Keynesian Economics and Price Theory

Re-orientation of a Theory of Monetary Economy

By:

Masayuki Otaki

Format:

Paperback / softback

Series:

Advances in Japanese Business and Economics

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Description

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.

Release date Australia

October 9th, 2016

Author

Masayuki Otaki

Audience

Professional & Vocational

Edition

Softcover reprint of the original 1st ed. 2015

Illustrations

1 Illustrations, color; 21 Illustrations, black and white; XV, 207 p. 22 illus., 1 illus. in color.

Pages

207

Series

Advances in Japanese Business and Economics

Dimensions

155x235x12

ISBN-13

9784431563914

Product ID

26138566

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