By Jonathan P. Goldstein, Michael G. Hillard
ISBN-10: 0203876709
ISBN-13: 9780203876701
ISBN-10: 0415778085
ISBN-13: 9780415778084
Heterodox Macroeconomics deals an in depth figuring out of the rules of the new international monetary situation. The chapters, from a variety of top lecturers within the box of heterodox macroeconomics, perform a synthesis of heterodox rules that position monetary instability, macroeconomic challenge, emerging worldwide inequality and a seize of the perverse and pernicious features of worldwide and family macroeconomic coverage making seeing that 1980 right into a coherent point of view. It familiarizes the reader with the rising unified concept of heterodox macroeconomics and its applications.
The e-book is split into 4 key sections: I) Heterodox Macroeconomics and the Keynes-Marx synthesis; II) Accumulation, problem and Instability; III) The Macrodynamics of the Neoliberal Regime; and IV) Heterodox Macroeconomic coverage. The essays comprise theoretical, foreign, historic, and state views on monetary fragility and macroeconomic instability.
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Extra info for Heterodox Macroeconomics: Keynes, Marx and globalization
Sample text
7 An obvious tension exists in Marx between balanced growth analysis (reproduction) and crisis dynamics. This same tension underlies Marx’s alternative use of equilibrium concepts and non-equilibrium arguments. 8 Goodwin’s (1967) growth cycle is an exception. 9 See Shapiro and Sawyer (2003) for a review of post-Keynesian approaches to pricing. 10 Goldstein (1985) offers an alternative theory of dynamic mark-up pricing that serves as the basis for a theory of price in an integrated heterodox framework (Goldstein (Chapter 3)).
2004) “Kalecki and the Grossmann Model of Economic Breakdown,” Science and Society, 68(2): 187–205. Weisskopf, T. E. S. Economy,” Cambridge Journal of Economics, 3(4): 341–78. Wolfson, M. H. (2000) “Neoliberalism and International Financial Instability,” Review of Radical Political Economics, 32(3): 369–78. —— (2001) “Institutional Analysis of Financial Crises,” in Crossing the Mainstream: Ethical and Methodological Issues in Economics, 332–52, Notre Dame. —— (2002) “Minsky’s Theory of Financial Crises in a Global Context,” Journal of Economic Issues, 36(2): 393–400.
The next two principles are related to wage and price determination and inflation. Wages and prices are not set in the labor market. Instead, they are based on mark-up pricing and the relative bargaining power of labor and capital. In turn, wage and price determination affects the profit rate which has feedback effects to aggregate demand. Inflation is primarily the result of unresolved conflicts over income shares. It is not a monetary phenomenon. Finally, an open economy analysis is fundamental particularly given the integrated nature of the world economy.
Heterodox Macroeconomics: Keynes, Marx and globalization by Jonathan P. Goldstein, Michael G. Hillard
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