The Macrodynamics of Capitalism: Elements for a Synthesis of Marx, Keynes and Schumpeter - Hardcover

Flaschel, Peter

Hardcover

ISBN 10: 3540879315 ISBN 13: 9783540879312

Publisher: Springer, 2008

Synopsis

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.

About this title

From the Back Cover

This book provides an introduction to basic as well as advanced macrodynamics, viewed as a disequilibrium theory of fluctuating growth. It builds on an earlier attempt to reformulate the foundations of macroeconomics from the perspective of real markets disequilibrium and the conflict over income distribution between capital and labor. It does so, not because it seeks to support the view that this class conflict is inevitable, but rather from the perspective that an understanding of this conflict may help to formulate social principles and policies that can help to overcome class conflict at least in its cruder forms. It is further hoped that such an understanding can even lead to rational procedures and rules that may turn this conflict into a consensus-driven interaction between capital and the employable workforce.

Peter Flaschel’s impressive book should help economists find their way back from the fanciful treatment of the economy as an omniscient, infallible person to the central task of macroeconomics:  to illuminate the forces that determine the growth and fluctuation of aggregate output, employment, and the general price level.
Richard Day, University of Southern California, Los Angeles, USA

This elegant book is a tour de force on the mathematical and conceptual underpinnings of a nonlinear, disequilibrium, macrodynamic theory of fluctuating growth with its pièce de résistance being the classic Goodwin growth cycle acting as a focal point for a consistent modelling of aggregate distributive variables. The author’s mathematical mastery of nonlinear dynamics is, by now, legendary; this book testifies to his deep knowledge of the doctrine-historical bases of the theories he is developing. The enlightened policies that a conjunction of masterly analysis and a sympathetic grasp of the unruly facts of aggregate variables in disequilibrium motion imply are enunciated with exceptional clarity and admirable conviction.
K. Vela Velupillai, University of Trento, Trento, Italy

 

Edition details

• Publisher: Springer
• Publication date: 2008
• ISBN 10: 3540879315
• ISBN 13: 9783540879312
• Binding: Hardcover
• Language: English
• Edition number: 2
• Number of pages: 413