Reconstruction of macroeconomics : methods of statistical physics, and Keynes' principle of effective demand / Hiroshi Yoshikawa.

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Reconstruction of macroeconomics : methods of statistical physics, and Keynes' principle of effective demand / Hiroshi Yoshikawa.

Makuro keizaigaku no saikochiku. English

9789811952647 (electronic bk.)
9811952647 (electronic bk.)
9789811952630
9811952639

Singapore : Springer, 2022.

English

1 online resource : illustrations (black and white, and color).

10.1007/978-981-19-5264-7 doi

HB172.5

339

This book explains how standard micro-founded macroeconomics is misguided and proposes an alternative method based on statistical physics. The Great Recession following the bankruptcy of Lehman Brothers in September 2015 amply demonstrated that mainstream micro-founded macroeconomics was in trouble. The new approach advanced in this book reasonably explains important macro-problems such as employment, business cycles, growth, and inflation/deflation. The key concept is demand failures, which modern micro-founded macroeconomics has ignored.

Includes bibliographical references and index.

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Description based on print version record.

Advances in Japanese business and economics ; 3.

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