The coordination of economic activities involves many dimensions.
Yet many macroeconomists have tended to reduce the problem to a
single-dimension, that of getting prices right. Classical or New
Classical Economics, which embodies the view that coordination is
best left to market, is distinguished formally from Keynesian
economics (which depicts an economy in need of central guidance)
almost entirely by its assumption that wages and prices are
perfectly flexible. This volume brings together the author's key
contributions to the development of macroeconomic theory. The
essays record his attempts to deal with the coordination problems
raised by Keynesian economics and the difficulty of modeling them
in a way that meets the standards of rigor and coherence set by
Walrasian general equilibrium theory. They range from reflections
on the connections between Keynesian and Walrasian economics to
nontechnical discussions on the development of macroeconomic ideas.
Peter Howitt argues that this reduction of the coordination problem
to sticky prices is at the root of the decline of Keynesian
economics. Not only does it raise problems of legal coherence that
Keynesians have not succeeded in addressing, but more fundamentally
it is not very plausible. Though there is much evidence that wages
and prices are indeed less than fully flexible, there is no good
reason for attributing major coordination failures to the lack of
flexibility. All students and scholars interested in the
development of macroeconomic theory will find this a valuable and
stimulating book.
General
Imprint: |
The University of Michigan Press
|
Country of origin: |
United States |
Release date: |
September 1990 |
Authors: |
Peter Howitt
|
Dimensions: |
229 x 152mm (L x W) |
Format: |
Hardcover
|
Pages: |
260 |
ISBN-13: |
978-0-472-10210-5 |
Categories: |
Books >
Business & Economics >
Economics >
General
|
LSN: |
0-472-10210-9 |
Barcode: |
9780472102105 |
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