The Macrodynamics of Capitalism: Elements for a Synthesis of Marx, Keynes and Schumpeter

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Springer Science & Business Media, Dec 11, 2008 - Business & Economics - 399 pages
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This book provides an introduction to advanced macrodynamics, viewed as a di- quilibriumtheoryof?uctuatinggrowth. Itbuildsonanearlierattempttoreformulate 1 the foundations of macroeconomics from the perspective of real markets diseq- librium and the con?ict over income distribution between capital and labor. It does so, not because it wants to support the view that this class con?ict is inevitable, but with the perspective that an understanding of this con?ict may help to formulate socio-economic principles and policies that can help to overcome class con?ict at least in its cruder forms or that can even lead to rationally understandable proce- 2 dures and rules that turn this con?ict into a consensus-driven interaction between 3 capitalists or their representatives and the employable workforce. The book starts from established theories of temporary equilibrium positions, the forces of real growth, and the con?ict over income distribution, represented by basic modeling approaches, which it considers in detail in its Part I in order to prepare the ground for their integration in Part II of the book. In this way we inspect what types of models of disequilibrium, income distribution, and real growth we have at our disposal, as models that have proved to be of real interest and sound from a rigorous modeling perspective.
 

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Contents

Goodwin Growth Cycles in a Keynes Trade Cycle Framework and Beyond
1
12 Methodological Considerations
10
121 Microfoundations
11
122 Market Clearing
12
123 Rational Expectations
13
124 A Short Summary
15
13 A Baseline Model of a Capitalist Economy
16
Temporary Equilibrium DistributionDriven Demand Cycles and Unbalanced Growth
21
66 Conclusions
221
Wage Dynamics in a Depressed Economy
223
A Classical Revolution in Keynesian Macrodynamics?
229
72 Keynesian Monetary Growth Under Myopic Perfect Foresight
231
73 ADAS and Macroeconomic Performance Under Myopic Perfect Foresight
236
74 On the Relevance of the ADAS Rational Expectations Model
241
75 A Classical Villain in the Keynesian Spectacle?
244
On the Stability of Models of Money and Growth
254

Keynes the Classics and the New Classics A Simple Presentation of Basic Differences
23
22 Classical Macroeconomics
27
23 A Keynes Revolution in the Classical Model
34
24 New Classical Macroeconomics
39
25 ISLMAnalysis as a Generalization of the New Classical Model
42
26 Keynes Notes on the Trade Cycle
45
27 Conclusions
49
Wicksells Cumulative Process An Intermediate Case Between the Classics and Keynes
51
After Keynes Real Growth and InStability
54
32 Basic Assumptions and Tools
58
33 Unstable Warranted Growth Harrod
64
34 Stable Depressions Domar
69
35 Stable Full Employment Growth Solow
72
36 Harrodian Instability in the Neoclassical Growth Model Nikaido
76
37 The Keynesian Trade Cycle Model Hicks
80
38 Three Types of Economic Regulation Phillips
86
39 Conclusions
93
Nonlinear Approaches to MultiplierAccelerator Analysis
94
Distributive Stability by the Reserve Army Mechanism Marxs Contribution
107
42 Marxs Critique of the Classical Theory of Accumulation
110
43 Goodwins Distributive Growth Cycle Model
114
431 A Simple Synthesis of the GoodwinSolow Type
118
432 A Simple GoodwinHarrod Synthesis
121
44 A Simple Completion of the Goodwin Growth Cycle Model
124
45 Government Stabilization Policies
130
46 Independent Investment Behavior and Stabilization Problems
134
47 The Nonequivalence of Classical and Keynesian Stabilization Policies
140
48 Conclusions
143
Stability Analysis
145
Inflation Stagflation and Disinflation Friedman or Marx?
148
52 A Monetarist Baseline Model
152
53 Conflict About Income Distribution and the Natural Unemployment Rate
161
54 A Classical Modification of the Baseline Model
166
A NeoKeynesian Analysis of Economic Depressions
173
Conventional ADAS Analysis A Reconsideration
184
Keynesian Monetary Growth Under Adaptive Expectations
185
62 Walrasian Price Adjustment in Keynesian Macrodynamics?
189
63 Effective Demand as a Device for Simplifying Properly Specified Keynesian Dynamics
193
64 On the ShortRun Instability of Full Employment Positions
197
65 On the Instability of LongRun Full Employment Equilibrium
206
Matured Keynesian ADAS Analysis and Beyond
264
Keynesian ADAS Quo Vadis?
265
New or Matured?
268
83 The Deterministic Skeleton of New Keynesian ADAS Modeling
270
84 Keynesian ADAS Dynamics with Sluggish PriceQuantity Adjustment Processes
277
Some Stability Results
285
86 Estimation and Simulation of the Model
289
87 Numerical Investigation of the Model
294
E pur si muove
299
Stability Proofs and the Occurrence of Hopf Bifurcations
301
Keynesian DADDAS Modeling Baseline Structure and Estimation
305
92 Contemporaneous Keynesian ADAS Modeling
306
93 A Baseline Keynesian DisequilibriumADDisequilibrium AS Model
307
932 The WagePrice Dynamics
308
933 Monetary Policy
312
94 Econometric Analysis and Evaluation of the Model
314
The US Economy and the Eurozone
315
942 Estimation of the Feedback Channels of the Model
319
95 Conclusions and Outlook
323
4D FeedbackGuided Stability Analysis
324
Wage Dynamics Theoretical Foundation
327
Price Dynamics Theoretical Foundation
328
Business and Long Phase Cycles in Inflation and Income Distribution
329
Modeling Our Future Flexicurity Capitalism
335
A Spectre is Haunting Europe
341
Stable Balanced Reproduction
346
Basic Structures and Implications
349
105 Education Equal Opportunities and LifeLong Learning
352
1051 The School System
353
1052 Tertiary Education Lifelong Learning and Equal Opportunities
355
106 Pension Funds and Credit
357
1062 Investment and Credit Dynamics in Flexicurity Growth
360
107 Flexicurity and the Keynesian Trade Cycle
363
108 Schumpeterian Creative Destruction in Flexicurity Capitalism
368
109 Conclusions and Outlook
373
The MKS System The Functioning and Evolution of Capitalism by Richard M Goodwin
376
Some Useful Theorems
383
References
391
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About the author (2008)

Peter Flaschel is Emeritus Professor in the Faculty of Economics at Bielefeld University.

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