Macroeconomic Foundations Of Macroeconomics

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ISBN: 9780415312653 | 0415312655
Cover: Hardcover
Copyright: 9/22/2005

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Alvaro Cencini provides analytical evidence demonstrating that macroeconomics is logically independent of microeconomics and that it is fundamental to economic analysis. This book lends further support to the claim for the macroeconomic foundations of macroeconomics. Macroeconomic Foundations of Macroeconomicsprovides the reader with an analysis of both international and national economics and the resulting implications of such an analysis. This book will be essential reading for all economic students and to those interested in this ongoing debate.

List of figures

xiv

List of tables

xvi

Acknowledgements

xviii

Introduction

(24)

PART I Macroeconomics versus microeconomics

(66)

1 Neoclassical, new classical, and new business cycle economics

(15)

Walras and general equilibrium analysis: the triumph of microeconomics

(2)

New classical economics: the microfoundations of econometric modelling

(10)

New business cycle economics: back to the homogeneity postulate

(3)

2 Keynesian, new Keynesian, and post-Keynesian economics

(16)

Keynesian economics: a neoclassical interpretation of Keynes's theory

(5)

New and post-Keynesian economics: the search for new microfoundations

(11)

3 Identity versus equilibrium

(14)

Equilibrium analysis: a critical appraisal

(8)

Keynes's logical identities

(6)

4 Keynes revisited

(19)

The principle of effective demand

(10)

Effective demand and Keynes's identities

(8)

PART II The macroeconomic analysis of national economics

(86)

5 Money and income as macroeconomic magnitudes

(21)

Money and income: (116) introductory remarks

(4)

Is money an asset?

(7)

Money and credit

104

(5)

Money and money income

109

(5)

6 Production and consumption as macroeconomic events

114

(18)

The analysis of production: some conceptual considerations

114

(5)

The macroeconomic analysis of production

119

(6)

The macro versus the microeconomic analysis of consumption

125

(7)

7 Capital and interest: their macroeconomic origin

132

(20)

From capital-time to fixed capital

132

(11)

Interest and capital

143

(9)

8 Inflation and unemployment as macroeconomic disorders

152

(25)

The microeconomic analysis of inflation

152

(6)

The quantum theoretical approach to inflation

158

(10)

Involuntary unemployment: its macroeconomic origin

168

(9)

PART III The macroeconomic analysis of international economics

177

(98)

9 Eurocurrencies: a macroeconomic occurrence

179

(24)

From national to international macroeconomics

179

(7)

The traditional analysis eurocurrencies

186

(5)

The macroeconomic analysis of eurocurrencies

191

(12)

10 A macroeconomic cause for exchange rate fluctuations

203

(22)

Exchange rates as relative prices

203

(7)

A macroeconomic analysis of exchange rate fluctuations

210

(15)

11 The macroeconomic analysis of world monetary discrepancies

225

(23)

The balance of payments

225

(7)

Balance of payments discrepancies

232

(7)

Attempts at explanation

239

(9)

12 External debt servicing: a striking example of macroeconomic disorder

248

(27)

The macroeconomic concept of nation

248

(4)

The problem concerning the payment of net interest on a country's external debt

252

(12)

Again on the double payment of net interests

264

(11)

PART IV Conclusions and prospects

275

(59)

13 The laws of macroeconomics

277

(21)

The identity between macroeconomic supply and macroeconomic demand

281

(5)

The identity between each agent's sales and purchases

286

(5)

The identity between saving and investment

291

(4)

From relative to absolute exchange

295

(3)

14 Positive and normative analysis: the national level

298

(17)

The building-up of the present system of national payments

299

(3)

Monetarist policies and monetary disorders

302

(7)

The reform of the system of national payments

309

(6)

15 Positive and normative analysis: the international level

315

(19)

From free exchange rate fluctuation to monetary unification

315

(8)

The reform of the system of international payments

323

(5)

What future for the world monetary system?

328

(6)

Bibliography

334

(16)

Author index

350

(4)

Subject index

354

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Macroeconomic Foundations Of Macroeconomics

Summary

Table of Contents

Supplemental Materials