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ID:40476669
大小:1.19 MB
页数:289页
时间:2019-08-03
《Time and Money The Macroeconomics of Capital Structure》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
1、1TimeandMoney11Canweacceptorfindpracticaluseforamacroeconomics•inwhichconsumptionandinvestmentalwaysmovetogetherintheshortrun•inwhichthesetwomagnitudesmustmoveinoppositiontochangetheeconomy’srateofgrowth,and•forwhichthelongrunemergesasaseamlesssequenceofshortruns?11Itisincreasinglyrecognizedt
2、hattheweaknessinmodernmacroeconomictheorizingisthelackofanyrealcouplingofshort-andlong-runaspectsofthemarketprocess.Intheshortrun,theinvestmentandconsumptionmagnitudesmoveinthesamedirection,eitherbothdownwardintoreces-sionorbothupwardtowardfullemploymentandevenbeyondinaninflationaryspiral.But
3、foragivenperiodandwithagiventechnology,anychangeintheeconomy’sgrowthratemustentailconsumptionandinvest-mentmagnitudesthatmove,initially,inoppositiontooneanother.RogerW.GarrisonclaimsthatmodernAustrianmacroeconomics,which11buildsontheearlywritingsofF.A.Hayek,canbecomprehendedasanefforttoreins
4、tatethecapital-theorycorethatallowsforarealcouplingofshort-andlong-runperspectives.Althoughthemacroeconomicrelation-shipsidentifiedarelargelycomplementarytotherelationshipsthathavedominatedthethinkingofmacroeconomistsforthepasthalfcentury,TimeandMoneypresentsafundamentalchallengetomoderntheor
5、istsandprac-titionerswhooverdrawtheshort-run/long-rundistinction.Theprimaryfocusofthistextistheintertemporalstructureofcapitalandtheassoci-atedsetofissuesthathavelongbeenneglectedinthemoreconventionallabor-andmoney-basedmacroeconomics.Thisvolumeputsforthapersua-11siveargumentthatthetroublest
6、hatcharacterizemoderncapital-intensiveeconomies,particularlytheepisodesofboomandbust,maybestbeanalyzedwiththeaidofacapital-basedmacroeconomics.RogerW.GarrisonisProfessorofEconomicsatAuburnUniversity,1Alabama,USA.FoundationsofthemarketeconomyEditedbyMarioJ.Rizzo,NewYorkUniversityLawrenceH.Whi
7、te,UniversityofGeorgiaAcentralthemeinthisseriesistheimportanceofunderstandingandassessingthemarketeconomyfromaperspectivebroaderthanthestaticeconomicsofperfectcompetitionandParetooptimality.Suchaperspectiveseesmarketsascausalprocessesgeneratedbythe
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