Capital and Credit: A New Formulation of General Equilibrium Theory

by Michio Morishima

Overview

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 being short term, cannot deal with the fundamental problem of how the production function is derived. This book provides a much-needed synthesis of growth and monetary theory, drawing on the work of Schumpeter, Keynes and the prewar neoclassical economists to formulate a capital-theoretic general equilibrium theory.

Product Details

ISBN-13:	9780521418409
Publisher:	Cambridge University Press
Publication date:	10/08/1992
Pages:	226
Product dimensions:	5.98(w) x 9.02(h) x 0.63(d)

Table of Contents

Preface; 1. Introduction; 2, Capitalist production; 3. Production possibility set; 4. Temporary equilibrium; 5. Stability and motion; 6. Innovations and financing; 7. Monetary disequilibrium; 8. Summary and perspectives into the future; Appendices; I. Existence of temporary equilibrium; II. Increasing returns.