Capital and Credit: A New Formulation of General Equilibrium Theory (Hardback)Michio Morishima (author)
Hardback 226 Pages / Published: 08/10/1992
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Contemporary general equilibrium theory is characteristically short-run, separated from monetary aspects of the economy, and as such does not deal with long-run problems such as capital accumulation, innovation, and the historical movement of the economy. These phenomena are discussed by growth theory, which assumes a given or shifting production function, and in turn cannot therefore deal with the fundamental problem of growth, namely how the production function is derived. Thus traditional theories have a common weakness in that they divorce real economic growth from the activities of the financial sector. This book provides a much-needed synthesis of growth theory and monetary theory. Professor Morishima draws on the work of Schumpeter, Keynes and the pre-war neoclassical economists to formulate a capital-theoretic general equilibrium theory.
Publisher: Cambridge University Press
Number of pages: 226
Weight: 500 g
Dimensions: 234 x 156 x 16 mm
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