collapse of 2008.
Book Synopsis The Dynamics of Keynesian Monetary Growth by : Carl Chiarella
Download or read book The Dynamics of Keynesian Monetary Growth written by Carl Chiarella and published by Cambridge University Press. This book was released on 2000-08-03 with total page 444 pages. Available in PDF, EPUB and Kindle. Book excerpt: Originally published in 2000, this book is in the tradition of non-market-clearing approaches to macrodynamic approaches. It builds a series of integrated disequilibrium growth models of increasing complexity, which display the economic interaction between households, firms and government across labour, goods, money, bonds and equities markets. Chiarella and Flaschel demonstrate how macrodynamics can be developed in a hierarchical way from economically simple structures to more advanced ones. In addition it investigates complex macrodynamic feedback mechanisms.
Book Synopsis Post-Keynesian Economics by : Lavoie, Marc
Download or read book Post-Keynesian Economics written by Lavoie, Marc and published by Edward Elgar Publishing. This book was released on 2022-05-13 with total page 744 pages. Available in PDF, EPUB and Kindle. Book excerpt: This visionary Research Handbook presents the state of the art in research on policy design. By conceiving policy design both as a theoretical and a methodological framework, it provides scholars and practitioners with guidance on understanding policy problems and devising accurate solutions.
Book Synopsis The 'Uncertain' Foundations of Post Keynesian Economics by : Stephen Dunn
Download or read book The 'Uncertain' Foundations of Post Keynesian Economics written by Stephen Dunn and published by Routledge. This book was released on 2010-04-05 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: This important new book introduces, analyzes and takes forward a post-Keynesian theory of the firm. It makes a vital contribution to the conceptualisation of uncertainty that is consistent with the methodological presuppositions of Post Keynesian economics. The author attempts to make a positive contribution to the development of Post Keynesian economics by refuting allegations of incoherence, detailing some of the salient implications of a transmutable conception of economic processes and then starting to explore what this means for how Post Keynesians conceptualise uncertainty. The book argues that the Post Keynesian distinctive view of time, understood as a non-deterministic open systems process, is a core and defining characteristic which is linked to its theoretical discussion of money and the principle of effective demand. Covering areas such as the coherence of Post Keynesianism, the future of Post Keynesian economics and Keynesian methodological debates, this book is useful reading for all Post Keynesian scholars with a strong interest in economic methodology and the philosophical underpinnings of economics.
Book Synopsis Macroeconomic Models and Controversies by : G. Chirichiello
Download or read book Macroeconomic Models and Controversies written by G. Chirichiello and published by Springer. This book was released on 1994-05-31 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book provides an introduction to major topics in macroeconomic theory and offers the readers three tools for comparing different models:a mathematical reformulation of Say's Law, the use of income velocity of circulation of money as a behavioural function in accordance with the Friedman tradition and the use of the Phillips curve to represent the labour market.
Download or read book Minsky’s Moment written by Piero Ferri and published by Edward Elgar Publishing. This book was released on 2019 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: At its core this book sets out the analytical and methodological foundations of Minsky’s financial instability hypothesis (FIH). Grounded on the joint work of Piero Ferri and Hyman Minsky, it offers insightful analysis from a unique insider's perspective. The objective is to deepen and enlarge the toolbox used by Minsky and to place the analysis within a dynamic perspective where a meta model, based upon regime switching, can encompass the different forms that the FIH can assume.
Book Synopsis MACROECONOMICS, Second Edition by : GHOSH, CHANDANA
Download or read book MACROECONOMICS, Second Edition written by GHOSH, CHANDANA and published by PHI Learning Pvt. Ltd.. This book was released on 2021-04-01 with total page 460 pages. Available in PDF, EPUB and Kindle. Book excerpt: Macroeconomics, which along with microeconomics forms one of the two most general fields of studies in economics, deals with an economy as a whole—national, regional and global. This textbook on macroeconomics in its second edition makes significant contribution to teaching and learning of the subject. Macroeconomics texts that are available present mathematical models and theories without using mathematics. Hence, students find it difficult to get a clear idea of the theories presented. Using elementary tools of school level mathematics, this book presents the theories mathematically and illustrates them diagrammatically. The purpose is to give the students a clear vision of the theories presented. Meanings of every equation, every expression and intuition of every result are clearly explained. Every mathematical step involved in the derivation of the results is fully explained. Upon reading this book, a student will learn how to construct a macroeconomic model mathematically, how to illustrate the solution of the model diagrammatically and how to carry out stability analysis and comparative static exercises mathematically and diagrammatically. The book presents both Keynesian and neoclassical macroeconomic theories lucidly, evaluates them in the light of real life experiences and makes a comparative assessment of the two schools of thought in macroeconomics. In this respect also, this book constitutes a unique contribution as a textbook of macroeconomics. KEY FEATURES • Explains the concepts in an easy-to-understand language. • Includes numerous exercises within the text as well as at the end of each chapter. • Illustrates the concepts with the help of examples, figures and tables. NEW TO THE EDITION • Chapters 3, 9 and 10 have been revised thoroughly to add new insights into the theories presented there. • Some of the other chapters have also been revised to improve their quality and coverage. • The data tables have also been updated to illustrate the applications of the theories using recent data. • Solution hints have been added to most of the difficult problems. • This book is intended mainly as a text for undergraduate and postgraduate students of Economics for their courses in Macroeconomics. Besides, students of management will also find the book immensely useful in acquiring fundamental knowledge of macroeconomics, which is crucial for making business decisions. TARGET AUDIENCE • BA/B.Sc.—Economics on Macroeconomics. • MA/M.Sc.—Economics on Macroeconomics. • MBA—Most B–schools have a paper on Macroeconomics in their MBA programme.
