The irreconcilable inconsistencies of neoclassical macroeconomics: a false paradigm
Gespeichert in:
| Beteilige Person: | |
|---|---|
| Format: | Buch |
| Sprache: | Englisch |
| Veröffentlicht: |
London [u.a.]
Routledge
2012
|
| Ausgabe: | 1. publ. |
| Schriftenreihe: | Routledge frontiers of political economy
154 |
| Links: | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024706304&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| Umfang: | XXVI, 274 S. graph. Darst. |
| ISBN: | 9780415680226 |
Internformat
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Datensatz im Suchindex
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| adam_text | Titel: The irreconcilable inconsistencies of neoclassical macroeconomics
Autor: Weeks, John F.
Jahr: 2012
Contents
List of Illustrations xxiii
Preface and acknowledgments xxv
Introduction 1
PART I
Methodology of the neoclassical macro model 9
1 The demand side of the neoclassical model 11
1.1 Introduction 11
1.2 The circular flow and its aggregates 12
1.3 The income-expenditure model (demand side) 15
2 The neoclassical model with a supply side 22
2.1 Aggregate one commodity production 22
2.2 Constructing the real system 25
2.3 Equilibrium in the real system 30
2.4 Clearing away the fog 36
3 Comparative statics and equilibrium 39
3.1 Statics, dynamics and general equilibrium 39
3.2 Confusions of logical and chronological time 41
3.3 Equilibration of markets 43
3.4 The homogeneity postulate 49
4 Money in the neoclassical model 32
4.1 Introduction 52
4.2 Neoclassical money 53
4.3 Money and the price level 56
4.4 Wair as Law and the quantity theory 59
4.5 The money supply further considered 63
4.6 Neoclassical monetary and the realism of models 64
PART II
Paradigm lost: the basic neoclassical model 65
5 The classical false dichotomy model 67
5.1 Introduction 67
5.2 A false dichotomy model 67
5.3 False dichotomy general equilibrium 71
5.4 The arbitrariness of the full employment solution 77
6 Logically consistent money-neutral models 79
6.1 A real balance effect model 79
6.2 Interest-elasticity money market model 84
6.3 The liquidity trap 92
7 The complete model with a wealth effect 95
7.1 Inside and outside money 95
7.2 Specifying the wealth effect 96
7.3 Mechanics of the wealth effect 97
7.4 Non-neutrality and the wealth effect 101
7.5 Stocks and flows and the wealth effect 102
Annex to Part II: Keynes and aggregation 104
PART III
A critique of self-adjusting full employment 117
8 Neutrality and full employment 119
8.1 Logic of the models summarized 119
8.2 The significance of neutrality 122
8.3 Full employment further investigated 124
8.4 The unemployment of capital ? 127
9 Expectations and full employment 132
9.1 Perfect, static and adaptive expectations 132
9.2 The rational expectations hypothesis 133
9.3 The New Classical Economics and the REH 136
9.4 The New Classical Economics and policy 139
9.5 Evaluating the New Classical Economics 141
10 Full employment and multi-commodity production 143
10.1 Introduction 143
10.2 Switching techniques and the factor price frontier 144
10.3 The neo-Keynesian critique 148
10.4 Full employment andreswitching 155
11 Full employment and disequilibrium 159
11.1 Effective demand and the multiplier 159
11.2 General disequilibrium 160
11.3 Leijonhufvud on disequilibrium adjustment 163
PART IV
So-called open economy analysis 167
12 Introduction to open economies 169
12.1 Theoretical problems with open economies 169
12.2 From theory to policy 170
12.3 Fiscal and monetary policy in a closed economy 172
Annex to Chapter 12: The open economy in algebra 177
13 The neoclassical open economy 180
13.1 Introduction 180
13.2 Standard open economy model: the algebra 180
13.3 Standard open economy model: the diagrams 184
13.4 Advantages of flexible exchange rates 192
14 Reassessing monetary and fiscal policy 195
14.1 Introduction 195
14.2 Effectiveness of monetary policy 197
14.3 Effectiveness of fiscal policy 200
14.4 Summing up open economy models 205
PART V
Paradigm regained: reclaiming policy 207
15 Neoclassical inflation: keystone of reactionary policies 209
15.1 Introduction 209
15.2 The simple neoclassical inflation model 211
15.3 Defining inflation 213
15.4 The neoclassical inflation hypothesis decoded 217
15.5 Neoclassical full employment 218
15.6 The theory that isn t there 224
15.7 Why is inflation a problem? 226
16 De-commissioning policy tools 227
16.1 Introduction 227
16.2 De-commissioning fiscal policy 229
16.3 De-commissioning monetary policy 231
16.4 Who decides policy? 232
16.5 Capitalism fit for human life 232
17 The critique summarized 236
17.1 Purpose of this book restated 236
17.2 Self-adjusting full employment 237
17.3 Open economy models 239
17.4 Money and inflation 240
17.5 Theory and ideology 240
Notes 242
References 261
Index 269
|
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| id | DE-604.BV039846482 |
| illustrated | Illustrated |
| indexdate | 2024-12-20T16:03:41Z |
| institution | BVB |
| isbn | 9780415680226 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-024706304 |
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| physical | XXVI, 274 S. graph. Darst. |
| publishDate | 2012 |
| publishDateSearch | 2012 |
| publishDateSort | 2012 |
| publisher | Routledge |
| record_format | marc |
| series | Routledge frontiers of political economy |
| series2 | Routledge frontiers of political economy |
| spellingShingle | Weeks, John 1941-2020 The irreconcilable inconsistencies of neoclassical macroeconomics a false paradigm Routledge frontiers of political economy |
| title | The irreconcilable inconsistencies of neoclassical macroeconomics a false paradigm |
| title_auth | The irreconcilable inconsistencies of neoclassical macroeconomics a false paradigm |
| title_exact_search | The irreconcilable inconsistencies of neoclassical macroeconomics a false paradigm |
| title_full | The irreconcilable inconsistencies of neoclassical macroeconomics a false paradigm John Weeks |
| title_fullStr | The irreconcilable inconsistencies of neoclassical macroeconomics a false paradigm John Weeks |
| title_full_unstemmed | The irreconcilable inconsistencies of neoclassical macroeconomics a false paradigm John Weeks |
| title_short | The irreconcilable inconsistencies of neoclassical macroeconomics |
| title_sort | the irreconcilable inconsistencies of neoclassical macroeconomics a false paradigm |
| title_sub | a false paradigm |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024706304&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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