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:
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).
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)
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
Effective Demand And Income Distribution
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Author : Marc Jarsulic
language : en
Publisher: Routledge
Release Date : 2019-03-06
Effective Demand And Income Distribution written by Marc Jarsulic and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-03-06 with Political Science categories.
Considering ideas from various economic paradigms, namely post-Keynesian, neo-Ricardian, and neo-Marxian, this book discusses the importance of money to Keynes's analysis of effective demand and income distribution. It also considers the connections between relative prices and income distribution.
The Applied Mathematics Of J M Keynes Theory Of Effective Demand In The General Theory
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Author : Michael Emmett Brady
language : en
Publisher: Xlibris Corporation
Release Date : 2006-03-30
The Applied Mathematics Of J M Keynes Theory Of Effective Demand In The General Theory written by Michael Emmett Brady and has been published by Xlibris Corporation this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-03-30 with Business & Economics categories.
The standard view of the economics profession is that Keynes was a brilliant, intuitive, non-rigorous innovator who was unable to apply formal mathematical analysis in his work. These essays show that Keynes backed up his "intuitions" with a rigorous mathematical and logical supporting analysis which has been overlooked by the economics profession for 70 years.The most likely reason that this occurred is that the ECONOMICS PROFESSION HAS ACCEPTED AS TRUE A NUMBER OF CANARDS CONCOCTED BY RICHARD KAHN, JOAN ROBINSON, AND AUSTIN ROBINSON that claimed that Keynes was a poor mathematician by 1927, who had never taken the 20 minutes that were necessary to master the theory of value(microeconomics).The result was that Keynes made all kinds of mathematical errors in his analysis of the aggregate supply function, Z, that his mentor, Richard Kahn, was not able to catch because Keynes had published the book prematurely. This is an abridged edition of my 2004 book, " Essays on J M Keynes and..." that concentrates on Keynes& acute; s mathematical modeling of his theory of effective demand in chapters 20 and 21 of his General Theory(1936).I have added three new essays.The fundamental result of the book is to demonstrate mathematically that Keynes had a complete microeconomic foundation for his macroeconomic theory built on the theory of purely competitive firms.There are two different but complementary models in the GT.They are the Y-Multiplier model of chapter 10[Y=PO; Y=C+I=bY(or C=a+bY)+(1-b)Y], where Y is actual or realized nominal aggregate demand and P is the actual price level, and the expected D-Z model of chapters 3,20, and 21[D=pO and Z=wN+P], where p is the expected price, D is the expected, nominal aggregate demand, and P is the expected economic profit.This model is explicitly discussed by Keynes in straightforward English in chapter 3 and mathematically analyzed in chapters 20 and 21.Any reader who can integrate the derivatives presented by Keynes in ft.2, pp.55-56 or fts.1 and 2 on p.283 of the GT, can obtain this model.Keynes puts both of his models together to obtain his generalized version of classical and neoclassical theory, w/p=mpl/(mpc+mpi), where mpl is the marginal product of labor in the aggregate derived from an aggregated neoclassical production function(pp.283,285 of the GT), w/p is the expected real wage, mpc is the marginal propensity to spend on consumption goods, and mpi is the marginal propensity to spend on investment goods.If mpc+mpi=mpc+mps=1, where mps is the marginal propensity to save, Keynes& acute; s general result simplifies to the standard neoclassical result that w/p=mpl defines a full employment equilibrium with only frictional and voluntary unemployment.On the other hand, if mpc+mpi< 1, one of a number of possible unemployment equilibriums occurs which labor, in the aggregate, will be unable to eliminate because, in this case, the money wage must be increased, not decreased.Keynes is the first economist in history to analyze a set of stable, macroscopic, multiple equilibria.The technical result is discussed in literary fashion on pp.261-262 of the GT in chapter 19 for those 1930& acute; s economists who lacked mathematical training in the differential and integral calculus.Keynes would be shocked to discover that the economics profession has, for the last 70 years contended either that (a)there is no mathematical model of Keynes& acute; s theory in the GT that incorporates microeconomic foundations or(b)there is a model in the GT, but it is filled with all types of mathematical errors.Anyone trained in calculus at the lower division, undergraduate level can discover for himself that both (a) and (b) are false.
Keynes Coordination And Beyond
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Author : Harry Garretsen
language : en
Publisher:
Release Date : 1992
Keynes Coordination And Beyond written by Harry Garretsen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with Biography & Autobiography categories.
This book proposes that the coordination problems lies at the heart of Keynes' economics and argues that Keynes' message got lost in the post-war period. The text develops an extension of Keynes' ideas within a general equilibrium framework and within alternative frameworks such as Austrian economics. It is demonstrated that in the absence of a co-ordinating device like the Walrasian auctioneer or in the presence of uncertainty, co-ordination can no longer be superimposed. This ultimately implies that apart from some notable exceptions, the Keynesian revolution was in fact stifled at birth because the validity of the central concepts of microeconomics have never been challenged.
Keynes S General Theory After Seventy Years
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Author : Robert Dimand
language : en
Publisher: Palgrave MacMillan
Release Date : 2010-02-03
Keynes S General Theory After Seventy Years written by Robert Dimand and has been published by Palgrave MacMillan this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-02-03 with Biography & Autobiography categories.
This book provides a comprehensive overview of Keynes’ contributions to macroeconomics and offers an in-depth analysis of the contested legacy of The General Theory, a book that marked the emergence of modern macroeconomics from the earlier heritage of monetary theory and business cycle and analysis.
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.
Financial Markets Money And The Real World
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Author : Paul Davidson
language : en
Publisher: Edward Elgar Publishing
Release Date : 2003-01-01
Financial Markets Money And The Real World written by Paul Davidson 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 2003-01-01 with Business & Economics categories.
Financial Markets, Money and the Real World by Paul Davidson is an informed and informative study of why the 1990s experienced a series of financial crises with terrible repercussions that reverberated throughout the global market. Focusing on the central role that domestic and international financial markets play in affecting the economic growth rate, and offering prescriptions to improve worldwide economic viability in the 21st century, Financial Markets, Money and the Real World is highly practical, forward thinking, and strongly recommended reading for students of economics in general, and the interactive, interdependent global financial markets in particular. Library Bookwatch/Midwest Book Review In Financial Markets, Money and the Real World Professor Davidson lucidly and persuasively sums up his major insights into the working of non-ergodic (uncertain) economic systems. It is essential reading for those who wish to understand why financial markets have become so volatile and are puzzled to know what to do about it. It is refreshing to read an author who writes so much in the spirit of Keynes and who is able and willing to develop Keynes s ideas creatively and apply them imaginatively to the understanding and management of today s globalized economy. Lord Skidelsky, University of Warwick, UK This book should be a classic in economics. Paul Davidson combines dazzling clarity and a passion for economic truth and common sense in illuminating the dark thickets surrounding today s free enterprise system. Professional economists and concerned citizens should both pay heed to this fine book. Peter L. Bernstein, Peter L. Bernstein Inc., US Professor Paul Davidson has long been a major avenue to the economic reality and the controlling economic ideas, especially those that have come into professional discussion with and since John Maynard Keynes. This is a major contribution, deserving the close attention of economists and all who seek accomplished economic guidance. I strongly recommend it. John Kenneth Galbraith, Harvard University, US Throughout the long, dark years of laissez-faire triumphalism, Paul Davidson lovingly tended the eternal flame of Keynes and ensured that it never went out. There is no better qualified economist to explain as this book does why Keynes is still relevant to a world pock-marked with the financial crises, poverty and unemployment that have resulted from neglecting his profound insights. Larry Elliott, The Guardian Paul Davidson investigates why the 1990s was a decade of financial crises that almost precipitated a global market crash. He explores the reasons why the global economy still struggles with the aftermath of these crises and discusses the possibility that volatile financial markets in the future will have real impacts on whole industries and national economic systems. The author highlights the central role that domestic and international financial markets play in determining the economic growth rate, unemployment rate and international payments position of capitalist economies. He explains why the primary function of financial markets is to create liquidity and demonstrates that a liquid market cannot be efficient, and an efficient market cannot be liquid. He also proves that preventing liquidity problems from developing in national and international financial markets is the key element in fostering prosperity. Statistical evidence and theoretical analysis are combined to demonstrate why orthodox prescriptions for liberalizing labor, product, and capital markets are the wrong policies for promoting a civilized society in the 21st century. Professional economists, financial reporters, government policy makers, those working in international economic organizations such as the IMF, the World Bank and the WTO, and concerned citizens will all benefit greatly from reading this highly acclaimed book.
Post Walrasian Macroeconomics
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Author : David Colander
language : en
Publisher: Cambridge University Press
Release Date : 2006-07-17
Post Walrasian Macroeconomics written by David Colander 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 2006-07-17 with Business & Economics categories.
Macroeconomics is evolving in an almost dialectic fashion. The latest evolution is the development of a new synthesis that combines insights of new classical, new Keynesian and real business cycle traditions into a dynamic, stochastic general equilibrium (DSGE) model that serves as a foundation for thinking about macro policy. That new synthesis has opened up the door to a new antithesis, which is being driven by advances in computing power and analytic techniques. This new synthesis is coalescing around developments in complexity theory, automated general to specific econometric modeling, agent-based models, and non-linear and statistical dynamical models. This book thus provides the reader with an introduction to what might be called a Post Walrasian research program that is developing as the antithesis of the Walrasian DSGE synthesis.