Search results for ""Author Peter Flaschel""

This book builds on the Marx-Keynes-Schumpeter (MKS) approach to understanding the evolution of capitalism. It does so by focusing on current frameworks that study macro-dynamical systems in the tradition of the Classical, the Neoclassical and the Keynesian interpretation of the working of modern capitalist economies, and of the societies that are built upon them. The distinguished authors concentrate on different paradigms of economic conjecture in terms of their applicability to labor market problems and their implications for growing capitalist economies. They present material clearly related to current macroeconomic research which goes beyond the New Consensus macroeconomics, and which can also be related to the discussion between practitioners and politicians on the reform of both financial and labor markets. A Future for Capitalism will prove a challenging and thought provoking read for heterodox economists and broad-minded mainstream macroeconomists with a special interest in alternatives to general equilibrium macroeconomics.Contents: Introduction Part I: Stabilizing an Unstable Economy: The Challenge in Place 1. Real Financial Market Interactions and the Choice of Policy Measures Part II: Classical Unbalanced Growth and Social Evolution 2. Income Security within the Bounds of the Reserve Army Mechanism 3. Segmented Labor Markets and Low Income Work 4. Atypical Employment and Smooth Factor Substitution Part III: Unemployment and Welfare Issues in Models of Endogenous Growth 5. Economic Growth with an Employer of Last Resort: A Simple Model of Flexicurity Capitalism 6. Economic Policy in a Growth Model with Human Capital, Heterogenous Agents and Unemployment 7. Public Debt, Public Expenditures and Endogenous Growth with Real Wage Rigidities Part IV: The Road to Full-Employment Capitalism 8. Flexicurity: A Baseline Supply Side Model 9. Factor Substitution, Okun s Law and Gradual Wage Adjustments 10. Skill Formation, Heterogeneous Labor and Investment-driven Business Fluctuations 11. Leashing Capitalism: Monetary Fiscal Policy Measures and Labor Market Reforms Some Useful Stability Theorems References Index

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Richard Goodwin was a pioneer in the use of mathematical tools to understand the dynamics of capitalist economies. This book contains contributions which focus on the rigorous extension of Goodwin’s modelling of macro-dynamics and the micro-structures underlying them, and also research with a wider perspective related to Goodwin’s vision of an integrated Marx-Keynes-Schumpeter (M-K-S) system of the dynamics of capitalist economies.The variety of approaches in this book range from detailed business cycle analyses to Schumpeterian processes of creative destruction. They include thorough theoretical analysis of delayed dynamical systems. empirical studies of Goodwin’s classical growth cycle model and the integration of Keynesian aspects of effective demand and of financial mechanisms that impact the real macro-economy. micro-economic structural analysis. expectations driven aspects of micro-founded business cycle modelling

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'In the midst of the double crisis of the economy and of economic theory, we need innovative ideas. These ideas have to be soundly based on analytical foundations as well as on an appreciation of the limits of political economy. Flaschel and Luchtenberg have written a book which will be read deeply and for a long time.' - From the foreword by Meghnad Desai The current crises in the financialization of capitalism, and their repercussions on the financial viability of entire countries, severely question the achievements of mainstream economics and its disregard of Keynes's theory of effective demand and finance. In view of this, Peter Flaschel and Sigrid Luchtenberg consider roads to a type of capitalism that could eventually be considered as 'social' in nature. The authors underpin their study with theory, empirical evidence, and policy from a positive as well as a normative perspective. As points of departure for their concept of social capitalism, the theoretical framework provides a synthesis of the work of Marx, Keynes, and Schumpeter on ruthless capitalism, regulated capitalism, and competitive socialism. This challenging book will prove a thought-provoking and much needed alternative for academics and students of economics, heterodox economics and the history of economic thought, as well as for individuals interested in the understanding and reshaping of capitalism. Contents: Foreword by Meghnad Desai Preface General Introduction Part I: Failing Capitalism: Baseline Scenarios and Social Reforms 1. Capital Accumulation and the Marxian Reserve Army 2. Segmented Labour and an Employer of Last Resort 3. Full Employment Capitalism through an Employer of First Resort Part II: The Forces to Cope With: Effective Demand, Finance and Innovation 4. Demand-Driven Distributive Cycles 5. Banking, Financial Markets and the Narrow Banking Idea 6. Schumpeterian Innovations Waves from a Classical Perspective by Reiner Franke Part III: Systemic Crises, Policy Responses and the Road to Social Capitalism 7. Capital Accumulation, Environmental Decay and Rehabilitation 8. Rampant Fiscal Policy, IMF Intervention and Policy Reforms 9. Social Capitalism: A New Social Structure for Capital Accumulation References Index

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The macroeconomic development of most major industrial economies is characterised by boom-bust cycles. Normally such boom-bust cycles are driven by specific sectors of the economy. In the financial meltdown of the years 2007–9 it was the credit sector and the real-estate sector that were the main driving forces. This book takes on the challenge of interpreting and modelling this meltdown. In doing so it revives the traditional Keynesian approach to the financial-real economy interaction and the business cycle, extending it in several important ways. In particular, it adopts the Keynesian view of a hierarchy of markets and introduces a detailed financial sector into the traditional Keynesian framework. The approach of the book goes beyond the currently dominant paradigm based on the representative agent, market clearing and rational economic agents. Instead it proposes an economy populated with heterogeneous, rationally bounded agents attempting to cope with disequilibria in various markets.

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The 2008 financial crisis presented the opportunity to overturn and rethink much of the stale or misguided parts of economic theory and, in so doing, build a rich and empirically meaningful social science. This never happened. By reconsidering the classical-Marxian tradition using modern tools of economic analysis, this book offers an alternative to the mainstream understanding of notions of value, price, and competition, concepts which serve as the foundation for a theoretically and empirically robust economic theory. Providing a unique synthesis of modern input-output analysis and classical political economics, this book combines current economic theory with historical economic thought. In this way, Value, Competition and Exploitation offers a deeper and more nuanced understanding of today's economic problems than can be gained through mainstream approaches. With a rigorous and empirically informed approach to classical theories of value and price, this book demonstrates that Marx's labor theory of value remains a valuable tool in understanding the structure and dynamics of capitalist economies. Written in an accessible style and presented with a clear structure, this book will be invaluable to economics students of all levels. The topics analyzed will also be of interest to scholars of classical and Marxian economics, as well as scholars of economics more widely.

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Synthesising Marx’s, Keynes’s and Schumpeter’s theories on wage-price dynamics, effective demand, real innovations and financial markets into a coherent whole, this book goes significantly beyond a consideration of their work in isolation. It focuses on exploring and analysing Goodwin’s integrated Marx-Keynes-Schumpeter system (MKS), approaching this from a historical perspective.Chapters start from Harrod’s and Kaldor’s work, reconsidering prominent demand- and supply-side approaches to Keynesian macro-dynamics, supplemented by Goodwin’s distributive cycle. The book presents a baseline MKS-type model, considering the rigorous treatment of uncertainty, opinion dynamics, the movement from flexicurity to social capitalism and democracy, and a high-order MKS macro-model.The exploration of the MKS model from a historical basis will make this a useful book for macroeconomics and history of economics scholars and students. It will also be helpful for those looking at macrodynamics in more depth.

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In dem Lehrbuch zur makroökonomischen Theorie werden die Einkommens-, Zins- und Beschäftigungstheorie, die Analyse von Inflation und Unterbeschäftigung sowie die Wachstumstheorie durchgängig aus keynesianscher Sicht betrachtet. Diese Ergebnisse stellen die Autoren insbesondere den Resultaten des Monetarismus sowie der Neo- und Neuklassik und dem derzeit dominanten Ansatz der New-Keynesians gegenüber. Damit bietet der Band eine wichtige Ergänzung zu den Lehrbüchern, die Inflations- und Wachstumsprozesse primär aus neoklassischer Sicht analysieren.

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