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The Macrodynamics of Capitalism
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...
Macrodynamics
This book on macrodynamic theories of growth, (in-)stability and cycles shows that the debate between Keynesians, Monetarists and New Classical economists can be reformulated from the perspective of a further and quite different approach to macroeconomic model building. Basis of this reformulation is the growth cycle model of Goodwin which is extended in various ways in the pursuit of this aim. Besides this central theme, the book also introduces into Keynesian, Marxian and Neoclassical models of short-, medium- and long-run macroeconomics in its part I, II. Models which synthesize these approaches and which thus provide a (deterministic) framework for the investigation of the adequateness of the various explanations of cyclical growth and inflation are considered in part III.
Financial Assets, Debt and Liquidity Crises
The macroeconomic development of most major industrial economies is characterised by boom-bust cycles. Normally such boom-bust cycles are driven by specific sectors of the economy. In the financial meltdown of the years 2007–9 it was the credit sector and the real-estate sector that were the main driving forces. This book takes on the challenge of interpreting and modelling this meltdown. In doing so it revives the traditional Keynesian approach to the financial-real economy interaction and the business cycle, extending it in several important ways. In particular, it adopts the Keynesian view of a hierarchy of markets and introduces a detailed financial sector into the traditional Keynesian framework. The approach of the book goes beyond the currently dominant paradigm based on the representative agent, market clearing and rational economic agents. Instead it proposes an economy populated with heterogeneous, rationally bounded agents attempting to cope with disequilibria in various markets.
Dynamic Macroeconomics
An attempt to revitalize the traditions of nonmarket clearing approaches to macroeconomics. Using tools from dynamic analysis, the text introduces a consistent, integrated framework for disequilibrium macroeconomic dynamics and explore its relationship to the competing equilibrium dynamics.
Foundations for a Disequilibrium Theory of the Business Cycle
In a non-market-clearing approach to business cycle theory, this book builds an advanced model of economic activity, inflation and income distribution in a Keynesian spirit. After a qualitative analysis of the basic feedback mechanisms, the authors calibrate the model to the stylized facts of the business cycle in the U.S. economy. This calibrated model is used to carry out various macroeconomic simulation studies as well as a detailed study of the macroeconomic impact of various monetary policy rules. It will appeal both to theorists and to applied and policy economists.
Roads to Social Capitalism
The current crises in the financialization of capitalism, and their repercussions on the financial viability of entire countries, severely question the achievements of mainstream economics and its disregard of Keynes's theory of effective demand and finance. In view of this, Peter Flaschel and Sigrid Luchtenberg consider roads to a type of capitalism that could eventually be considered as 'social' in nature. The authors underpin their study with theory, empirical evidence, and policy from a positive as well as a normative perspective. As points of departure for their concept of social capitalism, the theoretical framework provides a synthesis of the work of Marx, Keynes, and Schumpeter on ruthless capitalism, regulated capitalism, and competitive socialism.
Mathematical Economics and the Dynamics of Capitalism
Richard Goodwin was a pioneer in the use of mathematical tools to understand the dynamics of capitalist economies. This book contains contributions which focus on the rigorous extension of Goodwin’s modelling of macro-dynamics and the micro-structures underlying them, and also research with a wider perspective related to Goodwin’s vision of an integrated Marx-Keynes-Schumpeter (M-K-S) system of the dynamics of capitalist economies. The variety of approaches in this book range from detailed business cycle analyses to Schumpeterian processes of creative destruction. They include thorough theoretical analysis of delayed dynamical systems. empirical studies of Goodwin’s classical growth cycle model and the integration of Keynesian aspects of effective demand and of financial mechanisms that impact the real macro-economy. micro-economic structural analysis. expectations driven aspects of micro-founded business cycle modelling
Flexicurity Capitalism
Flaschel and Griener's Flexicurity Capitalism provides serious discussion and feasible mathematical models to provide a basic framework for a "flexicurity" economic system--labor market reform that combines flexibility in the hiring and firing processes of firms with security in the employment and income of the workforce.
