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Finance, Investment and Macroeconomics

Neoclassical and a Post Keynesian Solution

By (author) Myron Gordon
Format: Hardback
Publisher: Edward Elgar Publishing Ltd, Cheltenham, United Kingdom
Published: 20th Jan 1994
Dimensions: w 138mm h 216mm d 20mm
Weight: 434g
ISBN-10: 1852788798
ISBN-13: 9781852788797
Barcode No: 9781852788797
In Finance, Investment and Macroeconomics Myron J. advances a theory of finance and investment under uncertainty and risk aversion which resolves problems left unsolved by Keynes in a manner consistent with his work. Professor Gordon argues that the competitive stationary state, the foundation for the neo-classical theory of a capitalist system, is not feasible because it results in a very high probability of bankruptcy at the micro level and the system's early collapse on the macro level. Capitalists seeking long term survival are shown to be subject to a growth imperative, to the pursuit of monopoly power, and to a concern for financial policy. Professor Gordon also demonstrates that the extension of neo-classical theory with uncertainty and risk aversion is based upon a string of assumptions which are empirically false.

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