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FINANCE, INVESTMENT AND MACROECONOMICS - The Neoclassical and a Post Keynesian Solution (Hardcover)
Loot Price: R3,284
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FINANCE, INVESTMENT AND MACROECONOMICS - The Neoclassical and a Post Keynesian Solution (Hardcover)
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Donate to Against Period Poverty
Total price: R3,294
Discovery Miles: 32 940
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In Finance, Investment and Macroeconomics, Myron J. Gordon advances
a theory of finance and investment under uncertainty and risk
aversion which resolves problems left unsolved by Keynes in a
manner consistent with his work. Keynes established that both the
short-run and long-run performance of a capitalist system depend
upon investment, but he failed to arrive at an alternative to the
neoclassical theory of investment. Professor Gordon demonstrates
that the extension of neoclassical theory to deal with uncertainty
and risk aversion is based upon a string of assumptions which are
empirically false. The competitive stationary state, the foundation
for the neoclassical theory of a capitalist system, is shown to be
unfeasible because it results in a very high probability of
bankruptcy at the micro level and the system's early collapse on
the macro level. Capitalists seeking long term survival are shown
to be subject to a growth imperative, to the pursuit of monopoly
power, and to a concern for financial policy. Later sections of the
book discuss the consequences of this behaviour for short-run
fluctuations and the long-run development of capitalist systems.
This innovative book advances an important new theory of finance
and investment which recognizes the problem of bankruptcy when the
future is uncertain. It will be welcomed by both post Keynesian and
neoclassical economists as a significant contribution to current
economic understanding.
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