Macroeconomics began as the study of large-scale economic pathologies such as prolonged depression, mass unemployment, and persistent inflation. In the early 1980s, rational expectations and new classical economics dominated macroeconomic theory, with the result that such pathologies can hardly be discussed within the vocabulary of the theory. This essay evolved from the authors' profound disagreement with that trend. It demonstrates not only how the new classical view got macroeconomics wrong, but alsohow to go about doing macroeconomics the right way. Hahn and Solow argue that what was originally offered as a normative model based on perfect foresight and universal perfect competition―useful for predicting what an ideal, omniscient planner should do―has been almost casually transformed into a model for interpreting real macroeconomic behavior, leading to Panglossian economics that does not reflect actual experience. Following an explanation of microeconomic foundations, chapters introduce the basic elements for a better macro model. The model is simple, but combined with the appropriate model of the labor market it can say useful things about the fluctuation of employment, the correlation between wages and employment, and the role for corrective monetary policy.
"synopsis" may belong to another edition of this title.
Frank Hahn, one of Britain's most eminent economists, is Professor of Economics at Cambridge University and author of Equilibrium and Macroeconomics (MIT Press 1985).
Robert M. Solow is Institute Professor of Economics.
Like the great debate between Einstein and Bohr on quantum physics,the debate between Hahn-Solow and Lucas's rational expectationismis a must for all serious students of macro. This is how scientificprogress should be done―by sober analysis rather than cleverrhetoric or frenzied ideology.
―Paul A. Samuelson, Professor of Economics, M.I.T.Professors Hahn and Solow pick up the simple general equilibrium models of new classical macroeconomics and run with them. Of course, they head off in directions that are theirs alone. Critics of these models, and enthusiasts, will want to read this book and see how far they get.
―Paul M. Romer, Professor of Economics, University of Californiaat Berkeley"About this title" may belong to another edition of this title.
Shipping:
US$ 3.99
Within U.S.A.
Shipping:
US$ 3.00
Within U.S.A.
Seller: Books From California, Simi Valley, CA, U.S.A.
paperback. Condition: Good. Seller Inventory # mon0003205380
Quantity: 1 available
Seller: HPB Inc., Dallas, TX, U.S.A.
paperback. Condition: Very Good. Connecting readers with great books since 1972! Used books may not include companion materials, and may have some shelf wear or limited writing. We ship orders daily and Customer Service is our top priority!. Seller Inventory # S_405865985
Quantity: 1 available
Seller: Bellwetherbooks, McKeesport, PA, U.S.A.
paperback. Condition: As New. Reprint. LIKE NEW!!! Has a red or black remainder mark on bottom/exterior edge of pages. Seller Inventory # PB-MIT-LN-026258154X
Quantity: Over 20 available
Seller: HPB-Emerald, Dallas, TX, U.S.A.
paperback. Condition: Very Good. Connecting readers with great books since 1972! Used books may not include companion materials, and may have some shelf wear or limited writing. We ship orders daily and Customer Service is our top priority!. Seller Inventory # S_405162392
Quantity: 1 available
Seller: Solr Books, Skokie, IL, U.S.A.
Condition: VeryGood. Pages are clean! Minor shelf wear Fast Shipping - Each order powers our free bookstore in Chicago and sending books to Africa!. Seller Inventory # 5D4WH500015M_ns
Quantity: 1 available
Seller: Powell's Bookstores Chicago, ABAA, Chicago, IL, U.S.A.
Condition: Used - Like New. 1997. Reprint. paperback. Publisher's mark on text block. Otherwise, Fine. Seller Inventory # DR001468
Quantity: 2 available
Seller: Book Deals, Tucson, AZ, U.S.A.
Condition: Good. Good condition. This is the average used book, that has all pages or leaves present, but may include writing. Book may be ex-library with stamps and stickers. 0.56. Seller Inventory # 353-026258154X-gdd
Quantity: 1 available
Seller: Irish Booksellers, Portland, ME, U.S.A.
Condition: Good. SHIPS FROM USA. Used books have different signs of use and do not include supplemental materials such as CDs, Dvds, Access Codes, charts or any other extra material. All used books might have various degrees of writing, highliting and wear and tear and possibly be an ex-library with the usual stickers and stamps. Dust Jackets are not guaranteed and when still present, they will have various degrees of tear and damage. All images are Stock Photos, not of the actual item. book. Seller Inventory # 23-026258154x-G
Quantity: 1 available
Seller: Big Bill's Books, Wimberley, TX, U.S.A.
Paperback. Condition: new. Brand New Copy. Seller Inventory # BBB_new026258154X
Quantity: 1 available
Seller: GoldenDragon, Houston, TX, U.S.A.
Paperback. Condition: new. Buy for Great customer experience. Seller Inventory # GoldenDragon026258154X
Quantity: 1 available