Finance, Investment and Macroeconomics : The Neoclassical and a Post Keynesian Solution

By: Myron Gordon

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Hardcover | 1 January 1994

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Hardcover
240 Pages

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22.86 x 15.24 x 1.91

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Keynes established that both the short-run and long-run performance of a capitalist system depend upon investment, but he failed to arrive at an alternative to the neoclassical theory of investment. Professor Gordon demostrates that the extension of neoclassical theory to deal with uncertainty and risk aversion is based upon a string of assumptions which are empirically false. The competitive stationary state, the foundation for the neoclassical theory of a capitalist system, is shown to be unfeasible because it results in a very high probability of bankruptcy at the micro level and the system's early collapse on the macro level. Capitalists seeking long-term survival are shown to be subject to a growth impreative, to the pursuit of monopoly power, and to a concern for financial policy. Later sections of the book discuss the consequences of this behaviour for the short-run fluctuations and the long-run development of capitalist systems.
This innovative book advances new theory of finance and investment which recognizes the problem of bankruptcy when the future is uncertain. It will be welcomed by both post Keynesian and neoclassical economists as a significant contribution to current economic understanding.

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Non-Fiction Economics Econometrics Macroeconomics Accounting & Finance Finance Investment & Securities Economic Theory & Philosophy

List of illustrations
Preface
Introduction
Macroeconomic Motivation	p. 3
Neoclassical Theory of Finance and Investment	p. 12
A Post Keynesian Theory of Finance and Investment	p. 28
Neoclassical Theory
Neoclassical Theory on Capital Structure	p. 47
Neoclassical Theory on Dividend Policy	p. 61
Alternative Models and their Cost of Equity Capital Estimates	p. 72
A Post Keynesian Theory
Investment Policy and Long-Run Survival for a Portfolio Investor	p. 93
Pursuit of Security and the Stability of a Keynesian System	p. 117
A Macro Model with a Micro Foundation	p. 135
A Theory of Economic Systems
Growth, Security and the Transformation of Economic Systems Over Time	p. 161
References	p. 194
Index	p. 207
Table of Contents provided by Blackwell. All Rights Reserved.

Finance, Investment and Macroeconomics : The Neoclassical and a Post Keynesian Solution

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Hardcover

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