The Macrodynamics of Capitalism

This book provides an introduction to basic as well as advanced macrodynamics, viewed as a disequilibrium theory of fluctuating growth. It offers a rigorous alternative to mainstream macrodynamics with applications to the UK and the US.

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.

Assembles ideas of Marx, Keynes and Schumpeter in an integrated macrodynamic framework Criticizes the Neoclassical Synthesis, providing an alternative framework Offers a rigorous alternative to mainstream macrodynamics with applications to the UK and the US Includes supplementary material: sn.pub/extras

Contenu
Temporary Equilibrium, Distribution-Driven Demand Cycles, and Unbalanced Growth.- Goodwin Growth Cycles in a Keynes Trade Cycle Framework and Beyond.- Keynes, the Classics, and the New Classics: A Simple Presentation of Basic Differences.- After Keynes: Real Growth and (In-)Stability.- Distributive Stability by the Reserve Army Mechanism: Marx's Contribution.- Inflation, Stagflation, and Disinflation: Friedman or Marx?.- Conventional AD-AS Analysis: A Reconsideration.- Keynesian Monetary Growth Under Adaptive Expectations.- A Classical Revolution in Keynesian Macrodynamics?.- Matured Keynesian AD-AS Analysis and Beyond.- Keynesian AD-AS, Quo Vadis?.- Keynesian DAD-DAS Modeling: Baseline Structure and Estimation.- Modeling Our Future: Flexicurity Capitalism.