Keynesian Economics and Price Theory is popular PDF and ePub book, written by Masayuki Otaki in 2015-02-04, it is a fantastic choice for those who relish reading online the Business & Economics genre. Let's immerse ourselves in this engaging Business & Economics book by exploring the summary and details provided below. Remember, Keynesian Economics and Price Theory can be Read Online from any device for your convenience.
Keynesian Economics and Price Theory Book PDF Summary
This book reconstructs Keynesian macroeconomics so that it is compatible with the neoclassical dynamic microeconomic theory. This theory adopts three postulates: rational expectations, perfect price flexibility, and exclusion of the money in utility function (MIU). Based on the new theoretical finding that the Lucas model (1972) contains multiple equilibria, the author unifies Keynesian and monetarist theories within the same framework. The book applies the above basic theory to international macroeconomics and economic growth theory. New Keynesian theory contains logical inconsistencies: menu costs that have no close relationship with microeconomics and MIU, which implies that the money accumulated as wealth is never spent. These two assumptions do not proximate the real world. In this volume, the author discusses how various segregated theoretical approaches in macroeconomics relate to one another and proposes how to integrate them.
Detail Book of Keynesian Economics and Price Theory PDF
- Author : Masayuki Otaki
- Release : 04 February 2015
- Publisher : Springer
- ISBN : 9784431553458
- Genre : Business & Economics
- Total Page : 209 pages
- Language : English
- PDF File Size : 21,9 Mb
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