Macro-economic thinking and the market economy: an essay on the neglect of the micro-foundations and its consequences
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
London
Inst. of Economic Affairs
1973
|
| Schriftenreihe: | Hobart papers
56 |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | 56 S. |
| ISBN: | 0255360436 |
Internformat
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| 245 | 1 | 0 | |a Macro-economic thinking and the market economy |b an essay on the neglect of the micro-foundations and its consequences |c Ludwig M. Lachmann |
| 264 | 1 | |a London |b Inst. of Economic Affairs |c 1973 | |
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Datensatz im Suchindex
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|---|---|
| adam_text | Titel: Macro-economic thinking and the market economy
Autor: Lachmann, Ludwig M
Jahr: 1973
PREFACE
CONTENTS
Page
3
THE AUTHOR 6
GLOSSARY 9
I INTRODUCTION 11
A multitude of perspectives 11
II THE GRAND DEBATE I I
The Cambridge and neo-classical schools 12
Assumption of macro-equilibrium 14
III MACRO-ECONOMIC FORMALISM AS A STYLE OF THOUGHT l6
A. The Neo-Ricardian Counter-Revolution 17
Lip-service to micro-foundations 19
Salvation by econometrics ? 20
Macro-formalism adopted by both schools 20
The Ricardian shadow 22
B. A Brief History of the Controversy 23
Stage 1 23
Stage 2 23
Stage 3 24
IV THE NATURE OF PROFITS AND THE RATE OF PROFIT 25
Competition implies varying rates of profit 26
Long-run equilibrium is unattainable 27
Inter-temporal exchange rate 28
Solow s social rate of return 29
Planner s approach to investment 30
Profits are a phenomenon of disequilibrium 31
Micro-foundation of profits 32
Rate of profit/rate of interest controversy 33
(a) One equilibrium rate (neo-classical school) 33
(b) Distinction between the two rates (Cambridge
School) 33
Absurdity of the normal rate of profit concept 35
[7]
V STEADY-STATE GROWTH? 36
Politicians and the growth rate 37
Cassel s idea of the uniformly progressive economy 38
Growth and macro-formalism 38
Not all plans can succeed 39
No room for individual expectations in macro-
economics 39
The Cambridge golden age 40
Malinvestment inevitable in economic growth 42
Equilibrium growth is a misconception 43
VI THE DISEQUILIBRATING FORCE OF TECHNICAL PROGRESS 44
Dangerous thoughts 44
Technical progress in macro-economics 45
Learning by doing 46
Technical progress is unpredictable 46
Markets are the final arbiter 47
VII CONCLUSIONS FOR ECONOMIC POLICY AND THE
FUNCTIONING OF THE MARKET ECONOMY 48
1. Incomes policy • 48
2. Economic growth 49
3. Technical progress 49
4. Main conclusions 49
(i) Macro-aggregates 49
(ii) Monetary policy 50
(iii) Cambridge School 51
(iv) Neo-classical School 52
(v) Labour, capital, and expectations 52
SUGGESTED QUESTIONS FOR DISCUSSION 54
FURTHER READING 55
[8]
|
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| discipline | Wirtschaftswissenschaften |
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| id | DE-604.BV003156287 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-09T15:54:29Z |
| institution | BVB |
| isbn | 0255360436 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-001980165 |
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| physical | 56 S. |
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| publishDate | 1973 |
| publishDateSearch | 1973 |
| publishDateSort | 1973 |
| publisher | Inst. of Economic Affairs |
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| series | Hobart papers |
| series2 | Hobart papers |
| spelling | Lachmann, Ludwig M. 1906-1990 Verfasser (DE-588)121169499 aut Macro-economic thinking and the market economy an essay on the neglect of the micro-foundations and its consequences Ludwig M. Lachmann London Inst. of Economic Affairs 1973 56 S. txt rdacontent n rdamedia nc rdacarrier Hobart papers 56 Macroeconomics Neoclassical school of economics Marktwirtschaft (DE-588)4037653-9 gnd rswk-swf Makroökonomie (DE-588)4037174-8 gnd rswk-swf Makroökonomie (DE-588)4037174-8 s Marktwirtschaft (DE-588)4037653-9 s DE-604 Hobart papers 56 (DE-604)BV001887006 56 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=001980165&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Lachmann, Ludwig M. 1906-1990 Macro-economic thinking and the market economy an essay on the neglect of the micro-foundations and its consequences Hobart papers Macroeconomics Neoclassical school of economics Marktwirtschaft (DE-588)4037653-9 gnd Makroökonomie (DE-588)4037174-8 gnd |
| subject_GND | (DE-588)4037653-9 (DE-588)4037174-8 |
| title | Macro-economic thinking and the market economy an essay on the neglect of the micro-foundations and its consequences |
| title_auth | Macro-economic thinking and the market economy an essay on the neglect of the micro-foundations and its consequences |
| title_exact_search | Macro-economic thinking and the market economy an essay on the neglect of the micro-foundations and its consequences |
| title_full | Macro-economic thinking and the market economy an essay on the neglect of the micro-foundations and its consequences Ludwig M. Lachmann |
| title_fullStr | Macro-economic thinking and the market economy an essay on the neglect of the micro-foundations and its consequences Ludwig M. Lachmann |
| title_full_unstemmed | Macro-economic thinking and the market economy an essay on the neglect of the micro-foundations and its consequences Ludwig M. Lachmann |
| title_short | Macro-economic thinking and the market economy |
| title_sort | macro economic thinking and the market economy an essay on the neglect of the micro foundations and its consequences |
| title_sub | an essay on the neglect of the micro-foundations and its consequences |
| topic | Macroeconomics Neoclassical school of economics Marktwirtschaft (DE-588)4037653-9 gnd Makroökonomie (DE-588)4037174-8 gnd |
| topic_facet | Macroeconomics Neoclassical school of economics Marktwirtschaft Makroökonomie |
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