Methodological Foundations of Macroeconomics

Keynes and Lucas

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Hardcover | 25 November 1991

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Hardcover
288 Pages

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23.6 x 15.6 x 2.2

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This book is an investigation of the methodological and epistemological foundations of macroeconomic theory, based on an examination of the theories of Keynes and Lucas. It is divided into two parts. In the first Professor Vercelli discusses the methodological issues which lie behind the conflict among different schools of thought in macroeconomics (equilibrium and disequilibrium, risk and uncertainty, rationality and causality). These issues are central to the current debate not only in many branches of economics, but also in other scientific disciplines. The traditional point of view of science based on equilibrium, stability and determinism has been increasingly challenged by a new point of view in which disequilibrium, instability and uncertainty play a crucial role. This, the author argues, is bound to put macroeconomics in a new, more promising position. In the second part of the book the author compares the two main alternative research programmes in macroeconomics: that outlined by Keynes in his 'General Theory', and that suggested by Lucas, the leader of the new classical economists.

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"The book provides an extensive and up-to-date list of references and helpful subject and author indices. The book is well written and will be a valuable source to academicians." Southern Economic Journal

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Preface
Introduction
Methodological Foundations Of Macroeconomics
Equilibrium, disequilibrium and economic theory
Dynamic instability and economic models
Structural instability and economic change
Uncertainty, predictability and flexibility
Rationality and expectations
Probabilistic causality and economic analysis: Suppes, Keynes, Granger
Keynes After Lucas
Lucas's scientific paradigm
Lucas's heuristic model
The real equilibrium business cycle and Lucas's attempt at a synthesis
Keynes's heuristic model: general observations
Money and production in Schumpeter and Keynes: Two dichotomies
Keynes's heuristic model: methodological aspects
Conclusions
References
Index
Table of Contents provided by Publisher. All Rights Reserved.

Methodological Foundations of Macroeconomics

Keynes and Lucas

At a Glance

Hardcover

Industry Reviews

Shipping

How to return your order

Defective items

You Can Find This Book In

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