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A Critical Essay on Modern Macroeconomic Theory
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Bibliographic Detail
Publisher Mit Pr
Publication date December 1, 1995
Pages 158
Binding Hardcover
Book category Adult Non-Fiction
ISBN-13 9780262082419
ISBN-10 0262082411
Dimensions 0.50 by 6.50 by 9.50 in.
Weight 0.85 lbs.
Availability§ Out of Print
Original list price $35.00
Other format details university press
§As reported by publisher
Amazon.com says people who bought this book also bought:
A History of Macroeconomics from Keynes to Lucas and Beyond
Summaries and Reviews
Amazon.com description: Product 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 essay evolved from the authors' profound disagreement with that trend. It demonstrates not only how the new classical view got macroeconomics wrong, but alsohow 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—useful for predicting what an ideal, omniscient planner should do—has been almost casually transformed into a model for interpreting real macroeconomic behavior, leading to Panglossian economics that does not reflect actual experience.

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.

Editions
Hardcover
Book cover for 9780262082419
 
The price comparison is for this edition
from Mit Pr (December 1, 1995)
9780262082419 | details & prices | 158 pages | 6.50 × 9.50 × 0.50 in. | 0.85 lbs | List price $35.00
About: Macroeconomics began as the study of large-scale economic pathologies such as prolonged depression, mass unemployment, and persistent inflation.
Paperback
Book cover for 9780262581547 Book cover for 9780631209898
 
from Blackwell Pub (April 30, 1998)
9780631209898 | details & prices | 168 pages | List price $65.95
About: Macroeconomics began as the study of large-scale economic pathologies such as prolonged depression, mass unemployment, and persistent inflation.
Reprint edition from Mit Pr (August 1, 1997)
9780262581547 | details & prices | 6.00 × 9.00 × 0.25 in. | 0.50 lbs | List price $20.00
About: Macroeconomics began as the study of large-scale economic pathologies such as prolonged depression, mass unemployment, and persistent inflation.

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