Capital and Credit: A New Formulation of General Equilibrium Theory

di Michio Morishima (Autore)

Cambridge University Press, 1994

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.

• Autore: Michio Morishima
• Editore: Cambridge University Press
• Anno: 1994
• Rilegatura: Paperback / softback
• Pagine: 226 p.
• Dimensioni: 238 x 153 mm
• Peso: 284 gr.
• EAN: 9780521466387

Testo in English