Structural Slumps / Edition 1

Structural Slumps / Edition 1

by Edmund S. Phelps
     
 

Dissatisfied with the explanations of the business cycle provided by the Keynesian, monetarist, New Keynesian, and real business cycle schools, Edmund Phelps has developed from various existing strands--some modern and some classical--a radically different theory to account for the long periods of unemployment that have dogged the economies of the United States and… See more details below

Overview

Dissatisfied with the explanations of the business cycle provided by the Keynesian, monetarist, New Keynesian, and real business cycle schools, Edmund Phelps has developed from various existing strands--some modern and some classical--a radically different theory to account for the long periods of unemployment that have dogged the economies of the United States and Western Europe since the early 1970s.

Product Details

ISBN-13:
9780674843745
Publisher:
Harvard University Press
Publication date:
09/01/1998
Edition description:
Reprint
Pages:
440
Product dimensions:
0.89(w) x 6.14(h) x 9.21(d)

Table of Contents

Preface

Introduction

Concepts and Agenda

Modern Equilibrium Theory

Contrary Postulates of the Neoclassical Schools

The Labor-Market Equilibrium Locus in Modern Models

The Product-Market Equilibrium Locus and Partial-Equilibrium Unemployment Determination

Capital-Market Equilibrium, Neoclassical and Modern, and General-Equilibrium Employment

Key Factors in the Structuralist Theory of Unemployment Fluctuation

The Closed Economy: Working Models

A Turnover-Training Model

A Customer-Market Model

A Two-Sector Fixed-Investment Model

Synthesis of the Single-Economy Theory

Small and Large Open Economies: Working Models

International Linkages through Investment in Employees

International Linkages through Investment in Customers

International Linkages through Investment in Fixed Capital

Synthesis of the Global-Economy Theory

Microtheoretic Formulations, Modern and Neoclassical

Interest and Wealth in the Microeconomics of the Incentive Wage and Equilibrium Unemployment

Structural Shifts and Economic Activity in Neoclassical Theory

Empirical Evidence

Econometric Tests of the Theory: A Postwar Cross-Country Time-Series Study

A Concise Nonmonetary History of Postwar Economic Activity

Concluding Notes

Notes on Classicism, Etc.

Economic Policies to Which the Structuralist Theory Might Lead

Notes

Glossary of Frequently Used Symbols

Index

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