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Macroeconomics without Equilibrium or Disequilibrium

In: The Stock-Flow Consistent Approach

Author

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  • Wynne Godley

Abstract

This paper uses a simulation model2 to describe the role which banks have to play when decisions by households and firms are taken under conditions of uncertainty, and when production, distribution and investment all take time. The first objective of the study is to supplement the narrative method used perforce by Keynes and his followers before the computer age. But it also adumbrates an alternative way of looking at the world — alternative, that is, to the neoclassical paradigm which is used by ‘IS/LM’ Keynesians, new Keynesians, monetarists of both kinds, quantity rationers and almost all writers of modern textbooks. Its title emulates Kaldor (1985) and its contents derive largely from Hicks (1989) and from Tobin’s work read seriatim.

Suggested Citation

  • Wynne Godley, 2012. "Macroeconomics without Equilibrium or Disequilibrium," Palgrave Macmillan Books, in: Marc Lavoie & Gennaro Zezza (ed.), The Stock-Flow Consistent Approach, chapter 5, pages 90-122, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-35384-8_6
    DOI: 10.1057/9780230353848_6
    as

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