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A critical essay on modern macroeconomic theory

Author: Frank Hahn; Robert M Solow
Publisher: Cambridge, Mass. : MIT Press, ©1995.
Edition/Format:   eBook : EnglishView all editions and formats
Database:WorldCat
Summary:
Macroeconomics began as the study of large-scale economic pathologies such as prolonged depression, mass unemployment, and persistent inflation. In the early 1980s, rational expectations and new classical economics dominated macroeconomic theory, with the result that such pathologies can hardly be discussed within the vocabulary of the theory. This essay evolved from the authors' profound disagreement with that
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Hahn, Frank.
Critical essay on modern macroeconomic theory.
Cambridge, Mass. : MIT Press, ©1995
(DLC) 95030667
(OCoLC)32700374
Material Type: Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Frank Hahn; Robert M Solow
ISBN: 0585106150 9780585106151
OCLC Number: 44964378
Description: 1 online resource (viii, 158 pages) : illustrations
Contents: 1. Introduction --
2. Perfectly Flexible Wages --
3. Imperfect Wage Flexibility --
4. Imperfect Competition --
5. The Labor Market --
6. Macroeconomics --
7. Conclusions.
Responsibility: Frank Hahn and Robert Solow.

Abstract:

Macroeconomics began as the study of large-scale economic pathologies such as prolonged depression, mass unemployment, and persistent inflation. In the early 1980s, rational expectations and new classical economics dominated macroeconomic theory, with the result that such pathologies can hardly be discussed within the vocabulary of the theory. This essay evolved from the authors' profound disagreement with that trend. It demonstrates not only how the new classical view got macroeconomics wrong, but also how to go about doing macroeconomics the right way. Hahn and Solow argue that what was originally offered as a normative model based on perfect foresight and universal perfect competition - useful for predicting what an ideal, omniscient planner should do - has been almost casually transformed into a model for interpreting real macroeconomic behavior, leading to Panglossian economics that does not reflect actual experience.

Following an explanation of microeconomic foundations, chapters introduce the basic elements for a better macro model. The model is simple, but combined with the appropriate model of the labor market it can say useful things about the fluctuation of employment, the correlation between wages and employment, and the role for corrective monetary policy.

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