Macroeconomics And The Phillips Curve Myth PDF Download
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Author | : James Forder |
Publisher | : Oxford University Press, USA |
Total Pages | : 321 |
Release | : 2014 |
Genre | : Business & Economics |
ISBN | : 0199683654 |
Download Macroeconomics and the Phillips Curve Myth Book in PDF, ePub and Kindle
This book reconsiders the role of the Phillips curve in macroeconomic analysis in the first twenty years following the famous work by A. W. H. Phillips, after whom it is named. It argues that the story conventionally told is entirely misleading. In that story, Phillips made a great breakthrough but his work led to a view that inflationary policy could be used systematically to maintain low unemployment, and that it was only after the work of Milton Friedman and Edmund Phelps about a decade after Phillips' that this view was rejected. On the contrary, a detailed analysis of the literature of the times shows that the idea of a negative relation between wage change and unemployment - supposedly Phillips' discovery - was commonplace in the 1950s, as were the arguments attributed to Friedman and Phelps by the conventional story. And, perhaps most importantly, there is scarcely any sign of the idea of the inflation-unemployment tradeoff promoting inflationary policy, either in the theoretical literature or in actual policymaking. The book demonstrates and identifies a number of main strands of the actual thinking of the 1950s, 1960s, and 1970s on the question of the determination of inflation and its relation to other variables. The result is not only a rejection of the Phillips curve story as it has been told, and a reassessment of the understanding of the economists of those years of macroeconomics, but also the construction of an alternative, and historically more authentic account, of the economic theory of those times. A notable outcome is that the economic theory of the time was not nearly so naive as it has been portrayed.
Author | : Stephanie Kelton |
Publisher | : PublicAffairs |
Total Pages | : 311 |
Release | : 2020-06-09 |
Genre | : Business & Economics |
ISBN | : 1541736206 |
Download The Deficit Myth Book in PDF, ePub and Kindle
A New York Times Bestseller The leading thinker and most visible public advocate of modern monetary theory -- the freshest and most important idea about economics in decades -- delivers a radically different, bold, new understanding for how to build a just and prosperous society. Stephanie Kelton's brilliant exploration of modern monetary theory (MMT) dramatically changes our understanding of how we can best deal with crucial issues ranging from poverty and inequality to creating jobs, expanding health care coverage, climate change, and building resilient infrastructure. Any ambitious proposal, however, inevitably runs into the buzz saw of how to find the money to pay for it, rooted in myths about deficits that are hobbling us as a country. Kelton busts through the myths that prevent us from taking action: that the federal government should budget like a household, that deficits will harm the next generation, crowd out private investment, and undermine long-term growth, and that entitlements are propelling us toward a grave fiscal crisis. MMT, as Kelton shows, shifts the terrain from narrow budgetary questions to one of broader economic and social benefits. With its important new ways of understanding money, taxes, and the critical role of deficit spending, MMT redefines how to responsibly use our resources so that we can maximize our potential as a society. MMT gives us the power to imagine a new politics and a new economy and move from a narrative of scarcity to one of opportunity.
Author | : Edmund S. Phelps |
Publisher | : |
Total Pages | : 440 |
Release | : 1979 |
Genre | : Macroeconomics |
ISBN | : 9780125540018 |
Download Employment and Inflation Book in PDF, ePub and Kindle
Author | : Mark Mobius |
Publisher | : John Wiley & Sons |
Total Pages | : 261 |
Release | : 2021-01-26 |
Genre | : Business & Economics |
ISBN | : 1119741424 |
Download The Inflation Myth and the Wonderful World of Deflation Book in PDF, ePub and Kindle
What if everything you’ve learned about inflation is wrong? The Inflation Myth and the Wonderful World of Deflation illustrates our rapidly changing world where constant technological innovation leads to cheaper and better products. These changes are no longer reflected in the ways we measure inflation. Renowned investor and author Mark Mobius persuasively argues that what we believe to know about inflation today does not reflect the reality any longer. It is a myth, a legend, a fable, and, yes, a falsehood for a number of reasons. The Inflation Myth and the Wonderful World of Deflation tackles a number of fascinating topics, including: The political nature of inflation measurement where governments manipulate and exploit inflation numbers to fit their economic programs The extreme difficulty involved in gathering accurate data to measure inflation and the resulting inaccuracy of those measures The error of using currencies to measure inflation when those currencies are continually being debased by the governments who issue them Finally, and most importantly, the advances in technology and automation which are leading to continuously falling costs for goods and services Perfect for anyone with even a passing interest in macroeconomic phenomena or government policies, which are significantly impacting people's everyday lives around the world, The Inflation Myth and the Wonderful World of Deflation provides a remarkably compelling and provocative view of stunning originality.
Author | : Cullen Roche |
Publisher | : Macmillan |
Total Pages | : 252 |
Release | : 2014-07-08 |
Genre | : Business & Economics |
ISBN | : 1137279311 |
Download Pragmatic Capitalism Book in PDF, ePub and Kindle
An insightful and original look at why understanding macroeconomics is essential for all investors
Author | : Fred R. Glahe |
Publisher | : Houghton Mifflin Harcourt P |
Total Pages | : 352 |
Release | : 1973 |
Genre | : Business & Economics |
ISBN | : |
Download Macroeconomics; Theory and Policy Book in PDF, ePub and Kindle
Author | : Frank C. Wykoff |
Publisher | : Prentice Hall |
Total Pages | : 514 |
Release | : 1976 |
Genre | : Business & Economics |
ISBN | : |
Download Macroeconomics Book in PDF, ePub and Kindle
Author | : Gottfried Haberler |
Publisher | : AEI Studies |
Total Pages | : 96 |
Release | : 1985 |
Genre | : Business & Economics |
ISBN | : |
Download The Problem of Stagflation Book in PDF, ePub and Kindle
Author | : Michel De Vroey |
Publisher | : Cambridge University Press |
Total Pages | : 451 |
Release | : 2016-01-08 |
Genre | : Business & Economics |
ISBN | : 0521898439 |
Download A History of Macroeconomics from Keynes to Lucas and Beyond Book in PDF, ePub and Kindle
This book retraces the history of macroeconomics from Keynes's General Theory to the present. Central to it is the contrast between a Keynesian era and a Lucasian - or dynamic stochastic general equilibrium (DSGE) - era, each ruled by distinct methodological standards. In the Keynesian era, the book studies the following theories: Keynesian macroeconomics, monetarism, disequilibrium macro (Patinkin, Leijongufvud, and Clower) non-Walrasian equilibrium models, and first-generation new Keynesian models. Three stages are identified in the DSGE era: new classical macro (Lucas), RBC modelling, and second-generation new Keynesian modeling. The book also examines a few selected works aimed at presenting alternatives to Lucasian macro. While not eschewing analytical content, Michel De Vroey focuses on substantive assessments, and the models studied are presented in a pedagogical and vivid yet critical way.
Author | : Richard R. Nelson |
Publisher | : Harvard University Press |
Total Pages | : 456 |
Release | : 1985-10-15 |
Genre | : Business & Economics |
ISBN | : 9780674041431 |
Download An Evolutionary Theory of Economic Change Book in PDF, ePub and Kindle
This book contains the most sustained and serious attack on mainstream, neoclassical economics in more than forty years. Nelson and Winter focus their critique on the basic question of how firms and industries change overtime. They marshal significant objections to the fundamental neoclassical assumptions of profit maximization and market equilibrium, which they find ineffective in the analysis of technological innovation and the dynamics of competition among firms. To replace these assumptions, they borrow from biology the concept of natural selection to construct a precise and detailed evolutionary theory of business behavior. They grant that films are motivated by profit and engage in search for ways of improving profits, but they do not consider them to be profit maximizing. Likewise, they emphasize the tendency for the more profitable firms to drive the less profitable ones out of business, but they do not focus their analysis on hypothetical states of industry equilibrium. The results of their new paradigm and analytical framework are impressive. Not only have they been able to develop more coherent and powerful models of competitive firm dynamics under conditions of growth and technological change, but their approach is compatible with findings in psychology and other social sciences. Finally, their work has important implications for welfare economics and for government policy toward industry.