This presentation of advanced macroeconomics emphasizes the dynamic
behaviour of the economy. Developed capitalist economies are
characterized by large stocks of durable goods and the
intertemporal nature of economic decisions that these involve. Such
intertemporal decisions based on expectations about an uncertain
future are the main sources of mistakes and consequent economic
fluctuations. In this book, therefore, macroeconomic theory and
policy are viewed as applications of capital theory. Professor
Nagatani traces the early contributions to this viewpoint and
critically surveys the modern literature. To aid the reader, a
lucid exposition of dynamic optimization is provided before the
theory is developed analytically. The framework employed has novel
aspects and captures the chief characteristics of advanced
economies. The analysis is used to draw out broad policy
conclusions. This book is suitable for advanced students, for whom
examples are provided at the end of chapters. However, the original
perspective offers much to interest specialists also.
General
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