Download Capital and Credit: A New Formulation of General Equilibrium by Michio Morishima PDF

By Michio Morishima

Modern basic equilibrium conception is generally short-run, separated from financial elements of the economic system, and as such doesn't care for long-run difficulties resembling capital accumulation, innovation, and the ancient stream of the economic climate. those phenomena are mentioned through progress idea, which being brief time period, can't take care of the elemental challenge of the way the creation functionality is derived. This e-book offers a much-needed synthesis of progress and fiscal idea, drawing at the paintings of Schumpeter, Keynes and the prewar neoclassical economists to formulate a capital-theoretic common equilibrium concept.

Show description

Read or Download Capital and Credit: A New Formulation of General Equilibrium Theory PDF

Similar economic theory books

The Cambridge Controversies in Capital Theory

This booklet explains the talk over the Cambridge controversies of the Nineteen Sixties and Seventies. In a compelling and accomplished argument, Birner discusses the most contributions to the debate in a sequence of case reviews. He progressively develops a methodological version of idealizations that explains either the growth of the talk and the historic ironies surrounding it.

The Problem of Forming Social Capital: Why Trust? (Political Evolution and Institutional Change)

Herreros examines from the floor up, and from first ideas, how social capital is shaped. He provides distinct recognition to "particularized trust," the byproduct of associational participation, and its dating to generalized social belief. He argues that social capital, the assets drawn from tasks of reciprocity and data, derives from participation in social networks, together with voluntary institutions.

An Ecosystem Approach to Economic Stabilization: Escaping the Neoliberal Wilderness

The production of monetary associations that could functionality good below huge uncertainties -- Black Swans -- is comparable to the dilemmas confronting our hunter-gatherer forefathers within the face of large-scale ecological unpredictability. the final word answer was once now not the improvement of a brilliant hunter-gatherer know-how which can journey out repeated disaster, yet quite the discovery, in neolithic occasions, of culturally-adapted 'farmed' ecosystems developed to maximise foodstuff yield and reduce dangers of famine.

Free Trade under Fire: Fourth edition

Growing to be foreign exchange has helped elevate dwelling criteria all over the world, and but unfastened exchange is often lower than assault. Critics whinge that exchange forces painful fiscal changes, comparable to plant closings and layoffs of staff, and cost that the area exchange association serves the pursuits of firms, undercuts household environmental rules, and erodes America's sovereignty.

Additional info for Capital and Credit: A New Formulation of General Equilibrium Theory

Sample text

Therefore, the conventional theorists have to conclude that only individuals could be blamed for destabilizing the equilibrium, while the firms are all regarded as innocent. , their ability to construct, change or expand the firms' technological possibilities, depending on the purchasing power they can command and use to buy land, labour and capital equipment. Thus technological possibility sets are left undetermined and, therefore, unexplained unless the firms' financial positions are specified; technology thus depends on money.

V the future periods, so that v^ 2 means that the model is concerned with at least three weeks. Finally, it is added that whilst transactions of existing (old) shares between individuals have no direct effect upon the financial position of the firm which had issued the shares, they may have significant indirect effects on it because shareholders can cast votes in proportion to the numbers of shares they hold, in the firm's annual general meeting of the shareholders. Where either a shareholder himself has more than 50% of the shares, or he forms a coalition with other major shareholders, he may be able to put the firm under his control; he may even be able to replace the president and executives of the firm by those he wants to appoint.

As we shall do below. I have said that I started economics with Hicks' Value and Capital and wandered out from its paradigm. It seems, however, that I return to the place where Hicks was going to. 25 7 Let us now put subscript t to A'and Y in order for X, and Y, to signify that they are activities carried out in period t. Where anti-Say's law activities are absent, and sociological frictions in the factor markets are ignored, temporary full-employment equilibrium is established in each period at X, and Y, taking on equilibrium values X1; and y?

Download PDF sample

Rated 4.27 of 5 – based on 36 votes