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Macrodynamics

Income Distribution, Effective Demand and Cyclical Growth

Series:

Peter Flaschel

This book on macrodynamic theories of growth, (in-)stability and cycles shows that the debate between Keynesians, Monetarists and New Classical economists can be reformulated from the perspective of a further and quite different approach to macroeconomic model building. Basis of this reformulation is the growth cycle model of Goodwin which is extended in various ways in the pursuit of this aim. Besides this central theme, the book also introduces into Keynesian, Marxian and Neoclassical models of short-, medium- and long-run macroeconomics in its part I, II. Models which synthesize these approaches and which thus provide a (deterministic) framework for the investigation of the adequateness of the various explanations of cyclical growth and inflation are considered in part III.
Contents: Keynesian and New Classical temporary equilibrium - Growth and (in-)stability - Stability by the reserve army mechanism - Stagflation - IS-LM models of cyclical growth - Synthetic models of the Keynes-Friedman and the Keynes-Marx variety.