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Macroeconomics, Trade, and Social Welfare (Hardcover, 1st ed. 2016)
Loot Price: R2,174
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Macroeconomics, Trade, and Social Welfare (Hardcover, 1st ed. 2016)
Series: Advances in Japanese Business and Economics, 14
Expected to ship within 7 - 12 working days
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This book develops new, original methods of welfare comparison and
comparative dynamics between distinct and discretely positioned
(rather than continuously related) socioeconomic situations. These
methods are not only realistic but also extremely relevant to
serious economic problems. Using them, the book sheds illuminating
new light on the theoretical analysis of Keynesian economics and
other important issues of political economy. For instance, it shows
that the principle of effective demand applies exactly as Keynes
put it to the unemployment equilibrium in the short run. It also
shows that the equilibrium may change along the expansion path as
the government chooses to vary its expenditure to maximize national
welfare. The same methods are effectively employed theoretically to
investigate modern trade policy issues such as gains from trade,
the theory of tariffs, free trade agreements, and the role of the
WTO. Those methods are also used to study the welfare and
efficiency of various socioeconomic situations.
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