A Critical Essay on Modern Macroeconomic Theory by Robert Solow (English) Paperb

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In the early 1980s, rational expectations and new classical economics dominated macroeconomic theory, with the result that such pathologies can hardly be discussed within the vocabulary of the theory. This essay evolved from the author's profound disagreement with that trend.

FORMATPaperback LANGUAGEEnglish CONDITIONBrand New Publisher Description

Macroeconomics began as the study of large-scale economic pathologies such as prolonged depression, mass unemployment and persistent inflation. In the early 1980s rational expectations and new classical economics dominated macroeconomic theory, with the result that such pathologies can hardly be discussed within the vocabulary of the theory. This book evolved from the authors' profound disagreement with that trend. It demonstrates not only how the new classical view got macroeconomics wrong, but how to go about doing macroeconomics the right way. Following an explanation of microeconomic foundations, chapters introduce the basic elements for a better macro-model. The model is simple, but combined with the appropriate model of the labor market it can say useful things about the fluctuation of employment, the correlation between wages and employment, and the role for corrective monetary policy.

Back Cover

In the early 1980s, rational expectations and new classical economics dominated macroeconomic theory. This essay evolved from the authors' profound disagreement with that trend. It demonstrates not only how the new classical view got macroeconomics wrong, but also how to go about doing macroeconomics the right way.Hahn and Solow argue that what was originally offered as a normative model based on perfect foresight and universal perfect competition has been almost casually transformed into a model for interpreting real macroeconomic behavior. After explaining microeconomic foundations, the authors introduce a better macro model, one that can say useful things about the fluctuation of employment, the correlation between wages and employment, and the role for corrective monetary policy.

Flap

In the early 1980s, rational expectations and new classical economics dominated macroeconomic theory. This essay evolved from the authors' profound disagreement with that trend. It demonstrates not only how the new classical view got macroeconomics wrong, but also how to go about doing macroeconomics the right way. Hahn and Solow argue that what was originally offered as a normative model based on perfect foresight and universal perfect competition has been almost casually transformed into a model for interpreting real macroeconomic behavior. After explaining microeconomic foundations, the authors introduce a better macro model, one that can say useful things about the fluctuation of employment, the correlation between wages and employment, and the role for corrective monetary policy.

Author Biography

Frank Hahn is Professor Ordinario, University of Siena, Professor Emeritus of Cambridge University, and Fellow of Churchill College. Robert Solow is Institute Professor of Economics at the Massachusetts Institute of Technology. He received the Nobel Prize in economics in 1987 for his macroeconomic research linking technology and growth.

Table of Contents

Preface. 1. Introduction. 2. Perfectly Flexible Wages. 3. Imperfect Wage Flexibility. 4. Imperfect Competition. 5. The Labor Market. 6. Macroeconomics. 7. Conclusions. Notes. References. Index.

Long Description

In the early 1980s, rational expectations and new classical economics dominated macroeconomic theory. This essay evolved from the authors' profound disagreement with that trend. It demonstrates not only how the new classical view got macroeconomics wrong, but also how to go about doing macroeconomics the right way. Hahn and Solow argue that what was originally offered as a normative model based on perfect foresight and universal perfect competition has been almost casually transformed into a model for interpreting real macroeconomic behavior. After explaining microeconomic foundations, the authors introduce a better macro model, one that can say useful things about the fluctuation of employment, the correlation between wages and employment, and the role for corrective monetary policy.

Feature

* Written by two of the world's most distinguished economists. Frank Hahn is Professor Ordinario at the University of Sienna, Professor Emeritus of Cambridge University, and Fellow of Churchill College. * Robert Solow received the Nobel Prize in economics in 1987 for his macroeconomic reasearch linking technology and growth.

Details ISBN0631209891 Author Frank H. Hahn Short Title CRITICAL ESSAY ON MODERN MACRO Language English ISBN-10 0631209891 ISBN-13 9780631209898 Media Book Format Paperback Year 1998 Pages 172 Edition 1st Illustrations black & white illustrations Edition Description Revised DOI 10.1604/9780631209898 UK Release Date 1998-03-19 AU Release Date 1998-03-19 NZ Release Date 1998-03-19 US Release Date 1998-03-19 Publisher John Wiley and Sons Ltd Publication Date 1998-03-19 Imprint Wiley-Blackwell Place of Publication Hoboken Alternative 9780631134831 DEWEY 339.01 Audience Undergraduate Country of Publication United Kingdom We've got this

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