|
Books > Business & Economics > Economics > Macroeconomics
|
Not currently available
Keynes's General Theory Reconsidered in the Context of the Japanese Economy (Paperback, 1st ed. 2016)
Loot Price: R1,007
Discovery Miles 10 070
You Save: R751
(43%)
|
|
|
Keynes's General Theory Reconsidered in the Context of the Japanese Economy (Paperback, 1st ed. 2016)
Series: Development Bank of Japan Research Series
Supplier out of stock. If you add this item to your wish list we will let you know when it becomes available.
|
This book reconsiders Keynes's The General Theory of Employment,
Interest and Money and establishes a new interpretation. In
contrast to the existing models, this book finds that the
stickiness in the nominal wage is not crucial for his theory.
Moreover, the author has also succeeds in capturing the concept of
liquidity in a rigorous mathematical model. In conjunction with the
development of the concept of liquidity, the separation of the
decision between savings and capital investment, which plays a key
role in the principle of effective demand and denies Say's law, is
exactly and originally formulated. The theory thus developed is
applicable to elucidating some serious political economic causes
that entrap the long-stagnated Japanese economy. For example, an
analytical explanation is provided about why disinflation/deflation
incessantly progresses despite the exorbitant expansionary monetary
policy (ijigen kin-yuu seisaku) by the Bank of Japan. This
phenomenon is an unsolvable question from the quantity-theoretic
approaches (e.g., monetarism and new Keynesianism) which, although
they differ in assumptions concerning the length of adjustment
periods, commonly assume that the price level sooner or later rises
in proportion to the quantity of money. Owing much to Keynes, the
author's approach considers that the price level is mainly governed
by its marginal prime cost which is equal to the nominal wage as a
first approximation. As such, the drastically sagging wages during
the past 10 years provoke serious disinflation/deflation. It should
be noted that this discussion never depends on the quantity of
money.
General
Is the information for this product incomplete, wrong or inappropriate?
Let us know about it.
Does this product have an incorrect or missing image?
Send us a new image.
Is this product missing categories?
Add more categories.
Review This Product
No reviews yet - be the first to create one!
|
You might also like..
|
Email address subscribed successfully.
A activation email has been sent to you.
Please click the link in that email to activate your subscription.
Welcome to Loot.co.za!
Sign in / Register |Wishlists & Gift Vouchers |Help | Advanced search
(6)
