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This book presents essays by an outstanding team of international
specialists and covers a wide range of topics, including (inter
alia) the relationships between the Austrian and Swedish theories
of the business cycle, the on-going debates between Austrians and
(Post) Keynesians, Schumpeter's 'Walrasian' stand in the socialist
calculation debate, and the Austrian roots of Neo-Institutional
economics. The studies stress the unique Austrian contributions to
economic methodology and to the theory of entrepreneurship, while
revealing unexpected methodological and philosophical similarities
between, among others, Hayek and Marx.
This book presents essays by an outstanding team of international
specialists and covers a wide range of topics, including (inter
alia) the relationships between the Austrian and Swedish theories
of the business cycle, the on-going debates between Austrians and
(Post) Keynesians, Schumpeter's 'Walrasian' stand in the socialist
calculation debate, and the Austrian roots of Neo-Institutional
economics. The studies stress the unique Austrian contributions to
economic methodology and to the theory of entrepreneurship, while
revealing unexpected methodological and philosophical similarities
between, among others, Hayek and Marx.
The present macroeconomic crisis has demonstrated that a deeper
understanding of the importance of relevant macroeconomic theories
and methods is wanting. Additionally, lack of methodological
awareness is behind much of the disagreement within macroeconomics
which, looked upon from outside, often appears incomprehensible.
The Handbook will give a structured presentation of the study of
principles and procedures by which macroeconomics is researched,
taught and communicated both within academia and to a wider
audience, and why specific theories, research strategies and
teaching are preferred. The principles of selecting theory relevant
to real-world problems are the core of methodology. This book will
contain a broad range of arguments behind theory construction and
appraisal and the consequences of these choices within the field of
macroeconomics. An international range of experts provide clear
analysis of key concepts, ideas and principles to give academics,
students and others a better understanding of the macroeconomics
behind policy conclusions which are put forward at different
levels.
This book deals with one of the most puzzling concepts in economic
science, that of economic equilibrium. In modern economics,
equilibrium is considered a key assumption, but its role is
contested by economists both from within the mainstream and from
rival schools of thought. What explains the contradictory
assessments of the equilibrium concept in economics? Do economists
belonging to different traditions disagree about the definition of
equilibrium or do they adopt different rules for assessing
scientific status? In this unique and exhaustive study, Bert Tieben
answers these questions by investigating the history of equilibrium
economics from 1700 to the present day. He concludes that ideology
strongly colored the development of this branch of theory, helping
to explain the vehemence of the debates surrounding the concept. He
also argues that scientific progress in economics may indeed be
fostered by such opposition and contention, and calls for cross
fertilization and stronger cooperation between the different
schools of thought. This resourceful book will appeal to post
graduate students and scholars in the history of economic thought
and economic methodology. Both neoclassical and heterodox
economists, most notably Austrian, post Keynesian and institutional
economists, will also find much to interest them.
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