The Macrodynamics of Capitalism

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Elements for a Synthesis of Marx, Keynes and Schumpeter

ISBN: 3642099718
ISBN 13: 9783642099717
Autor: Flaschel, Peter
Verlag: Springer Verlag GmbH
Umfang: xiv, 399 S.
Erscheinungsdatum: 19.10.2010
Auflage: 2/2009
Produktform: Kartoniert
Einband: KT

This book provides an introduction to basic as well as advanced macrodynamics, viewed as a disequilibrium theory of fluctuating growth. It builds on an earlier attempt to reformulate the foundations of macroeconomics from the perspective of real markets disequilibrium and the conflict over income distribution between capital and labor. It does so, not because it seeks to support the view that this class conflict is inevitable, but rather from the perspective that an understanding of this conflict may help to formulate social principles and policies that can help to overcome class conflict at least in its cruder forms. It is further hoped that such an understanding can even lead to rational procedures and rules that may turn this conflict into a consensus-driven interaction between capital and the employable workforce. Peter Flaschel’s impressive book should help economists find their way back from the fanciful treatment of the economy as an omniscient, infallible person to the central task of macroeconomics: to illuminate the forces that determine the growth and fluctuation of aggregate output, employment, and the general price level. Richard Day, University of Southern California, Los Angeles, USA This elegant book is a tour de force on the mathematical and conceptual underpinnings of a nonlinear, disequilibrium, macrodynamic theory of fluctuating growth with its pièce de résistance being the classic Goodwin growth cycle acting as a focal point for a consistent modelling of aggregate distributive variables. The author’s mathematical mastery of nonlinear dynamics is, by now, legendary; this book testifies to his deep knowledge of the doctrine-historical bases of the theories he is developing. The enlightened policies that a conjunction of masterly analysis and a sympathetic grasp of the unruly facts of aggregate variables in disequilibrium motion imply are enunciated with exceptional clarity and admirable conviction. K. Vela Velupillai, University of Trento, Trento, Italy

Artikelnummer: 1516256 Kategorie:

Beschreibung

This book provides an introduction to advanced macrodynamics, viewed as a di- quilibriumtheoryof?uctuatinggrowth. Itbuildsonanearlierattempttoreformulate 1 the foundations of macroeconomics from the perspective of real markets diseq- librium and the con?ict over income distribution between capital and labor. It does so, not because it wants to support the view that this class con?ict is inevitable, but with the perspective that an understanding of this con?ict may help to formulate socio-economic principles and policies that can help to overcome class con?ict at least in its cruder forms or that can even lead to rationally understandable proce- 2 dures and rules that turn this con?ict into a consensus-driven interaction between 3 capitalists or their representatives and the employable workforce. The book starts from established theories of temporary equilibrium positions, the forces of real growth, and the con?ict over income distribution, represented by basic modeling approaches, which it considers in detail in its Part I in order to prepare the ground for their integration in Part II of the book. In this way we inspect what types of models of disequilibrium, income distribution, and real growth we have at our disposal, as models that have proved to be of real interest and sound from a rigorous modeling perspective.

Autorenporträt

InhaltsangabeTemporary Equilibrium, Distribution-Driven Demand Cycles, and Unbalanced Growth.- Goodwin Growth Cycles in a Keynes Trade Cycle Framework and Beyond.- Keynes, the "Classics," and the "New Classics": A Simple Presentation of Basic Differences.- After Keynes: Real Growth and (In-)Stability.- Distributive Stability by the Reserve Army Mechanism: Marx's Contribution.- Inflation, Stagflation, and Disinflation: Friedman - or Marx?.- Conventional AD-AS Analysis: A Reconsideration.- Keynesian Monetary Growth Under Adaptive Expectations.- A Classical Revolution in Keynesian Macrodynamics?.- Matured Keynesian AD-AS Analysis and Beyond.- Keynesian AD-AS, Quo Vadis?.- Keynesian DAD-DAS Modeling: Baseline Structure and Estimation.- Modeling Our Future: Flexicurity Capitalism.

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