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ECONOMIC THEORY AND REALITY - Selected Essays on their Disparities and Reconciliation (Hardcover)
Loot Price: R3,097
Discovery Miles 30 970
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ECONOMIC THEORY AND REALITY - Selected Essays on their Disparities and Reconciliation (Hardcover)
Series: Economists of the Twentieth Century series
Expected to ship within 12 - 17 working days
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Total price: R3,117
Discovery Miles: 31 170
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Economic Theory and Reality presents Tibor Scitovsky's latest
thinking on the relationship between economic theory and economic
reality. This volume features discussion of many of the important
theoretical contributions made to economics over the last 40 years
including the Keynesian revolution and the ideas of Lerner,
Steindl, Hirsch, Frank and many others who extended and enhanced
the economist's toolbox.Professor Scitovsky's attempt to make
economic theory more realistic and thereby more useful is the
subject of the first part of the volume which includes his work on
the necessity of asymmetric markets, some market power and
righteous behaviour as conditions of a progressive and properly
functioning market economy. The second major theme is the
shortcomings of the real-world economy and, in particular, its
failure to maintain macroequilibrium, price stability and full
employment. This part includes examinations of inflexible wages and
prices, excessive claims, positional goods, and the impact of
second-hand markets on the macroeconomy. Economic Theory and
Reality improves access to Professor Scitovsky's most important
recent work, much of which was originally published either in
foreign languages or outside the mainstream literature. As well as
improving our understanding of his approach to economics and the
contributions which he has made to scholarship, this book addresses
key questions about the relevance of economic theory and its future
direction.
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