Bridging Microeconomics and Macroeconomics and the Effects on Economic Development and Growth

Description

In recent decades, the mainstream microeconomic and macroeconomic analysis was proven to be insufficient for exploring the dynamic and complex interactions among humans, institutions, and nature in our real economy. On the one side, microeconomics is filled with black-box models that fail to study the actual contractual relations between firms and markets, while on the other side macroeconomics were proven useless because they mistook the beauty of theoretical models for truth. Thus, questions have arisen about using new theoretical and empirical structures that would better describe our economic systems. Bridging Microeconomics and Macroeconomics and the Effects on Economic Development and Growth is an essential reference source that analyzes the hypotheses that govern the relationships of aggregate structures (macroeconomic analysis) that may be compatible with the assumptions that govern the behavior of individuals, households, and firms (micro analysis), and vice versa, in trying to achieve sustainable economic development and growth. Moreover, modern evolutionary growth thinking is used in trying to bridge the inconsistencies between microeconomics and macroeconomics and confront their failures in order to better describe the economic reality. While highlighting a broad range of topics including globalization, economic systems, and the role of institutions, this book is aimed toward economic analysts, financial advisors, policymakers, researchers, academicians, and students. Cover Title Page Copyright Page Book Series Editorial Advisory Board Table of Contents Detailed Table of Contents Foreword Preface Acknowledgment Chapter 1: Economic Theory and Economic Reality Chapter 2: New Institutional Economics and Economic Development Chapter 3: Institutions and Economic Policy Chapter 4: A Minsky-Levy-Kalecki Model Chapter 5: Panel Non-Stationarity Methods in Macro- and Microeconomic Studies Chapter 6: Second Generation Reforms Chapter 7: The Money as the Necessary Link Between Micro and Macro Levels Chapter 8: Personal Income Taxation and Its Effects on Economic Development and Growth Chapter 9: Robots and Economics Chapter 10: Investigating the Effect of Diplomatic Representation on Trade Chapter 11: Mega Events and Their Effect on Mesoeconomics Chapter 12: What Drives Euro Area Labour Productivity Growth? Chapter 13: Attempting an Assessment of the MoUs' Role in Confronting the Greek Crisis Chapter 14: Diversity of Monetary Regimes and Reactions to the Pandemic Crisis Compilation of References About the Contributors Index