Alternative Approaches in Macroeconomics: Essays in Honour of John McCombie

Description

This book honours Professor John McCombie’s retirement by exploring a variety of themes, theories and debates in non-orthodox macroeconomics. With contributions from leading scholars, the book covers diverse ground in economic thought, policy, empirical work and modelling. It demonstrates ongoing presumptions and asks probing questions of topical questions from the increase of income equality to the international variation of productivity investment. This collection will appeal to academics and students with an interest in the history of macroeconomic thinking. Front Matter ....Pages i-xvii Introduction (Philip Arestis)....Pages 1-21 John McCombie’s Contribution to the Applied Economics of Growth in a Closed and Open Economy (A. P. Thirlwall)....Pages 23-56 Why Neither Samuelson’s Neoclassical Synthesis Keynesianism Nor New Keynesianism Theory Is Compatible with Keynes’s General Theory Explanation of the Cause of Unemployment (Paul Davidson)....Pages 57-76 The Role of Commercial Banks and Financial Intermediaries in the New Consensus Macroeconomics (NCM): A Preliminary and Critical Appraisal of Old and New Models (Giuseppe Fontana, Marco Veronese Passarella)....Pages 77-103 Microeconomics, Mesoeconomics and Macroeconomics (Malcolm Sawyer)....Pages 105-126 A Coherent Approach to Macroeconomic Theory and Economic Policies (Philip Arestis)....Pages 127-154 Is the Share of Income of the Top One Per cent Due to the Marginal Product of Labour or Managerial Power? (Marta R. M. Spreafico)....Pages 155-181 Macroeconomic Lessons from the Financialisation Process (Jesús Ferreiro)....Pages 183-208 Financial Instability and Speculative Bubbles: Behavioural Insights and Policy Implications (Michelle Baddeley)....Pages 209-234 Sophistication, Productivity and Trade: A Sectoral Investigation (João P. Romero, Gustavo Britto)....Pages 235-267 Urban Growth in South Asia: A View from Outer Space (Mark Roberts)....Pages 269-302 Production Functions, the Kaldor-Verdoorn Law and Methodology (Marc Lavoie)....Pages 303-330 Is the Balance of Payments Constrained Growth Rate Time-Varying? Exchange Rate Over Valuation, Policy-Induced Recessions, Deindustrialization, and Long Run Growth (Mark Setterfield, Selen Ozcelik)....Pages 331-353 Back Matter ....Pages 355-362