Path Dependency And Macroeconomics
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Path Dependency And Macroeconomics
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Author : P. Arestis
language : en
Publisher: Springer
Release Date : 2009-10-09
Path Dependency And Macroeconomics written by P. Arestis and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-10-09 with Political Science categories.
This fifth volume in the International Papers in Political Economy (IPPE) series focuses on the theme of path dependency and macroeconomics in terms of both theory and applications. The volume examines how path dependency is linked with notions of fundamental uncertainty, non-ergodicity and hysteresis.
Rapid Growth And Relative Decline
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Author : M. Setterfield
language : en
Publisher: Springer
Release Date : 1996-12-17
Rapid Growth And Relative Decline written by M. Setterfield and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996-12-17 with Business & Economics categories.
Do high rates of economic growth create conditions favourable to their own maintenance? Or can a period of high growth 'sow the seeds of its own destruction'? This book addresses these questions by conceiving growth and structural change as path dependent processes. Methodological, theoretical and empirical insights are combined in an extended model of cumulative causation, which shows how endogenously induced technological and institutional changes may cause the dynamics of a period of high growth to break down. This casts new light on the debate over Britain's economic decline.
Complexity Endogenous Money And Macroeconomic Theory
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Author : Mark Setterfield
language : en
Publisher: Edward Elgar Publishing
Release Date : 2006-01-01
Complexity Endogenous Money And Macroeconomic Theory written by Mark Setterfield and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-01-01 with Business & Economics categories.
That the chapters in the volume cover such a wide range of important, often fundamental, topics is a proper tribute to Basil Moore s influence and contributions over his working life. From the foreword by G.C. Harcourt, Jesus College, Cambridge, UK During a distinguished career, Basil Moore has made numerous important contributions to macroeconomics and monetary economics, and is renowned as the progenitor of the horizontalist analysis of endogenous money. More recently, he has embraced complexity theory as part of an ongoing effort to understand macroeconomics as an evolving, path-dependent process. This book celebrates and explores Basil Moore s interests in and contributions to monetary and macroeconomic theory. Complexity, Endogenous Money and Macroeconomic Theory features original essays by internationally acclaimed and expert authors. It comprises a selection of papers on five distinct but interrelated themes: economic concepts, tools and methodology; complexity, uncertainty and path dependence; the macroeconomics of endogenous money; the macroeconomics of exogenous interest rates; and unemployment, inflation and the determination of aggregate income. These papers combine to provide a comprehensive methodological and theoretical discussion of the macroeconomics of a monetary production economy. The book will be of interest to professionals and research students in the fields of macroeconomics and monetary economics especially those with an interest in the Post Keynesian approach to analyzing these fields, including the wide audience that has been reached by the contributions of Basil Moore himself.
Macroeconomic Methodology
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Author : Jesper Jespersen
language : en
Publisher: Edward Elgar Publishing
Release Date : 2011-01-01
Macroeconomic Methodology written by Jesper Jespersen and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-01-01 with Business & Economics categories.
Methodological practice is at the heart of divisions between schools of macroeconomic thought. Jesper Jespersen s book explains why and precisely how, and gives the reader the insight to choose between rival approaches. His own inspiration comes from Critical Realism and Popper s Three World analysis, with Keynes as the main exponent of a realist approach. The starting point of realist theory is a view of how the world is, rather than axioms, and the test is whether the theory can make, as Jespersen puts it, the round trip back to reality , to give practical guidance to policy. This is only the focal point of a rich and attractive canvas. How I wish this book had been available when I taught methodology! And how I wish economists from all schools of thought would read it! Victoria Chick, University College London, UK This welcome volume by Jesper Jespersen offers an up-to-date realist approach to macroeconomics, drawing on recent developments in methodology, notably critical realism, as well as earlier Popperian ideas. He shows how economics in the Post-Keynesian tradition, using this approach, can address the important macro policy issues, and sets out a seven-point agenda for future theory development. This book provides an important launching-off point for addressing macroeconomic questions without the need for the abstractions as narrowly rational representative agents. Rather Jespersen explores the interdependencies between the macro and micro levels in real economic processes under conditions of uncertain knowledge. Sheila Dow, University of Stirling, UK Jesper Jespersen presents a treatise on the importance of the choice of methodology within macroeconomics. Given that no scientifically based macroeconomic policy recommendation should be established without an evaluation of the methods employed, this book gives a clear exposition of how proper macroeconomic analysis should be undertaken. Furthermore, it is convincingly argued that one of the lasting contributions of John Maynard Keynes was his emphasis on methodology; that macroeconomic consequences of uncertainty could not be analysed within the established general equilibrium framework. It is due to post-Keynesian economics supported by critical realism that the understanding of Keynes s methodology has been resurrected, which has eventually resulted in renewed debate on realistic macroeconomic policies to restore full employment without inflation. Macroeconomic Methodology is an inquiry into the question of how to conduct a proper scientific analysis of uncertainty within macroeconomics. It will be of great interest to scholars of the philosophy of social sciences and methodology, as well as post-Keynesian and heterodox economists.
Evolutionary Financial Macroeconomics
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Author : Giorgos Argitis
language : en
Publisher: Routledge
Release Date : 2019-09-09
Evolutionary Financial Macroeconomics written by Giorgos Argitis and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-09-09 with Business & Economics categories.
Thorstein Veblen and Hyman Minsky are seminal thinkers who place great importance on the interaction between processes that link finance and financial markets with economic and social evolution. This book makes a contribution to the recontextualisation of the habitual, non-evolutionary and laissez-faire macroeconomic theory and policy, thus exposing the relevant contribution of the macro-theories of Veblen and Minsky. The book starts with an elucidation of Veblen’s cultural theory of insufficient private demand, waste and financial fragility and instability. It shows how speculative and parasitic leverage engenders solvency illusions and risk, pecuniary efficiency, low quality liability structures and socially destructive boom-bust cycles. Minsky’s creative destruction liquidity processes and coordination failures of cash flow escalate the aforementioned path-dependent developments and explosive dynamics of capitalist economies. The main themes of the book are the cultural, evolutionary and holistic vision of macroeconomics, the evolving habits of mind, routines and financial institutions, the speculative, manipulated and unstable financial markets, as well as the financial macroeconomic destabilizing effects of pecuniary and parasitic consumption and investment. This book will be of great interest to researchers, intellectuals and students pursuing economics and finance.
Macroeconomics After The Financial Crisis
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Author : Mogens Ove Madsen
language : en
Publisher: Routledge
Release Date : 2016-04-14
Macroeconomics After The Financial Crisis written by Mogens Ove Madsen and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-04-14 with Business & Economics categories.
How should Europe cope with the negative and still unfolding economic consequences of the current economic crisis? And why does Europe seem to be more conservative than the USA in dealing with the crisis? Since the outbreak of the current international economic crisis in 2008, the USA and many of the European countries have been tormented by high levels of unemployment and low levels of inflation, interest rates close to zero and fiscal policies of austerity. As such, the modern economic mainstream has been challenged by these empirical facts. Today, several years after the outbreak of the international economic crisis, supply side effects do not seem to be increasing employment as the modern mainstream claimed they would. Aggregate demand has to play a more important role in macroeconomic analysis than hitherto. That is, there is a need for alternative explanations of how a modern macro economy is expected to function and how the macroeconomic outcome could be manipulated by the right economic policy proposals. As expressed by the contents of the present book, a Post Keynesian understanding proposes such an alternative theoretically, methodologically and in terms of policy measures. This book will present new materials and approaches, especially new evidence and new views on the potential problems of public debt, the European Union and the present crisis, Central Banking, hysteresis in an agent based framework, the foundations of macroeconomics and the problems of uncertainty.
The Hidden Dynamics Of Path Dependence
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Author : G. Schreyögg
language : en
Publisher: Springer
Release Date : 2009-11-12
The Hidden Dynamics Of Path Dependence written by G. Schreyögg and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-11-12 with Business & Economics categories.
The theory of path dependence continues to attract great interest in a range of disciplines. An increasing number of scholars have started to explicitly use this theory for studying organizational inertia and institutional rigidities. This volume presents a collection of papers from various international conferences that address these issues.
Routledge Handbook Of Macroeconomic Methodology
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Author : Jesper Jespersen
language : en
Publisher: Taylor & Francis
Release Date : 2023-06-20
Routledge Handbook Of Macroeconomic Methodology written by Jesper Jespersen and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-06-20 with Business & Economics categories.
The present macroeconomic crisis has demonstrated that a deeper understanding of the importance of relevant macroeconomic theories and methods is wanting. Additionally, lack of methodological awareness is behind much of the disagreement within macroeconomics which, looked upon from outside, often appears incomprehensible. The Handbook gives a structured presentation of the study of principles and procedures by which macroeconomics is researched, taught and communicated both within academia and to a wider audience, and why specific theories, research strategies and teaching are preferred. The principles of selecting theory relevant to real-world problems are the core of methodology. This book contains a broad range of arguments behind theory construction and appraisal and the consequences of these choices within the field of macroeconomics. An international range of experts provide clear analysis of key concepts, ideas and principles to give academics, students and others a better understanding of the macroeconomics behind policy conclusions which are put forward at different levels.
Crises Path Dependency And The Five Trilemmas Of European Integration
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Author : Francesco Nicoli
language : en
Publisher:
Release Date : 2020
Crises Path Dependency And The Five Trilemmas Of European Integration written by Francesco Nicoli and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.
Does integration advance through crises, as hinted by policy-makers such as jean Monnet or Romano Prodi? To what extent failure in responding to crises may lead to disintegration instead? Building on Historical-Institutionalist and Neofunctionalist approaches, as well as on macroeconomics this paper provides a coherent understanding of the path-dependent, economic logic of European integration from the Common Market to today's challenges, with a specific focus on periods of crisis. In doing so, it links together five trilemmas of international political economy. The article contributes both to the debate on the drivers of European integration, and on the nested logic of the political-economic challenge of managing interdependent and interlinked economies. In particular, the article qualifies -- both in theory, and empirically -- the view according to which crises are the drivers of supranational integration: the article shows that throughout the last 70 years of integration in Europe, the institutional response on one specific set of problems often resolves one given crisis, but sets the stage for the next set of problems to arise.
Economic Breakthrough And Recovery
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Author : Jeffrey R Cornwall
language : en
Publisher: Routledge
Release Date : 2016-09-16
Economic Breakthrough And Recovery written by Jeffrey R Cornwall and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-09-16 with Business & Economics categories.
This study of macroeconomics combines treatment of opposing theories with a presentation of evidence to point the way toward a reconstructed macro research and policy programme.