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Keynesian Economics and Price Theory - Re-orientation of a Theory of Monetary Economy (Hardcover, 2015 ed.)
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Keynesian Economics and Price Theory - Re-orientation of a Theory of Monetary Economy (Hardcover, 2015 ed.)
Series: Advances in Japanese Business and Economics, 7
Expected to ship within 12 - 17 working days
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This book reconstructs Keynesian macroeconomics so that it is
compatible with the neoclassical dynamic microeconomic theory. This
theory adopts three postulates: rational expectations, perfect
price flexibility, and exclusion of the money in utility function
(MIU). Based on the new theoretical finding that the Lucas model
(1972) contains multiple equilibria, the author unifies Keynesian
and monetarist theories within the same framework. The book applies
the above basic theory to international macroeconomics and economic
growth theory. New Keynesian theory contains logical
inconsistencies: menu costs that have no close relationship with
microeconomics and MIU, which implies that the money accumulated as
wealth is never spent. These two assumptions do not proximate the
real world. In this volume, the author discusses how various
segregated theoretical approaches in macroeconomics relate to one
another and proposes how to integrate them.
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