The Nature of Macroeconomics: Instability and Change in the Capitalist System (Elgar Monographs)

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9781840640694: The Nature of Macroeconomics: Instability and Change in the Capitalist System (Elgar Monographs)
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This book addresses the long absence of a satisfactory theory of macroeconomics. Keynesian theory is not consistent with rational self-interest, but neoclassical economics is unable to explain economic volatility and the trade cycle. Athol Fitzgibbons critiques the leading macroeconomic theories, which he believes are unduly mechanistic because they are incompatible with non-quantitative knowledge.

The author sketches the intellectual history of partial knowledge and judgement so far as these relate to macroeconomics, and rejects the claims that Keynes recanted the analysis of practical reason in his Treatise on Probability. Fitzgibbons's theme is the possibility of a new synthesis of Keynes and the neoclassical system. This stresses financial rationality, but it also recognizes that there is an element of indeterminacy in both government policies and the movements of the market.

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About the Author:

Associate Professor of Economics, Griffith University, Australia

Review:

'A well-written, well-argued discussion of the foundations of macro. If you are unfamiliar with the arguments that macro is not, and cannot be, a traditional science, then this book is definitely worth reading.' -- - David Colander, Middlebury College

'Athol Fitzgibbons's new book distils the main lesson of the debates on Keynes over the last 25 years: that macroeconomics has to be based on a theory of knowledge consistent with the way life is lived, where decisions are made in the face of imperfect knowledge. All existing theory [including, he argues, the General Theory] assumes either perfect knowledge or complete ignorance. He shows us why this has happened, and suggests a way out. It is a brave, knowledgeable and important book.' --- Victoria Chick, University College London, UK

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9781840649338: The Nature of Macroeconomics: Instability and Change in the Capitalist System (Elgar Monographs)

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Book Description Edward Elgar Publishing Ltd, United Kingdom, 2000. Hardback. Condition: New. Language: English . Brand New Book. This book addresses the long absence of a satisfactory theory of macroeconomics. Keynesian theory is not consistent with rational self-interest, but neo-classical economics is unable to explain economic volatility and the trade cycle. Athol Fitzgibbons critiques the leading macroeconomic theories, which he believes are unduly mechanistic because they are incompatible with non-quantitative knowledge. The author sketches the intellectual history of partial knowledge and judgement so far as these relate to macroeconomics, and rejects the claims that Keynes recanted the analysis of practical reason in his Treatise on Probability. Fitzgibbons s theme is the possibility of a new synthesis of Keynes and the neoclassical system. This stresses financial rationality, but it also recognizes that there is an element of indeterminacy in both government policies and the movements of the market. Seller Inventory # AAJ9781840640694

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Book Description Edward Elgar Publishing Ltd, United Kingdom, 2000. Hardback. Condition: New. Language: English . Brand New Book. This book addresses the long absence of a satisfactory theory of macroeconomics. Keynesian theory is not consistent with rational self-interest, but neo-classical economics is unable to explain economic volatility and the trade cycle. Athol Fitzgibbons critiques the leading macroeconomic theories, which he believes are unduly mechanistic because they are incompatible with non-quantitative knowledge. The author sketches the intellectual history of partial knowledge and judgement so far as these relate to macroeconomics, and rejects the claims that Keynes recanted the analysis of practical reason in his Treatise on Probability. Fitzgibbons s theme is the possibility of a new synthesis of Keynes and the neoclassical system. This stresses financial rationality, but it also recognizes that there is an element of indeterminacy in both government policies and the movements of the market. Seller Inventory # AAJ9781840640694

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