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Advances in Japanese Business and Economics

Keynesian Economics and Price Theory

Re-orientation of a Theory of Monetary Economy

Authors: Otaki, Masayuki

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  • ​Effective demand and involuntary unemployment theory, compatible with neoclassical dynamic microeconomics, excluding ad-hoc price stickiness and money in utility assumptions
  • Rigorous dynamic microeconomics foundation for Keynesian international monetary theory and monetary growth theory
  • Fundamental critiques on existing new Keynesian theory and Lucas’ monetarist theory
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  • Due: November 18, 2016
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About this book

This book reconstructs Keynesian macroeconomics so that it is compatible with the neoclassical dynamic microeconomic theory. This theory adopts three postulates: rational expectations, perfect price flexibility, and exclusion of the money in utility function (MIU). Based on the new theoretical finding that the Lucas model (1972) contains multiple equilibria, the author unifies Keynesian and monetarist theories within the same framework. The book applies the above basic theory to international macroeconomics and economic growth theory.

New Keynesian theory contains logical inconsistencies: menu costs that have no close relationship with microeconomics and MIU, which implies that the money accumulated as wealth is never spent. These two assumptions do not proximate the real world. In this volume, the author discusses how various segregated theoretical approaches in macroeconomics relate to one another and proposes how to integrate them.

Table of contents (15 chapters)

Table of contents (15 chapters)

Buy this book

eBook $99.00
price for USA in USD (gross)
  • ISBN 978-4-431-55345-8
  • Digitally watermarked, DRM-free
  • Included format: PDF, EPUB
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Hardcover $119.99
price for USA in USD
  • ISBN 978-4-431-55344-1
  • Free shipping for individuals worldwide
  • Immediate ebook access, if available*, with your print order
  • Usually dispatched within 3 to 5 business days.
Softcover $129.00
price for USA in USD
  • Customers within the U.S. and Canada please contact Customer Service at +1-800-777-4643, Latin America please contact us at +1-212-460-1500 (24 hours a day, 7 days a week). Pre-ordered printed titles are excluded from promotions.
  • Due: November 18, 2016
  • ISBN 978-4-431-56391-4
  • Free shipping for individuals worldwide
  • Immediate ebook access, if available*, with your print order
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Bibliographic Information

Bibliographic Information
Book Title
Keynesian Economics and Price Theory
Book Subtitle
Re-orientation of a Theory of Monetary Economy
Authors
Series Title
Advances in Japanese Business and Economics
Series Volume
7
Copyright
2015
Publisher
Springer Japan
Copyright Holder
Springer Japan
eBook ISBN
978-4-431-55345-8
DOI
10.1007/978-4-431-55345-8
Hardcover ISBN
978-4-431-55344-1
Softcover ISBN
978-4-431-56391-4
Series ISSN
2197-8859
Edition Number
1
Number of Pages
XV, 207
Number of Illustrations
21 b/w illustrations, 1 illustrations in colour
Topics

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