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Towards a reconstruction of macro-economics : problems of theory and policy / William Fellner.


Washington : American Enterprise Institute for Public Policy Research, [1976] .
ISBN 084471318X, 9780844713182

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Subjects Doctrines économiques.
Economic policy.
Macroeconomics.
Macroéconomie.
Makroökonomie.
Politique économique.
Description 150 pages ; 23 cm
Copyright Date [1976]
©1976
Notes Includes bibliographical references (pages 141-145) and index.
Contents pt. 1. Main theme and the nature of the approach. Sketching the content -- Combining methods of approach -- Unconvincing objections -- part 2. Fundamentals in an elementary analytical framework. Reorientation of macro-theory during the 1930's -- Imprint of a past era -- Meaning of Say's law in a simple quantity-theoretical framework -- Basic elements of the Keynesian system and the Cambridge equation -- Income-expenditure or stock-to-expenditure approach -- Interdependence with the rest of the world -- part 3. Employment theory and the price level. Generalization of the argument against reliance on Say's law -- Valid description of the process behind Say's law -- Alleged real-wage equilibrating effect of inflation -- Phillips trade-off in view of the American experience -- Trends in real wages and in real profits during the recent inflationary period -- Uselessness of the distinction between voluntary and involuntary unemployment -- Employment policy and alternative price-level targets -- Success and failure in past periods -- part 4. Induced innovations, distributive shares, and sustainable employment along the growth path. Rates of return and distributive shares -- Innovations and income distribution -- Offsetting tendencies -- Problem of incompatible income claims -- part 5. Outline of a macroeconomic equilibrium system and the problem of shortcuts. Nature of a macro-equilibrium system -- Unnumbered equation for the supply of output -- Demand slide: symbols and implications -- Finding the values of policy variables ensuring equality of aggregate demand with the supply defined in section 2 -- Extreme simplifications along quantity-theoretical lines -- Extreme simplification along stagnationist lines -- Leanings contrasted with extreme simplifications -- part 6. Monetarist and neo-Keynesian leanings: useful or misleading labels. Simplifications involving interest rate effects -- What is behind a simple regularity -- Appraising the monetarist emphasis on M targets -- Labels that misdirect attention -- part 7. Policy problems, present and future. Immediate antecedents: overexpansion and commodity shortages -- Main difficulty: the public's self-justifying skepticism about policy makers -- Limited but improving foresight: introductory observations on the Troika forecasts -- Forecasting record from 1962-1975 -- Break in the mid-1960's -- Gradualism and abruptness -- Subsistence guarantees, market power, and the problem of measured unemployment -- Turning from the spurious distinction between voluntary and involuntary unemployment to substantive problems -- Alternative -- Future of macroeconomics.
Network Numbers (OCoLC)2366586
(OCoLC)ocm02366586
WorldCat Search OCLC WorldCat
WorldCat Identities Fellner, William, 1905-1983.
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