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Synopsis
Book by Frank Hahn (University of Siena); Robert Solow (Massachusetts Institute of Technology)
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From the Back Cover
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 also how 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.
About the Author
Frank Hahn is Professor Ordinario at the University of Siena, Professor Emeritus of Cambridge University, and Fellow of Churchill College. Robert Solow is Institute Professor of Economics Emeritus at the Massachusetts Institute of Technology. He received the Nobel Prize in economics in 1987 for his macroeconomic research linking technology and growth.
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- PublisherWiley-Blackwell
- Publication date1998
- ISBN 10 0631209891
- ISBN 13 9780631209898
- BindingPaperback
- Number of pages172
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ISBN 10: 0631209891
ISBN 13: 9780631209898
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