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Lecture Seven Neoclassical Foundations of Open-economy Macroeconomics

In: Open-Economy Monetary Economics

Author

Listed:
  • M. L. Burstein

    (York University)

Abstract

Lecture Seven contrasts strongly with Lecture Five: in neoclassical economics, relative-price changes motivate adjustment to parameter shifts or stochastic shocks — a burden borne by aggregate-income changes in the Keynesian paradigm. And Lecture Seven strongly complements Lecture Ten: Lecture Seven explains how the evolution of a global enterprise may be determined by spontaneous competitive processes; in Lecture Ten, finance is explained in the same way. Both processes are transnational; on the plane of theory, the influence of the state is obliterated; and so both supply components of the framework of a liberal world-order.

Suggested Citation

  • M. L. Burstein, 1989. "Lecture Seven Neoclassical Foundations of Open-economy Macroeconomics," Palgrave Macmillan Books, in: Open-Economy Monetary Economics, chapter 7, pages 173-209, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-10963-0_7
    DOI: 10.1007/978-1-349-10963-0_7
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