Capital and Credit

A New Formulation of General Equilibrium Theory

By:

Michio Morishima

Format:

Paperback / softback

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Description

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.

Release date NZ

March 25th, 1994

Author

Michio Morishima

Audience

Professional & Vocational

Illustrations

Worked examples or Exercises

Pages

226

Dimensions

153x238x13

ISBN-13

9780521466387

Product ID

1952176

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