Reconstructing Keynesian Macroeconomics Volume 1
Reconstructing Keynesian Macroeconomics Volume 1

Author: Carl Chiarella

Publisher: Routledge

Published: 2012-03-29

Total Pages: 401

ISBN-13: 1136650377

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This book represents the first 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. It questions in a radical way the evolution of Keynesian macroeconomics after World War II and focuses on the limitations of the traditional Keynesian approach until it fell apart in the early 1970s, as well as the inadequacy of the new consensus in macroeconomics that emerged from the Monetarist critique of Keynesianism. Professors Chiarella, Flaschel and Semmler investigate basic methodological issues, the pitfalls of the Rational Expectations School, important feedback channels in the tradition of Tobin’s work, and theories of the wage-price spiral and the evidences for them. The book uses primarily partial approaches, the integration of which will be the subject of subsequent volumes. With its focus on Keynesian propagation mechanisms, the research in this book provides a unique alternative to the black-box shock-absorber approaches that dominate modern macroeconomics. Reconstructing Keynesian Macroeconomics should 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.

Reconstructing Keynesian Macroeconomics Volume 2
Reconstructing Keynesian Macroeconomics Volume 2

Author: Carl Chiarella

Publisher: Routledge

Published: 2013-01-17

Total Pages: 497

ISBN-13: 1136195815

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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.

Reconstructing Keynesian Macroeconomics Volume 3
Reconstructing Keynesian Macroeconomics Volume 3

Author: Carl Chiarella

Publisher: Routledge

Published: 2014-12-17

Total Pages: 391

ISBN-13: 1317568648

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This book represents the third 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. This book offers a full treatment of the interlinkages between the real and the financial markets, including an analysis of banking, credit, and endogenous money and asset markets. It remains critical of quite frequently used conventional macro models that have dropped the tradition of studying the macroeconomic feedback channels, well-known in the history of macroeconomics. Those feedback mechanisms are known to have the potential for instabilities with respect to real markets, price dynamics and financial markets. In this volume a particular emphasis is given to the financial-real interaction. 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.

Roads to Social Capitalism
Roads to Social Capitalism

Author: Peter Flaschel

Publisher: Edward Elgar Publishing

Published: 2012-01-01

Total Pages: 385

ISBN-13: 178195139X

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The current crises in the financialization of capitalism, and their repercussions on the financial viability of entire countries, severely question the achievements of mainstream economics and its disregard of Keynes's theory of effective demand and finance. In view of this, Peter Flaschel and Sigrid Luchtenberg consider roads to a type of capitalism that could eventually be considered as 'social' in nature. The authors underpin their study with theory, empirical evidence, and policy from a positive as well as a normative perspective. As points of departure for their concept of social capitalism, the theoretical framework provides a synthesis of the work of Marx, Keynes, and Schumpeter on ruthless capitalism, regulated capitalism, and competitive socialism.

An Artificial Wicksell—Keynes Macroeconomy
An Artificial Wicksell—Keynes Macroeconomy

Author: Ichiro Takahashi

Publisher: Springer Nature

Published: 2022-03-07

Total Pages: 174

ISBN-13: 9811668396

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This book presents an agent-based macroeconomic model developed on the Keynesian principle of effective demand and the Wicksellian theory of cumulative process. The main purpose of the book is to demystify inherent forces that revive an economy from a long-run downturn. The model has three types of bounded-rational agents: firm, household, and bank. To highlight the autonomous revival mechanisms, the model is assumed to be completely closed and free from any external influences such as changes in management of aggregate demand or supply/demand shocks. The key finding of the book is that diversity of firms is a crucial element in reviving investment activities. While a production sector is represented by a single firm in a conventional model, this model has introduced a large number of heterogeneous firms that confront diverse constraints both at the firm and aggregate levels. The behaviours of these firms may vary despite being exposed to the same aggregate environment. For example, economic downturns usually precipitate a fall in real wages as a response to decreased aggregate demand. Most firms reduce their employment focusing on the reduction in aggregate demand. However, some firms identify a reduction in real wage as a sign of improving profitability hence they may expand employment. This could result in an increased aggregate demand and benefit other firms with further employment. It could even reverse the trend to an upslope, thereby ultimately achieving full of near full employment. This book details further on: (1) the rigidity of prices and wages in a stable economy (2) the fundamental factors to establish a robust and high-performing economy, with the focus on the importance of a stable and equitable macroeconomic environment.

Keynes and Modern Economics
Keynes and Modern Economics

Author: Ryuzo Kuroki

Publisher: Routledge

Published: 2012-08-21

Total Pages: 290

ISBN-13: 1136338853

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It is a little over seventy years since John Maynard Keynes produced his magnum opus, The General Theory of Employment, Interest, and Money. Keynes' staggering achievement has been to remain relevant to economics and other disciplines even today and this book reflects that with an examination on his influence on modern economics. Leading economists from a variety of backgrounds, including Ed Nell and Heinz Kurz have joined forces in this volume with internationally respected Japanese scholars to produce a strong collection of contributions to the debate on Keynes' monumental legacy. This book will be vital reading for historians of economic thought, economic methodologists as well as those economists with an interest in the overall development of their discipline.

Against Utility-Based Economics
Against Utility-Based Economics

Author: Anastasios Korkotsides

Publisher: Routledge

Published: 2013-07-04

Total Pages: 297

ISBN-13: 1135009732

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Utility-based theory and the fallback choice-theoretic framework are shown to be biased, irremediably flawed and misleading. A radically different theory of value and of consumer behaviour is proposed based on existential interpretations of scarcity, value and self-interest. For self-conscious mortals, only time is scarce. All other is derivative scarcity. Value is in the life, as a knowledge extract of time, which goes into commodities as direct human labour and depreciated capital, through their production. By structuring their preferences, consumers try to confiscate more of such value per unit of expended income, extending their social presence, soothing their angst and gaining power over each other. This raises output and makes gains cancel out. Negative psychological externalities preclude any well-being or social-welfare type conclusion. These resolve a number of long-standing issues: endogenously generated growth, the micro-macro connection, the price mechanism, crises, unemployment, etc. Equilibrium is of a low-potential kind, not of a force-balancing one, and it is unique, reachable and stable. The relevant analytics involve purely economic, non-psychological entities. Consumer behaviour is grounded on a well-defined, structure-based decision criterion and on observably measurable magnitudes, only. The social ramifications of the two juxtaposed perspectives are discussed at length.

Information Technology and Socialist Construction
Information Technology and Socialist Construction

Author: Daniel E. Saros

Publisher: Routledge

Published: 2014-05-09

Total Pages: 293

ISBN-13: 1317803191

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The failure of command central planning in the twentieth century has led to a general disillusionment within the socialist movement worldwide. Some alternatives to capitalism have been proposed since the end of the Cold War, but none has offered an alternative form of economic calculation. This book explains how modern information technology may be used to implement a new method of economic calculation that could bring an end to capitalism and make socialism possible. In this book, the author critically examines a number of socialist proposals that have been put forward since the end of the Cold War. It is shown that although these proposals have many merits, their inability effectively to incorporate the benefits of information technology into their models has limited their ability to solve the problem of socialist construction. The final section of the book proposes an entirely new model of socialist development, based on a "needs profile" that makes it possible to convert the needs of large numbers of people into data that can be used as a guide for resource allocation. This analysis makes it possible to rethink and carefully specify the conditions necessary for the abolition of capital and consequently the requirements for socialist revolution and, ultimately, communist society. Information Technology and Socialist Construction will be of interest to students and scholars of political economy, the history of economic thought, labour economics and industrial economics.

The Political Economy of Gunnar Myrdal
The Political Economy of Gunnar Myrdal

Author: Örjan Appelqvist

Publisher: Routledge

Published: 2013-11-26

Total Pages: 167

ISBN-13: 131796232X

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The intellectual trajectory of Gunnar Myrdal, Swedish Nobel Laureate economist, sociologist, and politician, brings us through many of the major issues in the world economy and politics of the 20th century. This new volume explores Myrdal's work on three major themes: breaking away from conventional assumptions in Political Economy (and highlighting flaws that can still be found in today’s teachings on Political Economy); finding ways of re-creating Europe after WW II, including the discussions between liberal Americans and European social democrats on how to create a more cooperative and socially just international order; and understanding the impact or environmental concerns on growth and development, starting with Myrdal’s participation in the first UN Conference on Environment in Stockholm 1960 and continuing with his later writings. What is then the relevance of these themes today? In times when financial crisis threatens to block international and domestic economies, when the European Union’s promises of prosperity and cooperation seems to be severely threatened and when there is a large consensus that current modes of economic development are ecologically unsustainable: can we find ways of transcending seemingly intractable dilemmas? These questions will be discussed in the final part of the book.