Description
Synthesising Marx's, Keynes's and Schumpeter's theories on wage-price dynamics, effective demand, real innovations and financial markets into a coherent whole, this book goes significantly beyond a consideration of their work in isolation. It focuses on exploring and analysing Goodwin's integrated Marx-Keynes-Schumpeter system (MKS), approaching this from a historical perspective.
About the Author
The late Carl Chiarella, formerly Professor of Finance and Economics, University of Technology Sydney, Australia, Peter Flaschel, Professor Emeritus, Bielefeld University, Reiner Franke, Department of Economics, University of Kiel, Germany, Ricardo Araujo, Adjunct Professor, University of Brasilia, Brazil, Matthieu Charpe, International Labour Organization, Geneva, Switzerland, Christian R. Proano, Faculty of Social Sciences, Economics and Business Administration, Otto-Friedrich-Universitat Bamberg and Andreas Szczutkowski, Bielefeld University, Germany
Reviews
'This impressive research on unleashed capitalism is a heritage of the fruitful long collaboration between Flaschel and the late Chiarella. Through rigorous macrodynamic modelling they explore unbalanced growth as ruthless conflict between capital and labor, and conclude that only some sort of social capitalism can rescue the world from disastrous capitalism or socially vested administrative despotism.' -- - Xue-Zhong (Tony) He, University of Technology Sydney, Australia
'This work represents a culmination of the development of the Bielefeld School of macroeconomic thought, with its lead authors being core members of this approach: Peter Flaschel, Reiner Franke, and the late Carl Chiarella. However, it moves beyond their previous work with the addition of younger authors, and it also brings in chapters written by or about others that link this important approach to other approaches, such as stock-flow consistent models, modern Marxist models, and distinctive neoclassical models. This allows for the role of this innovative and distinctive school of thought to be seen in both its most up-to-date form as well as in its relation to other innovative approaches to macroeconomic thought.' -- - J. Barkley Rosser Jr., James Madison University, US
'A tour d'horizon of recent research on complex macroeconomic dynamic systems in the Keynesian tradition. Its 16 chapters (with two invited ones) cover a variety of recent developments, from the seminal Keynes-Metzle-Goodwin synthesis of various traditional sources of endogenous fluctuations to profit-rate cycles of the classical and Marxian type, to the inclusion of Schumpeterian innovation, Minskyan financial fragility and explicit animal spirit dynamics in the form of sentiment processes based upon social influences.' -- - Thomas Lux, University of Kiel, Germany
Book Information
ISBN 9781789907995
Author Carl Chiarella
Format Hardback
Page Count 456
Imprint Edward Elgar Publishing Ltd
Publisher Edward Elgar Publishing Ltd
Chapters start from Harrod's and Kaldor's work, reconsidering prominent demand- and supply-side approaches to Keynesian macro-dynamics, supplemented by Goodwin's distributive cycle. The book presents a baseline MKS-type model, considering the rigorous treatment of uncertainty, opinion dynamics, the movement from flexicurity to social capitalism and democracy, and a high-order MKS macro-model.
The exploration of the MKS model from a historical basis will make this a useful book for macroeconomics and history of economics scholars and students. It will also be helpful for those looking at macrodynamics in more depth.
About the Author
The late Carl Chiarella, formerly Professor of Finance and Economics, University of Technology Sydney, Australia, Peter Flaschel, Professor Emeritus, Bielefeld University, Reiner Franke, Department of Economics, University of Kiel, Germany, Ricardo Araujo, Adjunct Professor, University of Brasilia, Brazil, Matthieu Charpe, International Labour Organization, Geneva, Switzerland, Christian R. Proano, Faculty of Social Sciences, Economics and Business Administration, Otto-Friedrich-Universitat Bamberg and Andreas Szczutkowski, Bielefeld University, Germany
Reviews
'This impressive research on unleashed capitalism is a heritage of the fruitful long collaboration between Flaschel and the late Chiarella. Through rigorous macrodynamic modelling they explore unbalanced growth as ruthless conflict between capital and labor, and conclude that only some sort of social capitalism can rescue the world from disastrous capitalism or socially vested administrative despotism.' -- - Xue-Zhong (Tony) He, University of Technology Sydney, Australia
'This work represents a culmination of the development of the Bielefeld School of macroeconomic thought, with its lead authors being core members of this approach: Peter Flaschel, Reiner Franke, and the late Carl Chiarella. However, it moves beyond their previous work with the addition of younger authors, and it also brings in chapters written by or about others that link this important approach to other approaches, such as stock-flow consistent models, modern Marxist models, and distinctive neoclassical models. This allows for the role of this innovative and distinctive school of thought to be seen in both its most up-to-date form as well as in its relation to other innovative approaches to macroeconomic thought.' -- - J. Barkley Rosser Jr., James Madison University, US
'A tour d'horizon of recent research on complex macroeconomic dynamic systems in the Keynesian tradition. Its 16 chapters (with two invited ones) cover a variety of recent developments, from the seminal Keynes-Metzle-Goodwin synthesis of various traditional sources of endogenous fluctuations to profit-rate cycles of the classical and Marxian type, to the inclusion of Schumpeterian innovation, Minskyan financial fragility and explicit animal spirit dynamics in the form of sentiment processes based upon social influences.' -- - Thomas Lux, University of Kiel, Germany
Book Information
ISBN 9781789907995
Author Carl Chiarella
Format Hardback
Page Count 456
Imprint Edward Elgar Publishing Ltd
Publisher Edward Elgar Publishing Ltd
