By Philip Arestis, Malcolm Sawyer (eds.)
ISBN-10: 023030768X
ISBN-13: 9780230307681
ISBN-10: 1349335029
ISBN-13: 9781349335022
ISBN-10: 4620113301
ISBN-13: 9784620113302
This quantity bargains with either a brand new theoretical framework and the potential of recent economics to take on a couple of financial problems.It bargains distinctive research and trained touch upon the kind of new economics rising within the aftermath of the monetary situation and the 'great recession'.
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Extra resources for New Economics as Mainstream Economics
Sample text
290). The approach adopts a version of expected utility theory with human welfare usually translating into private market consumption per head in the applied models. The theory is applied to utility across countries with huge differences in consumption and to utility gained many years into the future, when consumption can rise perhaps many times over. This traditional approach to economics has largely ignored other disciplines tackling the same problems of justifying assumptions and understanding human behaviour.
An interesting distinction in this context and on the policy score is made by Blinder (2010). It is suggested that there are two types of bubbles. Those associated with relatively little debt finance, where the typical example is ‘equity-like bubbles’. Under this type of bubble the recommended policy is to react after the bubble has burst. The second type is the debt-financed bubbles, where early intervention to contain the bubble is proposed. In this context ‘supervisory weapons’ are recommended rather than monetary policy.
This may be a principle rather than a numerical value, recognising the difficulties of determining whether a principle held in practice. Let us suppose for a few minutes that some rules could be enunciated on the size of current account deficits (and that may also require some corresponding rules on current account surpluses). The question then is whether there is any way in which such rules could be implemented. The Stability and Growth Pact drew up rules on budget deficits; why should there not be corresponding rules in relation to current account deficits?
New Economics as Mainstream Economics by Philip Arestis, Malcolm Sawyer (eds.)
by James
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