A Critical Essay on Modern Macroeconomic Theory - Couverture souple

Hahn, Professor Of Economics Frank; Solow, Professor Emeritus Robert M

Couverture souple

ISBN 10 : 026258154X ISBN 13 : 9780262581547

Editeur : MIT Press, 1997

Synopsis

Macroeconomics began as the study of large-scale economic pathologies such as prolonged depression, mass unemployment, and persistent inflation. In the early 1980s, rational expectations and new classical economics dominated macroeconomic theory, with the result that such pathologies can hardly be discussed within the vocabulary of the theory. This essay evolved from the authors' profound disagreement with that trend. It demonstrates not only how the new classical view got macroeconomics wrong, but alsohow to go about doing macroeconomics the right way. Hahn and Solow argue that what was originally offered as a normative model based on perfect foresight and universal perfect competition--useful for predicting what an ideal, omniscient planner should do--has been almost casually transformed into a model for interpreting real macroeconomic behavior, leading to Panglossian economics that does not reflect actual experience. Following an explanation of microeconomic foundations, chapters introduce the basic elements for a better macro model. The model is simple, but combined with the appropriate model of the labor market it can say useful things about the fluctuation of employment, the correlation between wages and employment, and the role for corrective monetary policy.

A propos du livre

À propos des auteurs

Frank Hahn, one of Britain's most eminent economists, is Professor of Economics at Cambridge University and author of Equilibrium and Macroeconomics (MIT Press 1985).

Robert M. Solow is Institute Professor of Economics.

Détails de l'édition

• Éditeur: MIT Press
• Date d'édition: 1997
• Langue: anglais
• ISBN 10: 026258154X
• ISBN 13: 9780262581547
• Reliure: Broché
• Nombre de pages: 208
• Coordonnées du fabricant: non disponible
• Personne responsable: non disponible