The New Macroeconomics: Reconstructing and Restating Macroeconomics - Hardcover

Elias T. Balopoulos

Hardcover

ISBN 10: 9608873207 ISBN 13: 9789608873209

Publisher: Econpress, 2005

Synopsis

This book reconstructs and restates macroeconomics in an attempt to set the foundations for a new synthesis and a consensus model in macroeconomics. It begins with a critical analysis of the main macroeconomic theories and demonstrates their invalidity, thus establishing the necessity for a new macroeconomics. Then, it proceeds with the construction and analysis of a new macroeconomic system which is founded on new postulates and amounts to a large-scale reconstruction of conventional production, distribution, supply, investment and interest rate theory. The New Macroeconomic System demonstrates the following: First, involuntary labor and capital unemployment is an inevitable implication of the very structure of the economic system and the normal case of the workings of the economy even in the absence of market imperfections. Second, self-adjustment is highly cyclical and sluggish, so that the use of macroeconomic policies will normally be imperative for stabilizing the economy. Third, economic growth and macroeconomic performance are so interrelated that they can hardly be studied separately. Fourth, neo-classical steady-state equilibrium is not tenable under general conditions, so that economic growth is permanently affected not only by technological progress, but also by capital accumulation and labor force growth. The New Macroeconomic System is shown to be superior to conventional macroeconomic theories in terms of its theoretical foundations, its ability to explain economic behavior and the process of self-adjustment, and its ability to deal with the basic facts of experience, notably economic growth, inflation, involuntary unemployment and the business cycle. The New Macroeconomics is mainly addressed to economists as well as to graduate and advanced undergraduate students in economics and related subjects. The table of contents and a sample of each chapter of the book are available for download at the publisher's website (econpress dot com).

Edition details

• Publisher: Econpress
• Publication date: 2005
• ISBN 10: 9608873207
• ISBN 13: 9789608873209
• Binding: Hardcover
• Language: English
• Number of pages: 706