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Capital and Credit : A New Formulation of General Equilibrium Theory - Michio Morishima

Capital and Credit

A New Formulation of General Equilibrium Theory

Hardcover Published: 10th January 2011
ISBN: 9780521418409
Number Of Pages: 226

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Contemporary general equilibrium theory is characteristically short-run, separated from monetary aspects of the economy, and as such does not deal with long-run problems such as capital accumulation, innovation, and the historical movement of the economy. These phenomena are discussed by growth theory, which assumes a given or shifting production function, and in turn cannot therefore deal with the fundamental problem of growth, namely how the production function is derived. Thus traditional theories have a common weakness in that they divorce real economic growth from the activities of the financial sector. This book provides a much-needed synthesis of growth theory and monetary theory. Professor Morishima draws on the work of Schumpeter, Keynes and the pre-war neoclassical economists to formulate a capital-theoretic general equilibrium theory.

Industry Reviews

"Capital and Credit is a noble book. At the end of his seventh decade, Michio Morishima has looked back over his life's work which, in a sense, has been preparation for writing this book...Sometimes quirky but always deep, Capital and Credit is a fascinating book which blends sociological and historical insights with formal analysis...The presentation of the argument, and the numbered paragraphs brought back to me the excitement I first experienced as an undergraduate when I read Value and Captial and which I still experiences when I read ^A Market Theory of Money. Morishima is a latter day Moses. He may not enter the promised land himself...but he has provided the leadership and where-with-all for his followers to enter it and come into a rich inheritance." G.C. Harcourt in Journal of Economic Literature

Capitalist production
Production possibility set
Temporary equilibrium
Stability and motion
Innovations and financing
Monetary disequilibrium
Summary and perspectives into the future
Existence of temporary equilibrium
Increasing returns
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9780521418409
ISBN-10: 0521418402
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 226
Published: 10th January 2011
Country of Publication: GB
Dimensions (cm): 22.86 x 15.24  x 1.6
Weight (kg): 0.5