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The author, Alessandro Vercelli, in this volume examines and compares the fundamental macroeconomic theories of John Maynard Keynes and Robert E. Lucas. The new classical economic theory and heuristic models of Lucas are in direct conflict with the Keynesian economic theory. A lucid debate has been presented that encompasses various facets of macroeconomics on issues such as: theory, policy, methodology, and empiricism. The notions of equilibrium, stability, and determinism have been contrasted with those of disequilibrium, instability, and uncertainty. An alternative title for this volume could be: The Great Economic Debate: The Two Sides. To fully cover the debate numerous volumes are required, however, Vercelli has presented it very efficiently and effectively in one short volume.
The book is divided into two parts.
Recursive Macroeconomic Theory, by Lars Ljungqvist and Thomas J. Sargent, The MIT Press, Cambridge, MA, 2004 (2nd edition), pp. 1200, by Begona Dominguez, Department of Economics, The University of Auckland.
This book, as the title says, is about the use of recursive methods for macroeconomics. Most macroeconomic problems have a dynamic structure, where variables of interest are interrelated and evolve over time. One of the major difficulties in solving this type of problems is how to handle history dependence. Since each period’s optimal decisions depend on the history up to that date, we would have to keep track of everything that has happened until the current date. Moreover, as time passes by, history becomes an ever increasing object. Recursive methods are the solution. Recursive methods are a powerful tool to study dynamic economies.
Economic change is a ubiquitous, ongoing, incremental process that is a consequence of the choices individuals and entrepreneurs of organizations are making every day. While the vast majority of these decisions are routine (Nelson and Winter, 1982), some involve altering existing “contracts” between individuals and organizations. Sometimes that recontracting can be accomplished within the existing structure of property rights and political rules, but sometimes new contracting forms require an alteration in the rules. Usually existing informal norms of behavior will guide exchanges, but sometimes such norms will gradually be modified or wither away. In both instances institutions are gradually being modified. Modifications occur because individuals perceive that they could do better by restructuring exchanges (political or economic). The source of the changed perceptions may be exogenous to the economy — for instance, a change in the price or quality of a competitive product in another economy that alters the perceptions of entrepreneurs in the given economy about profitable opportunities. But the fundamental source of change is learning By entrepreneurs of organizations.
FORMAL ECONOMIC theory has become increasingly mathematical, elegant, and precise. It also increasingly has failed to confront the economic problems of societies. Economics, in consequence, is slowly and painfully moving away from the formal mathematical models built around a frictionless, static conceptual structure. Frank Hahn, one of the pioneers of general equilibrium theory expressed it succinctly:
(Hahn, 1991, 47).
Download Economics Question Package 942
Download Economics Question Package 941
The strength of neoclassical theory has been its uncompromising focus on scarcity and hence competition as the key to economics and its power as an economic way of reasoning, evinced in microeconomic theory. Its most unrealistic assumption, which underlies its frictionless character, has been the rationality assumption. Finally, time is the dimension in which human learning, the most important source of long-run economic change, occurs.
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If you are interested in studying in the Economics field, there are a wide variety of career choices available to you. Generally speaking, most people with an Economics degree is whatever minor they choose, go for a Bachelor’s degree, although a Master’s degree will always ensure that you start out higher to the top of the companies food chain, and earn more annual income.
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