Out of Equilibrium

Out of Equilibrium

by Mario Amendola, Jean-Luc Gaffard

NOOK Book(eBook)

$105.99 $129.99 Save 18% Current price is $105.99, Original price is $129.99. You Save 18%.
View All Available Formats & Editions

Available on Compatible NOOK Devices and the free NOOK Apps.
WANT A NOOK?  Explore Now
LEND ME® See Details

Overview

Standard equilibrium economic models focus on interdependencies. In Out of Equilibrium, Amendola and Gaffard develop a theory also dealing with interdependencies, but based on disequilibria, which take the form of feedback mechanisms over time. The way in which these disequilibria interact sequentially determines the evolution path of an economy. As a result, different processes may be associated with any kind of original shock. Whereas in equilibrium models these processes are determined by the 'fundamentals' of the economy, here the outcome is heavily influenced by the processes themselves, the sequential decisions taken, and policies followed. The model proposed in this book is a heuristic tool that makes it possible to explore these 'disequilibria'. By using it, economic phenomena and policy recommendations appear entirely different, and in most cases the interpretations made are diametrically opposite to those advocated by the dominant equilibrium theory, thus giving a new perspective on the recent past of the Western economies.

Product Details

ISBN-13: 9780191522154
Publisher: Oxford University Press
Publication date: 07/02/1998
Sold by: Barnes & Noble
Format: NOOK Book
File size: 3 MB

About the Author

Mario Amendola is Professor of Economics at the University of Rome 'La Sapienza' and Chairman of the Scientific Committee of the Momigliano Institute for the Culture and History of the Firm (ICSIM). He is a former Director of the Department of Economic Sciences of the University of Rome 'La Sapienza'. Jean Luc Gaffard is Professor of Economics at the University of Nice, Sophia Antipolis. He is a Member of the 'Conseil Superieur de l'Emploi, des Revenues et des Coûts' and Director of the Institut de Droit et d'Economie de la Firme et de l'Industrie (IDEFI), the research unit of the CNRS and the University of Nice, Sophia Antipolis.

Table of Contents

Introduction 1(8)
Part I. Theory: The Building Blocks 9(126)
1. Production
11(24)
1.1 The ex post view of the phenomenon of production
11(4)
1.2 Time and equilibrium
15(3)
1.3 Complements and substitutes in the economics of production
18(2)
1.4 Time and sequence: dissociating costs from proceeds
20(4)
1.5 Out-of-equilibrium contexts: bringing to light the time structure of production
24(3)
1.6 From the ex post to an ex ante viewpoint: the creation of resources
27(4)
1.7 Out-of-equilibrium processes: the analytical implications
31(4)
2. Money
35(26)
2.1 When, why, and how money matters
35(3)
2.2 The standard theory of money and its modern revisitations
38(3)
2.3 Substitution and complementarity
41(2)
2.4 Integrating real and monetary disequilibria in a sequential context
43(2)
2.5 Financial constraints and production
45(5)
2.6 Financial decisions and real choices
50(3)
2.7 The interest rate and the time structure of economic activity
53(3)
2.8 Monetary control
56(5)
3. The Human Resource
61(20)
3.1 Labour input, human capital, and the human resource
61(4)
3.2 The wage rate in equilibrium and out of equilibrium
65(3)
3.3 The wage fund
68(2)
3.4 Towards a modern theory of the wage fund
70(3)
3.5 The human constraint
73(3)
3.6 Wages and employment
76(2)
3.7 Learning
78(3)
4. The Market and the Firm
81(25)
4.1 Institutions and the process of change
81(2)
4.2 Market failure and organizational co-ordination
83(2)
4.3 Optimizing strategies of firms
85(3)
4.4 The firm and the market as substitutes
88(2)
4.5 Organizational design
90(3)
4.6 The co-ordination of production
93(3)
4.7 The market and the firm as complements
96(3)
4.8 Out-of-equilibrium strategies
99(7)
5. Change
106(29)
5.1 Economic dynamics: methods and problems
106(2)
5.2 The equilibrium approach
108(2)
5.3 Endogenous growth
110(4)
5.4 Transitional dynamics
114(2)
5.5 Harrod's knife-edge
116(3)
5.6 The analysis of the Traverse
119(4)
5.7 Path dependence
123(3)
5.8 The sequence 'constraints-decisions-constraints'
126(2)
5.9 The decision process
128(7)
Part II. Analysis: Processes of Change 135(124)
6. Out-of-Equilibrium Modelling
137(33)
6.1 The scope and role of modelling out of equilibrium
137(3)
6.2 The guiding lines
140(2)
6.3 A sequential model
142(10)
6.4 The coherence of the model
152(7)
6.5 Complex dynamics
159(5)
5.6 Cancelling the sequence
164(6)
7. Processes of Change
170(61)
7.1 Changes in technology
170(17)
7.2 Changes in skills
187(10)
7.3 Credit creation
197(9)
7.4 Changes in expectations
206(5)
7.5 Limits to growth
211(20)
8. Rethinking the basic issues
231(28)
8.1 Consumption, investment, and saving
231(4)
8.2 Structure and cycles
235(4)
8.3 Unemployment
239(4)
8.4 Flexibility and viability
243(2)
8.4 Economic policy
245(5)
8.5 Re-reading the recent 'story' of Western economies
250(9)
Conclusion 259(1)
Appendix: Numerical Simulations Data 260(5)
References 265(10)
Index 275

Customer Reviews

Most Helpful Customer Reviews

See All Customer Reviews