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Capital Expectations And The Market Process
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Book Synopsis The Market as an Economic Process by : Ludwig M. Lachmann
Download or read book The Market as an Economic Process written by Ludwig M. Lachmann and published by . This book was released on 2020-06-22 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is widely acknowledged among economists today that their discipline is in a state of some disarray. Behind the controversies particular to the times lies a fundamental crisis of thought, rooted in the increasingly apparent inadequacy of the neoclassical approach that has been dominant for some fifty years. The failure to impose such a formalistic framework has fostered the return from the wilderness of the subjectivist Austrian School of economics and renewed debate on the nature of markets and the predictability of economic phenomena. Until recently subjectivist economics has been largely ignored by mainstream economists. But as the dominant neoclassical, Keynesian, and monetarist approaches have each been championed in turn only to be found wanting at the end of the day, the Austrian approach has come to seem increasingly promising. In this book, first published in 1986 and now reprinted with a new foreword from Solomon M. Stein and Virgil Henry Storr, Ludwig M. Lachmann presents his case for viewing economic events as elements within an ongoing process dependent on human actions in a world where the future, though not unimaginable, is unknowable. In stark contrast to the mechanistic world view of mainstream orthodoxy, his perspective takes due account of the complex workings of the human mind. His insistence on the variety of ways in which markets may function warns against elevating any "process" theory to the levels of abstraction characteristic of neoclassical equilibrium theory. Drawing easily on the classics as well as the most recent theoretical developments, Lachmann sheds new light on each of the areas he discusses. Ludwig M. Lachmann (1906-1990) witnessed and participated in numerous controversies for over fifty years as a leading member of the Austrian School, while remaining receptive to ideas from a diversity of disciplines and schools of thought. He studied under F. A. Hayek at the London School of Economics in the 1930s, and was a distinguished member of the Austrian School of economics and has played an active part in its revival over the past ten years. His previous publications include Capital and its Structure (1956), The Legacy of Max Weber (1970), and Capital Expectations and the Market Process (1977).
Book Synopsis Capital, Expectations, and the Market Process by : Ludwig M. Lachmann
Download or read book Capital, Expectations, and the Market Process written by Ludwig M. Lachmann and published by Kansas City : Sheed Andrews and McMeel. This book was released on 1977 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Evolution of the Market Process by : Michel Bellet
Download or read book Evolution of the Market Process written by Michel Bellet and published by Routledge. This book was released on 2004-10-07 with total page 345 pages. Available in PDF, EPUB and Kindle. Book excerpt: This impressive volume centres on the relationship between Austrian and Swedish economics. Exploring themes such as capital theory, expectations, policy, market theory and the history of economic thought, this book makes for an interesting read. It will appeal across a wide range of disciplines within economics as well as the philosophy of social science.
Book Synopsis Trust in Numbers by : Theodore M. Porter
Download or read book Trust in Numbers written by Theodore M. Porter and published by . This book was released on 1995 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis General Theory Of Employment , Interest And Money by : John Maynard Keynes
Download or read book General Theory Of Employment , Interest And Money written by John Maynard Keynes and published by Atlantic Publishers & Dist. This book was released on 2016-04 with total page 410 pages. Available in PDF, EPUB and Kindle. Book excerpt: John Maynard Keynes is the great British economist of the twentieth century whose hugely influential work The General Theory of Employment, Interest and * is undoubtedly the century's most important book on economics--strongly influencing economic theory and practice, particularly with regard to the role of government in stimulating and regulating a nation's economic life. Keynes's work has undergone significant revaluation in recent years, and "Keynesian" views which have been widely defended for so long are now perceived as at odds with Keynes's own thinking. Recent scholarship and research has demonstrated considerable rivalry and controversy concerning the proper interpretation of Keynes's works, such that recourse to the original text is all the more important. Although considered by a few critics that the sentence structures of the book are quite incomprehensible and almost unbearable to read, the book is an essential reading for all those who desire a basic education in economics. The key to understanding Keynes is the notion that at particular times in the business cycle, an economy can become over-productive (or under-consumptive) and thus, a vicious spiral is begun that results in massive layoffs and cuts in production as businesses attempt to equilibrate aggregate supply and demand. Thus, full employment is only one of many or multiple macro equilibria. If an economy reaches an underemployment equilibrium, something is necessary to boost or stimulate demand to produce full employment. This something could be business investment but because of the logic and individualist nature of investment decisions, it is unlikely to rapidly restore full employment. Keynes logically seizes upon the public budget and government expenditures as the quickest way to restore full employment. Borrowing the * to finance the deficit from private households and businesses is a quick, direct way to restore full employment while at the same time, redirecting or siphoning
Book Synopsis A Market Process Theory of the Firm by : Mateusz Machaj
Download or read book A Market Process Theory of the Firm written by Mateusz Machaj and published by Routledge. This book was released on 2021-07-14 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt: Neoclassical economics has been criticized from various angles by orthodox schools. The same can be said about its particular branch: the theory of the firm. This book demonstrates how a successful theory of the firm can be presented without flawed notions of a neoclassical framework and used to comprehend actual business history. The author argues that we should start from the assumption that businesses are inevitably imponderable, as that is their nature, in the process of economic evolution. The book offers an in-depth exploration of neoclassical limitations by examining each of the small details associated with the famous MR = MC rule. It follows a step-by-step approach, which starts off with neoclassical assumptions and then moves into more empirically sound theory, based on modeling logic and rooted in real world examples. The author presents a novel discussion on the size of the firm, both in terms of classifying a firm’s expansion and about the factors that limit the size of the firm and argues how formal pricing theory can be built using more indeterminate assumptions about firms. Further, there is a discussion on how firms are rooted in amorphous industries, which helps to explain economic progress better by emphasizing the importance of economic experiments, mistakes and bankruptcies. This is a valuable reference for scholars and researchers who are interested in a range of topics from microeconomics, through pricing theory to industrial organization, history of economic thought and managerial economics.
Book Synopsis Inflation Expectations by : Peter J. N. Sinclair
Download or read book Inflation Expectations written by Peter J. N. Sinclair and published by Routledge. This book was released on 2009-12-16 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inflation is regarded by the many as a menace that damages business and can only make life worse for households. Keeping it low depends critically on ensuring that firms and workers expect it to be low. So expectations of inflation are a key influence on national economic welfare. This collection pulls together a galaxy of world experts (including Roy Batchelor, Richard Curtin and Staffan Linden) on inflation expectations to debate different aspects of the issues involved. The main focus of the volume is on likely inflation developments. A number of factors have led practitioners and academic observers of monetary policy to place increasing emphasis recently on inflation expectations. One is the spread of inflation targeting, invented in New Zealand over 15 years ago, but now encompassing many important economies including Brazil, Canada, Israel and Great Britain. Even more significantly, the European Central Bank, the Bank of Japan and the United States Federal Bank are the leading members of another group of monetary institutions all considering or implementing moves in the same direction. A second is the large reduction in actual inflation that has been observed in most countries over the past decade or so. These considerations underscore the critical – and largely underrecognized - importance of inflation expectations. They emphasize the importance of the issues, and the great need for a volume that offers a clear, systematic treatment of them. This book, under the steely editorship of Peter Sinclair, should prove very important for policy makers and monetary economists alike.
Book Synopsis Friedrich A. Hayek by : John Cunningham Wood
Download or read book Friedrich A. Hayek written by John Cunningham Wood and published by Taylor & Francis US. This book was released on 2004 with total page 398 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hayek's work continues to have a huge influence and this collection will chart the various responses to his work up to the present day, addressing the many and multifaceted contributions that his work has made to the study of economics.
Download or read book Imagined Futures written by Jens Beckert and published by Harvard University Press. This book was released on 2016-06-07 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a capitalist system, consumers, investors, and corporations orient their activities toward a future that contains opportunities and risks. How actors assess uncertainty is a problem that economists have tried to solve through general equilibrium and rational expectations theory. Powerful as these analytical tools are, they underestimate the future’s unknowability by assuming that markets, in the aggregate, correctly forecast what is to come. Jens Beckert adds a new chapter to the theory of capitalism by demonstrating how fictional expectations drive modern economies—or throw them into crisis when the imagined futures fail to materialize. Collectively held images of how the future will unfold are critical because they free economic actors from paralyzing doubt, enabling them to commit resources and coordinate decisions even if those expectations prove inaccurate. Beckert distinguishes fictional expectations from performativity theory, which holds that predictions tend to become self-fulfilling prophecies. Economic forecasts are important not because they produce the futures they envision but because they create the expectations that generate economic activity in the first place. Actors pursue money, investments, innovations, and consumption only if they believe the objects obtained through market exchanges will retain value. We accept money because we believe in its future purchasing power. We accept the risk of capital investments and innovation because we expect profit. And we purchase consumer goods based on dreams of satisfaction. As Imagined Futures shows, those who ignore the role of real uncertainty and fictional expectations in market dynamics misunderstand the nature of capitalism.
Book Synopsis International Convergence of Capital Measurement and Capital Standards by :
Download or read book International Convergence of Capital Measurement and Capital Standards written by and published by Lulu.com. This book was released on 2004 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Meaning of the Market Process by : Israel M Kirzner
Download or read book The Meaning of the Market Process written by Israel M Kirzner and published by Routledge. This book was released on 2002-09-11 with total page 254 pages. Available in PDF, EPUB and Kindle. Book excerpt: Israel Kirzner is the foremost proponent of the modern Austrian theory of the market process. This book offers substantive insights in support of this theory and a new historical interpretation of how the ideas of modern Austrians emerged.
Book Synopsis A Rational Expectations Approach to Macroeconometrics by : Frederic S. Mishkin
Download or read book A Rational Expectations Approach to Macroeconometrics written by Frederic S. Mishkin and published by University of Chicago Press. This book was released on 2007-11-01 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Rational Expectations Approach to Macroeconometrics pursues a rational expectations approach to the estimation of a class of models widely discussed in the macroeconomics and finance literature: those which emphasize the effects from unanticipated, rather than anticipated, movements in variables. In this volume, Fredrick S. Mishkin first theoretically develops and discusses a unified econometric treatment of these models and then shows how to estimate them with an annotated computer program.
Book Synopsis Financial Markets and the Real Economy by : John H. Cochrane
Download or read book Financial Markets and the Real Economy written by John H. Cochrane and published by Now Publishers Inc. This book was released on 2005 with total page 117 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial Markets and the Real Economy reviews the current academic literature on the macroeconomics of finance.
Book Synopsis Austrian Capital Theory by : Peter Lewin
Download or read book Austrian Capital Theory written by Peter Lewin and published by Cambridge University Press. This book was released on 2019-01-10 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Element presents a new framework for Austrian capital theory, starting from the notion that capital is value. Capital is the value attributed by the valuer at any moment in time to the combination of production-goods and labor available for production. Capital is the result obtained by calculating the current value of a business-unit or business-project that employs resources over time. It is the result of a (subjective) entrepreneurial calculation process that relates the flow of consumptions goods to the value of the productive resources that will produce those consumptions goods. The entrepreneur is a ubiquitous calculating presence. In a review of the development of Austrian capital theory, by Carl Menger, Eugen von Böhm-Bawerk, Ludwig von Mises, Friedrich Hayek, Ludwig Lachmann as well as recent contributions, the Element incorporates the seminal contributions into the new framework in order to provide a more accessible perspective on Austrian capital theory.
Book Synopsis Expectations and the Meaning of Institutions by : Don Lavoie
Download or read book Expectations and the Meaning of Institutions written by Don Lavoie and published by Routledge. This book was released on 2005-08-19 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection of Lachmann's essays outline his approach to economics and, in particular, his emphasis on the meaning of human institutions in a world of unpredictable change, rather than on quantitative and stable relations.
Book Synopsis The Market Process by : Peter J. Boettke
Download or read book The Market Process written by Peter J. Boettke and published by Edward Elgar Publishing. This book was released on 1994 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presents a series of articles by Austrian School economists. This volume covers a range of economic issues: equilibrium theory, free banking, public choice and the problems of contemporary social reform. It introduces the diversity of contemporary Austrian economics and covers recent research.
Book Synopsis Time and Money by : Roger W Garrison
Download or read book Time and Money written by Roger W Garrison and published by Routledge. This book was released on 2000-10-19 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt: Time and Money argues persuasively that the troubles which characterise modern capital-intensive economies, particularly the episodes of boom and bust, may best be analysed with the aid of a capital-based macroeconomics. The primary focus of this text is the intertemporal structure of capital, an area that until now has been neglected in favour of labour and money-based macroeconomics.
