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A Review Of James Forder Macroeconomics And The Phillips Curve Myth
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Book Synopsis A Review of James Forder, Macroeconomics and the Phillips Curve Myth by : Michel De Vroey
Download or read book A Review of James Forder, Macroeconomics and the Phillips Curve Myth written by Michel De Vroey and published by . This book was released on 2017 with total page 8 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this review, I argue that Forder makes a fine job in debunking the story told by Friedman in his Nobel prize lecture about the Phillips curve yet fails to assess the validity of Phelps's and Friedman's contributions to the Phillips curve theory.
Book Synopsis Macroeconomics and the Phillips Curve Myth by : James Forder
Download or read book Macroeconomics and the Phillips Curve Myth written by James Forder and published by OUP Oxford. This book was released on 2014-10-09 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book reconsiders the role of the Phillips curve in macroeconomic analysis in the first twenty years following the famous work by A. W. H. Phillips, after whom it is named. It argues that the story conventionally told is entirely misleading. In that story, Phillips made a great breakthrough but his work led to a view that inflationary policy could be used systematically to maintain low unemployment, and that it was only after the work of Milton Friedman and Edmund Phelps about a decade after Phillips' that this view was rejected. On the contrary, a detailed analysis of the literature of the times shows that the idea of a negative relation between wage change and unemployment - supposedly Phillips' discovery - was commonplace in the 1950s, as were the arguments attributed to Friedman and Phelps by the conventional story. And, perhaps most importantly, there is scarcely any sign of the idea of the inflation-unemployment tradeoff promoting inflationary policy, either in the theoretical literature or in actual policymaking. The book demonstrates and identifies a number of main strands of the actual thinking of the 1950s, 1960s, and 1970s on the question of the determination of inflation and its relation to other variables. The result is not only a rejection of the Phillips curve story as it has been told, and a reassessment of the understanding of the economists of those years of macroeconomics, but also the construction of an alternative, and historically more authentic account, of the economic theory of those times. A notable outcome is that the economic theory of the time was not nearly so naïve as it has been portrayed.
Book Synopsis Macroeconomics and the Phillips Curve Myth by : James Forder
Download or read book Macroeconomics and the Phillips Curve Myth written by James Forder and published by . This book was released on 2014 with total page 306 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume reconsiders the role of the Phillips curve in macroeconomic analysis in the first twenty years following the famous work by A.W.H. Phillips, after whom it is named.
Book Synopsis Nine Views of the Phillips Curve by : James Forder
Download or read book Nine Views of the Phillips Curve written by James Forder and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Textbooks on the Phillips Curve by : James Forder
Download or read book Textbooks on the Phillips Curve written by James Forder and published by . This book was released on 2014 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: I consider the representation of theory concerning the relationship of inflation and unemployment, as presented in a sample of economics textbooks from the 1940s to the 1980s. It is argued that they contain nothing to contradict the impression from Forder, Macroeconomics and the Phillips curve myth, that the history of the Phillips curve as commonly understood in the 1980s and after is fictitious. Indeed, the study of the textbooks substantially confirms the conclusions there. Amongst the findings pointing in this direction is that the 1960s editions of the textbooks give no impression of there being a naïve faith in the possibility of maintaining low unemployment with excess demand and inflationary policy. Even in cases where later editions of the same textbooks assert very firmly that such views were widespread, their expression is not to be found in the 1960s editions.
Book Synopsis The Elgar Companion to John Maynard Keynes by : Robert W. Dimand
Download or read book The Elgar Companion to John Maynard Keynes written by Robert W. Dimand and published by Edward Elgar Publishing. This book was released on 2019 with total page 672 pages. Available in PDF, EPUB and Kindle. Book excerpt: The most influential and controversial economist of the twentieth century, John Maynard Keynes was the leading founder of modern macroeconomics, and was also an important historical figure as a critic of the Versailles Peace Treaty after World War I and an architect of the Bretton Woods international monetary system after World War II. This comprehensive Companion elucidates his contributions, his significance, his historical context and his continuing legacy.
Download or read book Milton Friedman written by James Forder and published by Springer. This book was released on 2019-07-05 with total page 489 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the work of Milton Friedman, which is amongst the most significant in modern economics and, equally, amongst the most contentious. Although Friedman became most famous for his views on money and monetary policy as well as his public writings, a large and important part of his work concerned other aspects of economics. All parts of Friedman’s work are considered here, as is his account of his own life. By focussing on what Friedman wrote rather than what later authors have written about him, this volume seeks to analyse the character, qualities and development of the arguments he made. This text is important for anyone interested in this both celebrated and reviled figure in economics. James Forder clarifies messages in Friedman’s writing that have otherwise so often been obscured by academic and public controversy.
Book Synopsis The Friedman-Lucas Transition in Macroeconomics by : Peter Galbács
Download or read book The Friedman-Lucas Transition in Macroeconomics written by Peter Galbács and published by Academic Press. This book was released on 2020-03-04 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Friedman-Lucas Transition in Macroeconomics: A Structuralist Approach considers how and to what extent monetarist and new classical theories of the business-cycle can be regarded as approximately true descriptions of a cycle's causal structure or whether they can be no more than useful predictive instruments. This book will be of interest to upper-division undergraduates, graduate students, researchers and professionals concerned with practical, theoretical and historical aspects of macroeconomics and business-cycle modeling. Offers a wide selection of Robert Lucas's unpublished works Discusses the history of business-cycle theories in the context of methodological advancements Suggests effective arguments for emphasizing the key role of representative agents and their assumed properties in macro-modeling
Book Synopsis A History of Macroeconomics from Keynes to Lucas and Beyond by : Michel De Vroey
Download or read book A History of Macroeconomics from Keynes to Lucas and Beyond written by Michel De Vroey and published by Cambridge University Press. This book was released on 2016-01-08 with total page 451 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book retraces the history of macroeconomics from Keynes's General Theory to the present. Central to it is the contrast between a Keynesian era and a Lucasian - or dynamic stochastic general equilibrium (DSGE) - era, each ruled by distinct methodological standards. In the Keynesian era, the book studies the following theories: Keynesian macroeconomics, monetarism, disequilibrium macro (Patinkin, Leijongufvud, and Clower) non-Walrasian equilibrium models, and first-generation new Keynesian models. Three stages are identified in the DSGE era: new classical macro (Lucas), RBC modelling, and second-generation new Keynesian modeling. The book also examines a few selected works aimed at presenting alternatives to Lucasian macro. While not eschewing analytical content, Michel De Vroey focuses on substantive assessments, and the models studied are presented in a pedagogical and vivid yet critical way.
Book Synopsis The Age of Fragmentation by : Alessandro Roncaglia
Download or read book The Age of Fragmentation written by Alessandro Roncaglia and published by Cambridge University Press. This book was released on 2019-12-05 with total page 453 pages. Available in PDF, EPUB and Kindle. Book excerpt: A wide-ranging historical account and critical analysis of the global development of economics from 1940 to the present day.
Download or read book Economics written by James Forder and published by Oneworld. This book was released on 2016 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: Almost everyone appreciates that economics is important. Promises are constantly made which relate to economic outcomes - 'no more boom and bust' was one from the last government - but rarely do things turn out as expected. Whether things go right or wrong, the consequences affect all of us. A proper understanding of the subject is essential to making our society successful. Readers are introduced to the essential building blocks of economic thinking through the exploration of real world economic issues. Crucially, Forder goes beyond a basics presentation of what economists say, and asks what economics is, what it does, and when it is useful.
Book Synopsis Founder of Modern Economics: Paul A. Samuelson by : Roger E. Backhouse
Download or read book Founder of Modern Economics: Paul A. Samuelson written by Roger E. Backhouse and published by Oxford University Press. This book was released on 2017-04-11 with total page 761 pages. Available in PDF, EPUB and Kindle. Book excerpt: Paul Samuelson was at the heart of a revolution in economics. He was "the foremost academic economist of the 20th century," according to the New York Times, and the first American to win the Nobel Prize in Economics. His work transformed the field of economics and helped give it the theoretical and mathematic rigor that increased its influence in business and policy making. In Founder of Modern Economics, Roger E. Backhouse explores the central importance of Samuelson's personality and social networks to understanding his intellectual development. This is the first of two volumes covering Samuelson's extended and productive life and career. This volume surveys Samuelson's early years growing up in the Midwest to his experiences at the University of Chicago and Harvard University, where leading scholars in economics and other disciplines stimulated and rewarded his curiosity. His thinking was influenced by the natural sciences and he understood that a critical, scientific approach increased insights into important social and economic questions. He realized that these questions could not be answered through rhetorical debate but required rigor. His "eureka" moment came, he said, when "a good fairy whispered to me that math was a skeleton key to solve age old problems in economics." Backhouse traces Samuelson's thinking from his early days to the publication of his groundbreaking book Foundations of Economic Analysis and Economics: An Introductory Analysis, which influenced generations of students. His work set the stage for economics to become a more cohesive and coherent discipline, based on mathematical techniques that provided surprising insights into many important topics, from business cycles to wage and unemployment rates, and from how competition influences trade to how tax rates affects tax collection. Founder of Modern Economics is a profound contribution to understanding how modern economics developed and the thinking of a revolutionary thinker.
Book Synopsis Creating the Twentieth Century by : Vaclav Smil
Download or read book Creating the Twentieth Century written by Vaclav Smil and published by Oxford University Press. This book was released on 2005-08-25 with total page 361 pages. Available in PDF, EPUB and Kindle. Book excerpt: The period between 1867 and 1914 remains the greatest watershed in human history since the emergence of settled agricultural societies: the time when an expansive civilization based on synergy of fuels, science, and technical innovation was born. At its beginnings in the 1870s were dynamite, the telephone, photographic film, and the first light bulbs. Its peak decade - the astonishing 1880s - brought electricity - generating plants, electric motors, steam turbines, the gramophone, cars, aluminum production, air-filled rubber tires, and prestressed concrete. And its post-1900 period saw the first airplanes, tractors, radio signals and plastics, neon lights and assembly line production. This book is a systematic interdisciplinary account of the history of this outpouring of European and American intellect and of its truly epochal consequences. It takes a close look at four fundamental classes of these epoch-making innovations: formation, diffusion, and standardization of electric systems; invention and rapid adoption of internal combustion engines; the unprecedented pace of new chemical syntheses and material substitutions; and the birth of a new information age. These chapters are followed by an evaluation of the lasting impact these advances had on the 20th century, that is, the creation of high-energy societies engaged in mass production aimed at improving standards of living.
Download or read book The Nobel Factor written by Avner Offer and published by Princeton University Press. This book was released on 2019-11-19 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt: How the creation of the Nobel Prize in Economics changed the economics profession, Sweden, and the world Our confidence in markets comes from economics, and our confidence in economics is underpinned by the Nobel Prize in Economics, which was first awarded in 1969. Was it a coincidence that the prize and the rise of free-market liberalism began at the same time? The Nobel Factor is the first book to describe the origins and power of the most important prize in economics. It tells how the prize, created by the Swedish central bank, emerged from a conflict between central bank orthodoxy and Sweden's social democracy. The aim was to use the halo of the Nobel brand to influence the future of Sweden and the rest of the developed world by enhancing the bank's authority and the prestige of market-friendly economics. And the strategy has worked spectacularly—with sometimes disastrous results for societies striving to cope with the requirements of economic theory and deregulated markets. Drawing on previously untapped archives and providing a unique analysis of the sway of prizewinners, The Nobel Factor offers an unprecedented account of the real-world consequences of economics and its greatest prize.
Book Synopsis The Property Species by : Bart J. Wilson
Download or read book The Property Species written by Bart J. Wilson and published by Oxford University Press. This book was released on 2020-03-25 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: What is property, and why does our species have it? In The Property Species, Bart J. Wilson explores how humans acquire, perceive, and know the custom of property, and why this might be relevant to understanding how property works in the twenty-first century. Arguing that neither the sciences nor the humanities synthesizes a full account of property, the book offers a cross-disciplinary compromise that is sure to be controversial: Property is a universal and uniquely human custom. Integrating cognitive linguistics with philosophy of property and a fresh look at property disputes in the common law, the book makes the case that symbolic-thinking humans locate the meaning of property within a thing. That is, all human beings and only human beings have property in things, and at its core, property rests on custom, not rights. Such an alternative to conventional thinking contends that the origins of property lie not in food, mates, territory, or land, but in the very human act of creating, with symbolic thought, something new that did not previously exist. Written by an economist who marvels at the natural history of humankind, the book is essential reading for experts and any reader who has wondered why people claim things as "Mine!", and what that means for our humanity.
Book Synopsis Central Banking in the Twentieth Century by : John Singleton
Download or read book Central Banking in the Twentieth Century written by John Singleton and published by Cambridge University Press. This book was released on 2010-11-25 with total page 351 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central banks are powerful but poorly understood organisations. In 1900 the Bank of Japan was the only central bank to exist outside Europe but over the past century central banking has proliferated. John Singleton here explains how central banks and the profession of central banking have evolved and spread across the globe during this period. He shows that the central banking world has experienced two revolutions in thinking and practice, the first after the depression of the early 1930s, and the second in response to the high inflation of the 1970s and 1980s. In addition, the central banking profession has changed radically. In 1900 the professional central banker was a specialised type of banker, whereas today he or she must also be a sophisticated economist and a public official. Understanding these changes is essential to explaining the role of central banks during the recent global financial crisis.
Book Synopsis A Cultural History of Money in the Modern Age by : Taylor C. Nelms
Download or read book A Cultural History of Money in the Modern Age written by Taylor C. Nelms and published by Bloomsbury Publishing. This book was released on 2021-03-11 with total page 406 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bracketed by global financial crises and economic downturns, the modern age has been defined by debates about, and transformations of, money. The period witnessed the consolidation of national currencies and monetary policies as well as the diversification of payment technologies and the proliferation of financial instruments. Throughout, even as it appeared abstracted by finance and depoliticized by expert ideologies, money was revealed again and again to be a powerful medium of cultural imagination and practical inventiveness as well as the site of public and political struggles. Modern money - both as a form of liquidity and as a claim on wealth - remains deeply unsettled, caught between private and public interests and subject to epic struggles over the infrastructures of value creation and circulation and their distributional consequences. Drawing upon a wealth of visual and textual sources, A Cultural History of Money in the Modern Age presents essays that examine key cultural case studies of the period on the themes of technologies, ideas, ritual and religion, the everyday, art and representation, interpretation, and the issues of the age.
