Shaking The Invisible Hand

Overview

Shaking the Invisible Hand makes the case that economies are complex systems and in response to this, develops a unique dynamic nonequilibrium process analysis of macroeconomics. It provides a brief introduction to complex systems, chaos theory and unit roots. The importance and implications of contingency for economic behaviour are developed. Moore develops a new tool of 'Process Analysis' to replace equilibrium analysis in order to analyze ...

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Overview

Shaking the Invisible Hand makes the case that economies are complex systems and in response to this, develops a unique dynamic nonequilibrium process analysis of macroeconomics. It provides a brief introduction to complex systems, chaos theory and unit roots. The importance and implications of contingency for economic behaviour are developed. Moore develops a new tool of 'Process Analysis' to replace equilibrium analysis in order to analyze macroeconomic phenomena in historical time.

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Product Details

  • ISBN-13: 9781403999467
  • Publisher: Palgrave Macmillan
  • Publication date: 4/1/2006
  • Pages: 512
  • Product dimensions: 6.14 (w) x 9.21 (h) x 1.25 (d)

Meet the Author

Basil John Moore is Professor Extraordinary of Economics at Stellenbosch University, South Africa.

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Table of Contents

Prolegomenon
• Preface
• PART 1: COMPLEXITY AND ECONOMICS
• Marshall's Tides
• Complexity and Contingency
• Chaos Theory: Unpredictable Order in Chaos
• Unit Roots in Economic Time Series
• Implications of Complex Systems for Economic Analysis
• PART 2: SOME THOUGHTS ON ECONOMIC DATA AND NATIONAL INCOME ACCOUNTING
• Sorites Paradox: The 'Looseness' of Economic Concepts and the Mismeasurement of National Income
• Saving is the Accounting Record of Investment
• Capital Gains: A Hicksian Definition of Income
• PART 3: THE ENDOGENEITY OF MONEY AND EXOGENEITY OF INTEREST RATES
• Commercial Bank Intermediation
• The Endogeneity of the Supply of Credit Money
• Central Banking and the Exogeneity of Interest Rates
• PART 4: THE DETERMINATION OF PRICES, OUTPUT AND GROWTH RATES
• Markup Pricing and the Aggregate Supply Relationship
• The Raffishness of Mainstream Macroeconomics
• Interest Rates and Aggregate Demand
• Monetary Policy and Volutional Saving
• The Monetary Transmission Process
• PART 5: OPEN ECONOMY CONSIDERATIONS
• Using National Currencies in International Transactions: The Case for Fixed Exchange Rates
• Using National Currencies in International Transactions: The Case for Flexible Exchange Rates
• Using a Common Currency in International Transactions: The Post-Keynesian Case for No Exchange Rate
• Financial Barriers to Demand-Led Growth

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