Download or read book Austrian Macroeconomics A Diagrammatical Exposition written by Roger W. Garrison and published by Ludwig von Mises Institute. This book was released on 1978 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Studies in Austrian Macroeconomics written by Steven Horwitz and published by Emerald Group Publishing. This book was released on 2016-05-13 with total page 297 pages. Available in PDF, EPUB and Kindle. Book excerpt: Several of the papers in Advances in Austrian Economics Volume 21 focus on the differences between the US and Canadian experiences during the early 21st century, while other contributors offer critical extensions of Austrian monetary and business cycle theory.

Download or read book Microfoundations and Macroeconomics written by Steven Horwitz and published by Routledge. This book was released on 2000-09-28 with total page 532 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the past, Austrian economics has been seen as almost exclusively focused on microeconomics. Here,Steven Horwitz constructs a systematic presentation of what Austrian macroeconomics would look like. This original and highly accessible work will be of great value and interest to professional economists and students.

Download or read book An Introduction to Austrian Economics written by Thomas C. Taylor and published by . This book was released on 1992 with total page 95 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Oxford Handbook of Austrian Economics written by Peter J. Boettke and published by . This book was released on 2015 with total page 833 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Austrian School of Economics is an intellectual tradition in economics and political economy dating back to Carl Menger in the late-19th century. Menger stressed the subjective nature of value in the individual decision calculus. Individual choices are indeed made on the margin, but the evaluations of rank ordering of ends sought in the act of choice are subjective to individual chooser. For Menger, the economic calculus was about scarce means being deployed to pursue an individual's highest valued ends. The act of choice is guided by subjective assessments of the individual, and is open ended as the individual is constantly discovering what ends to pursue, and learning the most effective way to use the means available to satisfy those ends. This school of economic thinking spread outside of Austria to the rest of Europe and the United States in the early-20th century and continued to develop and gain followers, establishing itself as a major stream of heterodox economics. The Oxford Handbook of Austrian Economics provides an overview of this school and its theories. The various contributions discussed in this book all reflect a tension between the Austrian School's orthodox argumentative structure (rational choice and invisible hand) and its addressing of a heterodox problem situations (uncertainty, differential knowledge, ceaseless change). The Austrian economists from the founders to today seek to derive the invisible hand theorem from the rational choice postulate via institutional analysis in a persistent and consistent manner. Scholars and students working in the field of History of Economic Thought, those following heterodox approaches, and those both familiar with the Austrian School or looking to learn more will find much to learn in this comprehensive volume.

Download or read book Austrian Capital Theory written by Peter Lewin and published by Cambridge University Press. This book was released on 2019-01-10 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Element presents a new framework for Austrian capital theory, starting from the notion that capital is value. Capital is the value attributed by the valuer at any moment in time to the combination of production-goods and labor available for production. Capital is the result obtained by calculating the current value of a business-unit or business-project that employs resources over time. It is the result of a (subjective) entrepreneurial calculation process that relates the flow of consumptions goods to the value of the productive resources that will produce those consumptions goods. The entrepreneur is a ubiquitous calculating presence. In a review of the development of Austrian capital theory, by Carl Menger, Eugen von Böhm-Bawerk, Ludwig von Mises, Friedrich Hayek, Ludwig Lachmann as well as recent contributions, the Element incorporates the seminal contributions into the new framework in order to provide a more accessible perspective on Austrian capital theory.

Download or read book Information Technology and Socialist Construction written by Daniel E. Saros and published by Routledge. This book was released on 2014-05-09 with total page 293 pages. Available in PDF, EPUB and Kindle. Book excerpt: The failure of command central planning in the twentieth century has led to a general disillusionment within the socialist movement worldwide. Some alternatives to capitalism have been proposed since the end of the Cold War, but none has offered an alternative form of economic calculation. This book explains how modern information technology may be used to implement a new method of economic calculation that could bring an end to capitalism and make socialism possible. In this book, the author critically examines a number of socialist proposals that have been put forward since the end of the Cold War. It is shown that although these proposals have many merits, their inability effectively to incorporate the benefits of information technology into their models has limited their ability to solve the problem of socialist construction. The final section of the book proposes an entirely new model of socialist development, based on a "needs profile" that makes it possible to convert the needs of large numbers of people into data that can be used as a guide for resource allocation. This analysis makes it possible to rethink and carefully specify the conditions necessary for the abolition of capital and consequently the requirements for socialist revolution and, ultimately, communist society. Information Technology and Socialist Construction will be of interest to students and scholars of political economy, the history of economic thought, labour economics and industrial economics.

Download or read book Revisiting Hayek s Political Economy written by Peter J. Boettke and published by Emerald Group Publishing. This book was released on 2016-12-08 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: Volume 21 of Advances in Austrian Economics exemplifies this focus by highlighting key research from the Austrian tradition of economics with other research traditions in economics and related areas.

Download or read book Money Bank Credit and Economic Cycles written by Jesús Huerta de Soto and published by Ludwig von Mises Institute. This book was released on 2006 with total page 938 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Reconstructing Macroeconomics written by Lance TAYLOR and published by Harvard University Press. This book was released on 2009-06-30 with total page 455 pages. Available in PDF, EPUB and Kindle. Book excerpt: Macroeconomics is in disarray. No one approach is dominant, and an increasing divide between theory and empirics is evident. This book presents both a critique of mainstream macroeconomics from a structuralist perspective and an exposition of modern structuralist approaches. The fundamental assumption of structuralism is that it is impossible to understand a macroeconomy without understanding its major institutions and distributive relationships across productive sectors and social groups. Lance Taylor focuses his critique on mainstream monetarist, new classical, new Keynesian, and growth models. He examines them from a historical perspective, tracing monetarism from its eighteenth-century roots and comparing current monetarist and new classical models with those of the post-Wicksellian, pre-Keynesian generation of macroeconomists. He contrasts the new Keynesian vision with Keynes's General Theory, and analyzes contemporary growth theories against long traditions of thought about economic development and structural change. Table of Contents: Acknowledgments Introduction 1. Social Accounts and Social Relations 1. A Simple Social Accounting Matrix 2. Implications of the Accounts 3. Disaggregating Effective Demand 4. A More Realistic SAM 5. Stock-Flow Relationships 6. A SAM and Asset Accounts for the United States 7. Further Thoughts 2. Prices and Distribution 1. Classical Macroeconomics 2. Classical Theories of Price and Distribution 3. Neoclassical Cost-Based Prices 4. Hat Calculus, Measuring Productivity Growth, and Full Employment Equilibrium 5. Mark-up Pricing in the Product Market 6. Efficiency Wages for Labor 7. New Keynesian Crosses and Methodological Reservations 8. First Looks at Inflation 3. Money, Interest, and Inflation 1. Money and Credit 2. Diverse Interest Theories 3. Interest Rate Cost-Push 4. Real Interest Rate Theory 5. The Ramsey Model 6. Dynamics on a Flying Trapeze 7. The Overlapping Generations Growth Model 8. Wicksell's Cumulative Process Inflation Model 9. More on Inflation Taxes 4. Effective Demand and Its Real and Financial Implications 1. The Commodity Market 2. Macro Adjustment via Forced Saving and Real Balance Effects 3. Real Balances, Input Substitution, and Money Wage Cuts 4. Liquidity Preference and Marginal Efficiency of Capital 5. Liquidity Preference, Fisher Arbitrage, and the Liquidity Trap 6. The System as a Whole 7. The IS/LM Model 8. Keynes and Friends on Financial Markets 9. Financial Markets and Investment 10. Consumption and Saving 11 "Disequilibrium" Macroeconomics 12. A Structuralist Synopsis 5. Short-Term Model Closure and Long-Term Growth 1. Model "Closures" in the Short Run 2. Graphical Representations and Supply-Driven Growth 3. Harrod, Robinson, and Related Stories 4. More Stable Demand-Determined Growth 6. Chicago Monetarism, New Classical Macroeconomics, and Mainstream Finance 1. Methodological Caveats 2. A Chicago Monetarist Model 3. A Cleaner Version of Monetarism 4. New Classical Spins 5. Dynamics of Government Debt 6. Ricardian Equivalence 7. The Business Cycle Conundrum 8. Cycles from the Supply Side 9. Optimal Behavior under Risk 10. Random Walk, Equity Premium, and the Modigliani-Miller Theorem 11. More on Modigliani-Miller 12. The Calculation Debate and Super-Rational Economics 7. Effective Demand and the Distributive Curve 1. Initial Observations 2. Inflation, Productivity Growth, and Distribution 3. Absorbing Productivity Growth 4. Effects of Expansionary Policy 5. Financial Extensions 6. Dynamics of the System 7. Comparative Dynamics 8. Open Economy Complications 8. Structuralist Finance and Money 1. Banking History and Institutions 2. Endogenous Finance 3. Endogenous Money via Bank Lending 4. Money Market Funds and the Level of Interest Rates 5. Business Debt and Growth in a Post-Keynesian World 6. New Keynesian Approaches to Financial Markets 9. A Genus of Cycles 1. Goodwin's Model 2. A Structuralist Goodwin Model 3. Evidence for the United States 4. A Contractionary Devaluation Cycle 5. An Inflation Expectations Cycle 6. Confidence and Multiplier 7. Minsky on Financial Cycles 8. Excess Capacity, Corporate Debt Burden, and a Cold Douche 9. Final Thoughts 10. Exchange Rate Complications 1. Accounting Conundrums 2. Determining Exchange Rates 3. Asset Prices, Expectations, and Exchange Rates 4. Commodity Arbitrage and Purchasing Power Parity 5. Portfolio Balance 6. Mundell-Fleming 7. IS/LM Comparative Statics 8. UIP and Dynamics 9. Open Economy Monetarism 10. Dornbusch 11. Other Theories of the Exchange Rate 12. A Developing Country Debt Cycle 13. Fencing in the Beast 11. Growth and Development Theories 1. New Growth Theories and Say's Law 2. Distribution and Growth 3. Models with Binding Resource or Sectoral Supply Constraints 4. Accounting for Growth 5. Other Perspectives 6. The Mainstream Policy Response 7. Where Theory Might Sensibly Go References Index Reconstructing Macroeconomics is a stunning intellectual achievement. It surveys an astonishing range of macroeconomic problems and approaches in a compact, coherent critical framework with unfailing depth, wit, and subtlety. Lance Taylor's pathbreaking work in structural macroeconomics and econometrics sets challenging standards of rigor, realism, and insight for the field. Taylor shows why the structuralist and Keynesian insistence on putting accounting consistency, income distribution, and aggregate demand at the center of macroeconomic analysis is indispensable to understanding real-world macroeconomic events in both developing and developed economies. The book is full of new results, modeling techniques, and shrewd suggestions for further research. Taylor's scrupulous and balanced appraisal of the whole range of macroeconomic schools of thought will be a source of new perspectives to macroeconomists of every persuasion. --Duncan K. Foley, New School University Lance Taylor has produced a masterful and comprehensive critical survey of existing macro models, both mainstream and structuralist, which breaks considerable new ground. The pace is brisk, the level is high, and the writing is entertaining. The author's sense of humor and literary references enliven the discussion of otherwise arcane and technical, but extremely important, issues in macro theory. This book is sure to become a standard reference that future generations of macroeconomists will refer to for decades to come. --Robert Blecker, American University While there are other books dealing with heterodox macroeconomics, this book surpasses them all in the quality of its presentation and in the careful treatment and criticism of orthodox macroeconomics including its recent contributions. The book is unique in the way it systematically covers heterodox growth theory and its relations to other aspects of heterodox macroeconomics using a common organizing framework in terms of accounting relations, and in the way it compares the theories with mainstream contributions. Another positive and novel feature of the book is that it takes a long view of the development of economic ideas, which leads to a more accurate appreciation of the real contributions by recent theoretical developments than is possible in a presentation that ignores the history of macroeconomics. --Amitava Dutt, University of Notre Dame

Download or read book The Microfoundations Delusion written by John Edward King and published by Edward Elgar Publishing. This book was released on 2012-01-01 with total page 301 pages. Available in PDF, EPUB and Kindle. Book excerpt: ïThis excellent book documents the creation of what has become the first commandment of orthodox macroeconomics: that microeconomic theory provides its foundation because this is the most secure form of economic knowledge. By contrast, John King shows conclusively that microeconomics cannot play such a role when assessed by the criteria of logic, or of science, or of economics itself. Indeed, he goes further and demonstrates that the microfoundations dogma detracts from knowledge about how economies actually operate, and instead generates patently false conclusions. Moreover, the dogma is shown to have blinded orthodox economists from even seeing the possibility of typical macroeconomic crises, and has disarmed them in formulating policies that would eliminate actual crises. The book therefore deals with a topic at the very heart of the present debacle in the world economy.Í _ Michael Howard, University of Waterloo, Canada ïA generation ago Dudley Dillard wrote a famous article on the ñbarter illusion in classical and neoclassical economicsî. Now John King has gone a step further and written about the microfoundations delusion. The illusion has been with us for a very long time, the delusion is of more recent vintage. Together they have blocked a basic understanding of macroeconomic and monetary phenomena at a time when they are most urgently needed. This is a book that had to be written, and we are fortunate that it is John King who has written it. Essential reading for our times.Í _ John Smithin, York University, Canada In this challenging book, John King makes a sustained and comprehensive attack on the dogma that macroeconomic theory must have ïrigorous microfoundationsÍ. He draws on both the philosophy of science and the history of economic thought to demonstrate the dangers of foundational metaphors and the defects of micro-reduction as a methodological principle. Strong criticism of the microfoundations dogma is documented in great detail, from some mainstream and many heterodox economists and also from economic methodologists, social theorists and evolutionary biologists. The author argues for the relative autonomy of macroeconomics as a distinct ïspecial scienceÍ, cooperating with but most definitely not reducible to microeconomics. The Microfoundations Delusion will prove a stimulating and thought-provoking read for scholars, students and researchers in the fields of economics, heterodox economics and history of economic thought.

Download or read book On the History of Economic Thought written by A. W. Bob Coats and published by Routledge. This book was released on 2005-08-08 with total page 944 pages. Available in PDF, EPUB and Kindle. Book excerpt: On the History of Economic Thought is introduced by an essay in intellectual autobiography outlining the development of Coats key ideas and the distinctive elements of his approach. Two themes in particular emerge. The first is the difference between British and American economics, both in content and in the practice of the profession. This is an important element in all areas of his research. The second theme is in the interrelationships between economic ideas, events (or conditions) and policy issues. The book concludes by offering an assessment of the current state of the discipline indicating the advantages an historian of economics can offer as a commentator on recent developments.

Download or read book The Structure of Production written by Mark Skousen and published by NYU Press. This book was released on 2017-12-12 with total page 462 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 2014, the U. S. government adopted a new quarterly statistic called gross output (GO), the most significance advance in national income accounting since gross domestic product (GDP) was developed in the 1940s. The announcement came as a triumph for Mark Skousen, who advocated GO nearly 25 years ago as an essential macroeconomic tool and a better way to measure the economy and the business cycle. Now it has become an official statistic issued quarterly by the Bureau of Economic Analysis at the U. S. Department of Commerce. In this new revised edition of Structure of Production, Skousen shows why GO is a more accurate and comprehensive measure of the economy because it includes business-to-business transactions that move the supply chain along to final use. (GDP measures the value of finished goods and services only, and omits B-to-B activity.) GO is an attempt to measure spending at all stages of production. Using GO, Skousen demonstrates that the supply-side of the business spending is far more important than consumer spending, is more consistent with economic growth theory, and a better measure of the business cycle.

Download or read book The Invisible Hand written by John Eatwell and published by Springer. This book was released on 1989-11-01 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is an excerpt from the 4-volume dictionary of economics, a reference book which aims to define the subject of economics today. 1300 subject entries in the complete work cover the broad themes of economic theory. This extract concentrates on the theory of the invisible hand.

Download or read book Beyond Positivism written by Bruce Caldwell and published by Routledge. This book was released on 2015-07-20 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since its publication in 1982, this book has become established as one of the major works in economic methodology, with its rejection of positivism and advocacy of pluralism profoundly influencing economics over the last decade.

Download or read book Why Economists Disagree written by David L. Prychitko and published by SUNY Press. This book was released on 1998-01-01 with total page 434 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides a convenient introduction to heterodox alternatives to neoclassical economics.

Download or read book Reflections of Eminent Economists written by Michael Szenberg and published by Edward Elgar Publishing. This book was released on 2004-01-01 with total page 488 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'We are indebted to Michael Szenberg's persuasive powers in eliciting the self-analyses of economists . . . For these insights, the budding economist as well as the historian of thought should be grateful.' - From the foreword by Kenneth J. Arrow