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Capital and Credit: A new Formulation of General Equilibrium Theory
Michio Morishima (Author)
·
Cambridge University Press
· Hardcover
Capital and Credit: A new Formulation of General Equilibrium Theory - Michio Morishima
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Origin: Spain
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Synopsis "Capital and Credit: A new Formulation of General Equilibrium Theory"
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.
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All books in our catalog are Original.
The book is written in English.
The binding of this edition is Hardcover.
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