Reconstruction Of Macroeconomics Methods Of Statistical Physics And Keynes Principle Of Effective Demand
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Reconstruction Of Macroeconomics Methods Of Statistical Physics And Keynes Principle Of Effective Demand
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Author : Hiroshi Yoshikawa
language : en
Publisher: Springer Nature
Release Date : 2022-10-29
Reconstruction Of Macroeconomics Methods Of Statistical Physics And Keynes Principle Of Effective Demand written by Hiroshi Yoshikawa and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-10-29 with Business & Economics categories.
This book explains how standard micro-founded macroeconomics is misguided and proposes an alternative method based on statistical physics. The Great Recession following the bankruptcy of Lehman Brothers in September 2015 amply demonstrated that mainstream micro-founded macroeconomics was in trouble. The new approach advanced in this book reasonably explains important macro-problems such as employment, business cycles, growth, and inflation/deflation. The key concept is demand failures, which modern micro-founded macroeconomics has ignored. “It (Chapter 3) captures analytically a good part of the intuition that underlies the Keynesian economics of people like Tobin and me.” Robert Solow, Emeritus Institute Professor of Economics, Massachusetts Institute of Technology, Nobel Laureate in Economics, 1987 “Professor Hiroshi Yoshikawa provides a unique synthesis of statistical physics and macro-economic theory in order to confront the dismal failure in economics and in finance to understand how an economy or a financial market works, given the heterogeneous decision making of many different individual interacting actors. Economics has failed in this regard with the naive and often misleading concept of “representative agents.” The author presents many insights on the historical development, concepts, and errors made by the most illustrious economists in the past. This book should be essential readings for any economics students as well as academic researchers and policy makers, who should learn to bring back good-sense thinking in their impactful decisions.” Didier Sornette, Professor on the Chair of Entrepreneurial Risks at the Swiss Federal Institute of Technology Zurich (ETH Zurich)
Reconstruction Of Macroeconomics Methods Of Statistical Physics And Keynes Principle Of Effective Demand
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Author : Hiroshi Yoshikawa
language : en
Publisher:
Release Date : 2022
Reconstruction Of Macroeconomics Methods Of Statistical Physics And Keynes Principle Of Effective Demand written by Hiroshi Yoshikawa and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with categories.
This book explains how standard micro-founded macroeconomics is misguided and proposes an alternative method based on statistical physics. The Great Recession following the bankruptcy of Lehman Brothers in September 2015 amply demonstrated that mainstream micro-founded macroeconomics was in trouble. The new approach advanced in this book reasonably explains important macro-problems such as employment, business cycles, growth, and inflation/deflation. The key concept is demand failures, which modern micro-founded macroeconomics has ignored. "It (Chapter 3) captures analytically a good part of the intuition that underlies the Keynesian economics of people like Tobin and me." Robert Solow, Emeritus Institute Professor of Economics, Massachusetts Institute of Technology, Nobel Laureate in Economics, 1987 "Professor Hiroshi Yoshikawa provides a unique synthesis of statistical physics and macro-economic theory in order to confront the dismal failure in economics and in finance to understand how an economy or a financial market works, given the heterogeneous decision making of many different individual interacting actors. Economics has failed in this regard with the naive and often misleading concept of "representative agents." The author presents many insights on the historical development, concepts, and errors made by the most illustrious economists in the past. This book should be essential readings for any economics students as well as academic researchers and policy makers, who should learn to bring back good-sense thinking in their impactful decisions." Didier Sornette, Professor on the Chair of Entrepreneurial Risks at the Swiss Federal Institute of Technology Zurich (ETH Zurich).
Why The Bank Of Japan Has Failed To Conquer Deflation In Japan
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Author : Shigeyuki Hattori
language : en
Publisher: Springer Nature
Release Date : 2024-12-19
Why The Bank Of Japan Has Failed To Conquer Deflation In Japan written by Shigeyuki Hattori and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-12-19 with Business & Economics categories.
This book is published in English that fully reveals why the Bank of Japan (BOJ) under Governor Haruhiko Kuroda has failed to end deflation. The BOJ’s monetary policy was based on the theories of reflationist economists such as Kikuo Iwata. They argued that if the BOJ adopted an inflation target that had a deadline for meeting that goal, clarified the Bank’s responsibility, and supplied a large monetary base through a quantitative easing policy, inflation expectations would rise and deflation would be overcome. This book shows that there is no theoretical basis or evidence for this claim. Furthermore, the supply of a large monetary base itself became impossible and was abandoned in 2016. However, since publicly stating that overcoming deflation is impossible would incur embarrassment and a loss of confidence, the BOJ made it appear as if a former policy was still in place. The book also reveals that consumer prices in Japan changed in tandem with import prices; consequently, in 2022, consumer prices rose by 4% due to the surge in import prices. Since the 1990s, the BOJ has been the focus of intense attention from economists around the world interested in monetary policy. The explanation presented here, showing the BOJ’s historic fiasco under Gov. Kuroda in controlling deflation, provides valuable lessons for monetary policymakers and economists.
Isis Cumulative Bibliography 1986 1995 Time Periods 19th And 20th Centuries Book Reviews
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Author : John Neu
language : en
Publisher: Science History Publications/USA
Release Date : 1997
Isis Cumulative Bibliography 1986 1995 Time Periods 19th And 20th Centuries Book Reviews written by John Neu and has been published by Science History Publications/USA this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Reference categories.
Reconstructing Macroeconomics
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Author : Masanao Aoki
language : en
Publisher: Cambridge University Press
Release Date : 2011-08-29
Reconstructing Macroeconomics written by Masanao Aoki and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-08-29 with Business & Economics categories.
In this book, the authors reconceptualize existing macroeconomics by treating equilibria as statistical distributions, not as fixed points.
Complexity Heterogeneity And The Methods Of Statistical Physics In Economics
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Author : Hideaki Aoyama
language : en
Publisher:
Release Date : 2020
Complexity Heterogeneity And The Methods Of Statistical Physics In Economics written by Hideaki Aoyama and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with Business logistics categories.
This book systematically provides a prospective integrated approach for complexity social science in its view of statistical physics and mathematics, with an impressive collection of the knowledge and expertise of leading researchers from all over the world. The book mainly covers both finitary methods of statistical equilibrium and data-driven analysis by econophysics. The late Professor Masanao Aoki of UCLA, who passed away at the end of July 2018, in his later years dedicated himself to the reconstruction of macroeconomics mainly in terms of statistical physics. Professor Aoki, who was already an IEEE fellow, was also named an Econometric Society Fellow in 1979. Until the early 1990s, however, his contributions were focused on the new developments of a novel algorithm for the time series model and their applications to economic data. Those contributions were undoubtedly equivalent to the Nobel Prize-winning work of Granger's "co-integration method". After the publications of his New Approaches to Macroeconomic Modeling and Modeling Aggregate Behavior and Fluctuations in Economics, both published by Cambridge University Press, in 1996 and 2002, respectively, his contributions rapidly became known and spread throughout the field. In short, these new works challenged econophysicists to develop evolutionary stochastic dynamics, multiple equilibria, and externalities as field effects and revolutionized the stochastic views of interacting agents. In particular, the publication of Reconstructing Macroeconomics, also by Cambridge University Press (2007), in cooperation with Hiroshi Yoshikawa, further sharpened the process of embodying “a perspective from statistical physics and combinatorial stochastic processes” in economic modeling. Interestingly, almost concurrently with Prof. Aoki's newest development, similar approaches were appearing. Thus, those who were working in the same context around the world at that time came together, exchanging their results during the past decade. In memory of Prof. Aoki, this book has been planned by authors who followed him to present the most advanced outcomes of his heritage.
Keynes S Principle Of Effective Demand
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Author : Edward J. Amadeo
language : en
Publisher:
Release Date : 1989
Keynes S Principle Of Effective Demand written by Edward J. Amadeo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989 with Business & Economics categories.
'Without doubt, Keynes was a complex, many-sided genius whose analyses were constantly playing catch-up with his intuition. Amadeo's book is indeed a very important contribution to an enhanced understanding of this process as it pertains to Keynes's two premier contributions to economic theory - the TM [Treatise on Money] and the GT [General Theory].' - Richard X. Chase, Journal of Economic Issues 'I think that this is an outstanding piece of work, doing an excellent job of tracing the evolution of Keynes's own thought and questioning the conventional interpretation of the transition from the Treatise on Money to the General Theory.' - Lance Taylor, Massachusetts Institute of Technology, US
Keynes And The Neoclassical Synthesis
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Author : Dario Togati
language : en
Publisher: Routledge
Release Date : 1998-08-20
Keynes And The Neoclassical Synthesis written by Dario Togati and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998-08-20 with Business & Economics categories.
This book is a critical assessment of the Neoclassical Synthesis, long regarded as the standard interpretation of Keynes. It offers a fresh interpretation of Keynes and makes an important contribution to post-Keynesian economics
Towards A Reconstruction Of Macro Economics
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Author : William Fellner
language : en
Publisher: Washington, D.C. : American Enterprise Institute for Public Policy Research
Release Date : 1976
Towards A Reconstruction Of Macro Economics written by William Fellner and has been published by Washington, D.C. : American Enterprise Institute for Public Policy Research this book supported file pdf, txt, epub, kindle and other format this book has been release on 1976 with Business & Economics categories.
Macro Econophysics
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Author : Hideaki Aoyama
language : en
Publisher: Cambridge University Press
Release Date : 2017-07-04
Macro Econophysics written by Hideaki Aoyama and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-07-04 with Business & Economics categories.
This book explains the role of big data and statistical physics in understanding macroeconomic concepts.