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Macroeconomics as Systems Theory by Richard E. Wagner Pdf
This book examines macroeconomic theory from an analytical framework provided by theories of complex systems, in contrast to conventional theories founded on aggregation. The resulting difference in analytical perspectives is huge: the macro level of society is not pursued through aggregation over micro entities. To the contrary, the micro-macro relation is treated as one of parts-to-whole, and this relation is approached from within an ecological scheme of thought. A society is a complex ecology of plans. That ecology, however, is not reducible to a single plan. Conventional macro theory presents a national economy as a collection of such aggregate variables as output, employment, investment, and a price level, and seeks to develop theoretical relationships among those variables. In contrast, the social-theoretic approach to macro or social theory in this book treats the standard macro variables as having been shaped through social institutions, conventions, and processes that in turn are generated through interaction among economizing persons. The object denoted as macro is thus of a higher order of complexity than the object denoted as micro.
Macroeconomics as Systems Theory by Richard E. Wagner Pdf
This book examines macroeconomic theory from an analytical framework provided by theories of complex systems, in contrast to conventional theories founded on aggregation. The resulting difference in analytical perspectives is huge: the macro level of society is not pursued through aggregation over micro entities. To the contrary, the micro-macro relation is treated as one of parts-to-whole, and this relation is approached from within an ecological scheme of thought. A society is a complex ecology of plans. That ecology, however, is not reducible to a single plan. Conventional macro theory presents a national economy as a collection of such aggregate variables as output, employment, investment, and a price level, and seeks to develop theoretical relationships among those variables. In contrast, the social-theoretic approach to macro or social theory in this book treats the standard macro variables as having been shaped through social institutions, conventions, and processes that in turn are generated through interaction among economizing persons. The object denoted as macro is thus of a higher order of complexity than the object denoted as micro.
The Nature of Macroeconomics by Athol Fitzgibbons Pdf
The Nature of Macroeconomics is a short but adventurous book that punches well above its weight . . . As part of a growing literature that identifies methodological issues as central to any appreciation of macroeconomic debate, and which seeks to under-labor for a more relevant useful indeed, more scientific macroeconomics, Fitzgibbons book is to be warmly welcomed. Mark Setterfield, Review of Social Economy Fitzgibbons examines the foundations of macroeconomic theory and policy and develops an insightful discussion of important issues, especially the state of knowledge of both market participants and policymakers . . . The Nature of Macroeconomics is clearly a book that contributes to the growth of our own partial knowledge. David Dequech, Review of Political Economy Athol Fitzgibbons s 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 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, Vermont, US 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.
New Trends In Dynamic Systems Theory And Economics by Masanao Aoki Pdf
New Trends in Dynamic System Theory and Economics contains selected papers presented at a two-week seminar on New Trends in Dynamic System Theory and Economics held at the International Center for Mechanical Sciences in Udine, Italy, on September 12-23, 1977. Contributors discuss recent trends in the application of dynamic system theory in economic analysis, paying particular attention to information patterns and uncertainty, optimal control theory and its application, and disequilibrium analysis. This book is divided into three sections and consists of 20 chapters. Decision problems of agents with different or imperfect information or under uncertainty are first discussed. This section gives a detailed analysis of the properties of Nash and Stackelberg equilibria in dynamic games under several different information patterns. Consideration is also given to microdecision problems of individual agents, macroeconomic stabilization of an uncertain dynamic economy, and the uncertainty of parameter values. The chapters that follow focus on recent advances in optimal control theory and application of control theory. Disequilibrium analysis of a macroeconomic model is presented, along with the dynamics of disequilibria of a macroeconomic model with flexible wages and prices. A generalization of Pareto optimality is used to discuss the connection between the optimality and stability problems in a general setting. The last three chapters explore ""modern"" approaches to tâtonnement processes. This book will be of interest to students and practitioners of applied mathematics and econometrics.
This second edition explores how money 'works' in the modern economy and synthesises the key principles of Modern Money Theory, exploring macro accounting, currency regimes and exchange rates in both the USA and developing nations.
Purpose, Meaning, and Action by K. McClelland,T. Fararo Pdf
Control Systems Theory, a newly developing theoretical perspective, starts from an important insight into human behaviour: that people attempt to control the world around them as they perceive it. This book brings together for the first time the work of prominent sociologists contributing to the development of this wideranging theoretical paradigm.
Macroeconomics and Monetary Theory by Harry G. Johnson Pdf
Macroeconomics is an outgrowth from the main stream of classical monetary theory following Keynes. Keynes changed the emphasis from determination of the level of money prices to determination of the level of output and employment. He also changed the key relationship from demand and supply of money as determining the price level to the relationship between consumption expenditure and income, in conjunction with private investment expenditure, as determining the level of output and therefore employment demanded. The income multiplier replaced the velocity of circulation as the key concept of monetary theory. The tendency of the past twenty-five years has been to reintegrate Keynesian and classical monetary theory into one general system of analysis. Moreover, as inflation has succeeded mass unemployment as a major policy problem, interest in classical monetary theory has revived, while Keynesians have increasingly' emphasized the monetary aspects of Keynesian theory. The proper contemporary distinction is not between two separate branches of economic theory, but between two areas of application or contexts of the theory of rational maximizing behavior. In the one (the microeconomic) context, it is assumed either that the overall workings of the economic system can be disregarded, or that the macroeconomic relationships are in full general equilibrium. In the other (the macroeconomic) context, it is assumed that the maximizing decisions of individual economic units (firms and households) will not necessarily add up to a macroeconomic equilibrium, but will produce a disequilibrium situation that will in the course of time produce changes in the individual decisions.
This open text provides complete, concise coverage of introductory macroeconomic theory and policy. It examines the Canadian economy as an economic system, and embeds current Canadian institutions and approaches to monetary policy and fiscal policy within that system. Particular attention is given to the recent structure, performance, and evolution of the Canadian economy, and to the current targets and instruments of Canadian monetary and fiscal policy.These are exciting and challenging times in which to study macroeconomics. We focus on short-run macroeconomic performance, analysis, and policy motivated by the recessions of the early 1980s and 1990s, the financial crisis and recession of 2008-2009, and the prolonged recovery in most industrial countries. To that end, the text examines macroeconomic institutions, performance, and policies in ways that help students understand and evaluate critically the news media coverage and broader public discussion of:- Recessions and recoveries, unemployment, inflation, deflation and conditions in financial markets-topics of ongoing reporting, discussion, and debate.- Monetary and fiscal policy announcements and discussions focused on inflation targets, interest rate settings, budget balances, tax rates, expenditures, and public debt targets as these affect economic performance.- Exports, imports, international capital flows, foreign exchange rates, and the importance of the international sector of the Canadian economy.- Economic growth, productivity growth, and the importance of productivity growth for standards of living in Canada and other countries.A traditional Aggregate Demand and Supply model is introduced to provide a consistent analytical framework for development of sector topics that follow. The analysis builds on a study of short-run business cycle fluctuations in output and employment, under constant equilibrium price conditions. The balance of payments, exchange rate policy, and monetary and fiscal policy under different exchange rate systems complete the short-run open economy model.A basic modern Aggregate Demand and Supply model of output and the inflation rate is also developed based on:- Current Canadian monetary policy based on inflation targets, interest rate policy instruments, and current Bank of Canada operating techniques, including the potential for quantitative or credit easing.- Current Canadian fiscal policy based on deficit and debt control targets, the government's budget function, the temporary shift to fiscal stimulus in 2009 and the implications for budget balances and the public debt.Numerical examples, diagrams, and basic algebra are used in combination to illustrate and explain economic relationships. Students learn about the importance of trade flows, consumption; government budgets; money supply; financial asset prices, yields, and interest rates; employment and unemployment; and other key relationships in the economy. Canadian and selected international data are used to provide real world examples and comparisons.The text is supported by Lyryx Learning, offering editorial services to develop and adapt open content, formative online assessment, course supplements, and support to both the students and instructors.
Introduction to Macroeconomic Theory by Jesper Jespersen Pdf
This is a textbook of macroeconomic theory and politics from a post-Keynesian perspective. The function of the macroeconomic system is explained in a straightforward way. The text is deliberately designed to be simple and pedagogical and is supported by a number of illustrative diagrams. Mathematics is reduced to an absolute minimum and put into separate text boxes.
A Pluralistic Introduction to Macroeconomics by HENDRIK. VAN DEN BERG Pdf
This introductory textbook provides a broad introduction to the field of macroeconomics and the alternative approaches to modelling an economic system. Adopting a pluralistic approach, it rigorously analyzes the theories and policies proposed by the classical and neoclassical, Marxian, institutionalist, Keynesian and post-Keynesian schools of thought. It critically examines fiscal, monetary, and regulatory policies prescribed by the different schools, exploring the intricate links between the economy, society and nature. It ultimately demonstrates that economic modelling is always a matter of choice and compromise, and no one school of thought can accurately capture the full essence of a real evolving economic system under all circumstances, in all places, and at all times in history. Key Features: Presents a realistic picture of human behavior based on empirical evidence Discusses alternative approaches to modelling an economic system, and outlines the advantages and weaknesses of each Draws on diverse schools of thought and other scientific disciplines to explain the changes in the functioning of the economic system Focuses on how macroeconomic policies can be improved in a time of growing economic inequality and insecurity, with numerous ecological stresses and contradictions Interdisciplinary in scope, this textbook will prove essential to scholars, researchers and students of economics and finance, particularly those interested in international economics, political economy, evolutionary economics, and radical and feminist economics. Economists and social scientists seeking alternative approaches to macroeconomics will equally benefit from this fundamental resource.
Macroeconomics: Theory and Policy by Agarwal Vanita Pdf
Macroeconomics: Theory and Policy provides students with comprehensive coverage of all the essential concepts of macroeconomics. A balanced approach between theoretical and mathematical aspects of the subject has been adopted to ensure ease and clarity in learning. The book brings classroom teaching directly to the student with the friendly language that it uses. The purpose behind this book is not only to make the study of macroeconomics simple for the students but to enable them to apply it to everyday situations and the prevailing economic state of affairs. The wide coverage of topics has been designed for use in courses on macroeconomics at the undergraduate level of Indian universities.
Introduction to Dynamic Macroeconomic Theory by George T. McCandless,Neil Wallace Pdf
Economies are constantly in flux, and economists have long sought reliable means of analyzing their dynamic properties. This book provides a succinct and accessible exposition of modern dynamic (or intertemporal) macroeconomics. The authors use a microeconomics-based general equilibrium framework, specifically the overlapping generations model, which assumes that in every period there are two generations which overlap. This model allows the authors to fully describe economies over time and to employ traditional welfare analysis to judge the effects of various policies. By choosing to keep the mathematical level simple and to use the same modeling framework throughout, the authors are able to address many subtle economic issues. They analyze savings, social security systems, the determination of interest rates and asset prices for different types of assets, Ricardian equivalence, business cycles, chaos theory, investment, growth, and a variety of monetary phenomena. Introduction to Dynamic Macroeconomic Theory will become a classic of economic exposition and a standard teaching and reference tool for intertemporal macroeconomics and the overlapping generations model. The writing is exceptionally clear. Each result is illustrated with analytical derivations, graphically, and by worked out examples. Exercises, which are strategically placed, are an integral part of the book.
Capital Markets, Globalization, and Economic Development by Benton E. Gup Pdf
Capital Markets, Globalization, and Economic Development consists of fourteen articles contributed by authors from Australia, Asia, Europe, South America, and the United States who provide a wide range of insights. The contributors include academics, government officials, and regulators. This book examines some of the capital market issues that economies face as they mature. These include, but are not limited to, credit ratings, financial regulation, infrastructure privatization and other timely topics.
The definitive graduate textbook on modern macroeconomics Macroeconomic Theory is the most up-to-date graduate-level macroeconomics textbook available today. This revised second edition emphasizes the general equilibrium character of macroeconomics to explain effects across the whole economy while taking into account recent research in the field. It is the perfect resource for students and researchers seeking coverage of the most current developments in macroeconomics. Michael Wickens lays out the core ideas of modern macroeconomics and its links with finance. He presents the simplest general equilibrium macroeconomic model for a closed economy, and then gradually develops a comprehensive model of the open economy. Every important topic is covered, including growth, business cycles, fiscal policy, taxation and debt finance, current account sustainability, and exchange-rate determination. There is also an up-to-date account of monetary policy through inflation targeting. Wickens addresses the interrelationships between macroeconomics and modern finance and shows how they affect stock, bond, and foreign-exchange markets. In this edition, he also examines issues raised by the most recent financial crisis, and two new chapters explore banks, financial intermediation, and unconventional monetary policy, as well as modern theories of unemployment. There is new material in most other chapters, including macrofinance models and inflation targeting when there are supply shocks. While the mathematics in the book is rigorous, the fundamental concepts presented make the text self-contained and easy to use. Accessible, comprehensive, and wide-ranging, Macroeconomic Theory is the standard book on the subject for students and economists. The most up-to-date graduate macroeconomics textbook available today General equilibrium macroeconomics and the latest advances covered fully and completely Two new chapters investigate banking and monetary policy, and unemployment Addresses questions raised by the recent financial crisis Web-based exercises with answers Extensive mathematical appendix for at-a-glance easy reference This book has been adopted as a textbook at the following universities: American University Bentley College Brandeis University Brigham Young University California Lutheran University California State University - Sacramento Cardiff University Carleton University Colorado College Fordham University London Metropolitan University New York University Northeastern University Ohio University - Main Campus San Diego State University St. Cloud State University State University Of New York - Amherst Campus State University Of New York - Buffalo North Campus Temple University - Main Texas Tech University University of Alberta University Of Notre Dame University Of Ottawa University Of Pittsburgh University Of South Florida - Tampa University Of Tennessee University Of Texas At Dallas University Of Washington University of Western Ontario Wesleyan University Western Nevada Community College
