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Books > Business & Economics > Economics > Macroeconomics
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Out of Equilibrium (Hardcover)
Loot Price: R3,885
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Out of Equilibrium (Hardcover)
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Standard equilibrium economic models focus on interdependencies. In
Out of Equilibrium, Amendola and Gaffard develop a theory also
dealing with interdependencies, but based on disequilibria, which
take the form of feedback mechanisms over time. The way in which
these disequilibria interact sequentially determines the evolution
path of an economy. As a result, different processes may be
associated with any kind of original shock. Whereas in equilibrium
models these processes are determined by the 'fundamentals' of the
economy, here the outcome is heavily influenced by the processes
themselves, the sequential decisions taken, and policies followed.
The model proposed in this book is a heuristic tool that makes it
possible to explore these `disequilibria'. By using it, economic
phenomena and policy recommendations appear entirely different, and
in most cases the interpretations made are diametrically opposite
to those advocated by the dominant equilibrium theory, thus giving
a new perspective on the recent past of the Western economies.
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