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A Future for Capitalism - Classical, Neoclassical and Keynesian Perspectives (Hardcover)
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A Future for Capitalism - Classical, Neoclassical and Keynesian Perspectives (Hardcover)
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This book builds on the Marx-Keynes-Schumpeter (MKS) approach to
understanding the evolution of capitalism. It does so by focusing
on current frameworks that study macro-dynamical systems in the
tradition of the Classical, the Neoclassical and the Keynesian
interpretation of the working of modern capitalist economies, and
of the societies that are built upon them. The distinguished
authors concentrate on different paradigms of economic conjecture
in terms of their applicability to labor market problems and their
implications for growing capitalist economies. They present
material clearly related to current macroeconomic research which
goes beyond the New Consensus macroeconomics, and which can also be
related to the discussion between practitioners and politicians on
the reform of both financial and labor markets. A Future for
Capitalism will prove a challenging and thought provoking read for
heterodox economists and broad-minded mainstream macroeconomists
with a special interest in alternatives to general equilibrium
macroeconomics. Contents: Introduction Part I: Stabilizing an
Unstable Economy: The Challenge in Place 1. Real Financial Market
Interactions and the Choice of Policy Measures Part II: Classical
Unbalanced Growth and Social Evolution 2. Income Security within
the Bounds of the Reserve Army Mechanism 3. Segmented Labor Markets
and Low Income Work 4. Atypical Employment and Smooth Factor
Substitution Part III: Unemployment and Welfare Issues in Models of
Endogenous Growth 5. Economic Growth with an Employer of Last
Resort: A Simple Model of Flexicurity Capitalism 6. Economic Policy
in a Growth Model with Human Capital, Heterogenous Agents and
Unemployment 7. Public Debt, Public Expenditures and Endogenous
Growth with Real Wage Rigidities Part IV: The Road to
Full-Employment Capitalism 8. Flexicurity: A Baseline Supply Side
Model 9. Factor Substitution, Okun s Law and Gradual Wage
Adjustments 10. Skill Formation, Heterogeneous Labor and
Investment-driven Business Fluctuations 11. Leashing Capitalism:
Monetary Fiscal Policy Measures and Labor Market Reforms Some
Useful Stability Theorems References Index
General
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