Prices, Cycles, and Growth
AbstractHukukane Nikaido is an economic theorist whose work helped lead the way for modern research in dynamic economics. Prices, Cycles, and Growth provides a selection of his major papers since the 1970s. They offer uncommon insights into problems of instability and their effects on growth, income distribution, and unemployment, among other fundamental issues in macroeconomics. Nikaido's focus on disequilibrium (the failure of overall supply and demand to balance out), imperfect competition, and the effects of pricing changes on income distribution is a natural outgrowth of the Keynesian tradition, which emphasizes the instability of markets and the capacity for economies to get stuck in recessions and inflationary periods. The essays in part I look at stability of competitive equilibrium and implications, while those in part II shift attention to the stability analysis of monopolistic competition in explicit models of pricing and adjustments, in intersectoral or macroscopic frameworks. The essays in part III inquire into growth in contexts such as optimality, or with or without regard to interrelation with cycles. Part IV reconsiders Marxian economics using the rigorous tools of dynamic analysis. Researchers will find this selection of Nikaido's major papers to be a handy reference. Younger students will discover why he is known for impeccably high standards of model construction and analysis, and for his concentration on the truly fundamental aspects of the subject. A new introduction by the author provides valuable background for the collection.
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Bibliographic InfoThis book is provided by The MIT Press in its series MIT Press Books with number 0262140594 and published in 1996.
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Find related papers by JEL classification:
- E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Institutional; Evolutionary
- E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
- E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution
- E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
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- Hallegatte, Stéphane & Ghil, Michael & Dumas, Patrice & Hourcade, Jean-Charles, 2008.
"Business cycles, bifurcations and chaos in a neo-classical model with investment dynamics,"
Journal of Economic Behavior & Organization,
Elsevier, vol. 67(1), pages 57-77, July.
- Stéphane Hallegatte & Michael Ghil & Patrice Dumas & Jean-Charles Hourcade, 2008. "Business Cycles, Bifurcations and Chaos in a Neo-Classical Model with Investment Dynamics," Post-Print halshs-00007196, HAL.
- Hallegatte, Stéphane & Ghil, Michael, 2008. "Natural disasters impacting a macroeconomic model with endogenous dynamics," Ecological Economics, Elsevier, vol. 68(1-2), pages 582-592, December.
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