Background
LEIJONHUFVUD, Axel Stig Bengt was born in 1933 in Stockholm, Sweden.
(This publication comprises a reappraisal of the work of J...)
This publication comprises a reappraisal of the work of John Maynard Keynes. It strengthens the view that the Keynesians went too far in supposing that the old economics had been overthrown by the new, and in a sense it rehabilitates both classical economics in a modern form and also Keynes as a theorist who added an important development to it, although the 'Keynesian Revolution' began and stayed on the wrong track partly because of Keynes's polemical presentation. Issues discussed include the multiplier; unemployment and effective demand; the saving-investment problem; and fiscal policy.
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(Copyright © 2013 by Author: Prof. Dr. Michael Patrick Amo...)
Copyright © 2013 by Author: Prof. Dr. Michael Patrick Amos. All Rights Reserved. Re-Issued and Published in 2013 First Published in 2011 In this Scholarly Monograph Amos(2011-e), First published in 2011, Prof. Dr. Michael Patrick Amos presents An Open Economy Macroeconometrics Model of U.S.A. Economy Behavior: Walrasian & Non-Walrasian Equilibria, and discusses in details the causes of International Financial Crises 1920-2050. A distinguishing feature of present work is that a non-parametric model is specified and estimated, with Foresight to year 2050. Understanding is provided via models of Amos(2010-b, 2011-c, 2011-d, and 2011-e). RANK #1: AMAZON BEST SELLERS(KDP-Select) best in International Economics/Econometrics 5 February 2013-8 February 2013*.
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LEIJONHUFVUD, Axel Stig Bengt was born in 1933 in Stockholm, Sweden.
Fil. Kand., University Lund, 1960. Master of Arts University Pittsburgh, 1961. Doctor of Philosophy Northwestern University, 1967.
Fil. Dr Causa, University Lund, 1983.
Act. Assistant Professor, Association Professor, University of California, Los Angeles, Calif., United States of America, 1964, 1967-1971. Visiting Professor of Economics, Stockholm School Economics, 1969, Institute, Institution Advanced Studies, Vienna, 1976, Institute, Institution Advanced Studies, Jerusalem, 1978, Nihon University Tokyo, 1980, European University Institute, Institution, Florence, 1982, Handelschochschule, St Gallen, Switzerland, 1983. Permanent Visiting Professor, University Konstanz, W. Germany, 1982-1987.
Professor of Economics, University of California, Los Angeles, Calif., United States of America, Los Angeles, California, United States of America, since 1971.
(This publication comprises a reappraisal of the work of J...)
(Copyright © 2013 by Author: Prof. Dr. Michael Patrick Amo...)
(1)
My early work was concerned with unemployment and with business fluctuations. Concern with inflation came later. I see these macroeconomic problems as problems of co-ordination in large, complex systems.
Co-ordination should be treated as problematic: we deal with systems that sometimes do very well and sometimes do very badly at it. Yet, in trying to develop this conception, one finds that inherited theories are of little help — ‘Keynesian’ ones portray economies that cannot succeed, ‘neoclassical’ ones economies that cannot fail to co-ordinate activities. This conception of the theoretical situation was argued in my 1968 book and also informs most of the essays in the 1981 collection.
The 1968 book already makes use of the history of economics in a way that I have often adopted more selfconsciously later.
One way to understand the relationship between two branches of economics such as neoclassical and Keynesian theory, or between two schools in some interminable controversy such as the monetarist one, is to construct a mathematical model general enough to feature the contestants as special cases. Alternatively, one may think of the history of the subject as a decision-tree with the current contestants querously twittering away from different twigs and branches. By backtracking down the tree one can understand current differences as the product of sequences of decisions (e.g. to assume A rather than B) stemming from the influential contributions of the past.
The latter method can some-
times get it right when the fomer has failed.
Since about 1974 (‘Costs and Consequences of Inflation’ in the 1981 collection), my main concern has been inflation and other problems of monetary instability. Mostly I have tried to understand better the consequences (as opposed to the causes) of inflation. I am more of an ‘alarmist’ on this subject than most American macroeconomists.