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A Critique of Neoclassical Macroeconomics - John Weeks

A Critique of Neoclassical Macroeconomics

Hardcover Published: 24th October 1989
ISBN: 9780333449035
Number Of Pages: 290

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The purpose of this book is to provide a critique of the standard neoclassical macroeconomic model. This model is the basis of certain "parables" which play a major role in policy-making and in the way that the layman conceives of economic policy and management. Two of the most important parables are, firstly, "more employment is stimulated by lower real wages" and secondly, "inflation is the result of an increase in the money supply". The author attempts to demonstrate that both of these generally accepted parables are derived from a highly abstract model whose internal logic is extremely problematical. Further, the logical difficulties arise within a model whose assumptions make it at best a very special case. It is demonstrated that these generally-accepted conclusions are not only of questionable empirical relevance, but based upon questionable logic.

List of Tables and Diagrams - Preface and Acknowledgements - Introduction - PART 1 THE NEOCLASSICAL MACRO MODEL - The Demand Side of the Neoclassical Model - The Neoclassical Model with a Supply Side - Comparative Statics and Equilibrium - Money in the Neoclassical Model - The Classical False Dichotomy Model - Logically Consistent Money-Neutral Models - The 'Complete' Model with a Wealth Affect - PART 2 A CRITIQUE OF SELF-ADJUSTING FULL EMPLOYMENT - Neutrality and Full Employment - Expectations and Full Employment - Full Employment and Multi-Commodity Production - Full Employment and Disequilibrium - PART 3 A CRITIQUE OF INFLATION THEORY - Neoclassical Inflation: Aggregate Supply - Neoclassical Inflation: Aggregate Demand - Expectations, Inflation and Full Employment - The 'Natural' Rate, Neutrality, and Monetary Inflation - The Critique of Neoclassical Macroeconomics Summarized - Appendix - Index

ISBN: 9780333449035
ISBN-10: 0333449037
Audience: Tertiary; University or College
Format: Hardcover
Language: English
Number Of Pages: 290
Published: 24th October 1989
Publisher: Palgrave Macmillan
Country of Publication: GB
Dimensions (cm): 22.2 x 14.81  x 2.0
Weight (kg): 0.55
Edition Number: 2

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