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Finance, Investment and Macroeconomics: The Neoclassical and a Post Keynesian Solution

Finance, Investment and Macroeconomics: The Neoclassical and a Post Keynesian Solution (Hardback)

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In Finance, Investment and Macroeconomics, Myron J. Gordon 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.

Keynes established that both the short-run and long-run performance of a capitalist system depend upon investment, but he failed to arrive at an alternative to the neoclassical theory of investment. Professor Gordon demonstrates that the extension of neoclassical theory to deal with uncertainty and risk aversion is based upon a string of assumptions which are empirically false. The competitive stationary state, the foundation for the neoclassical theory of a capitalist system, is shown to be unfeasible 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. Later sections of the book discuss the consequences of this behaviour for short-run fluctuations and the long-run development of capitalist systems.

This innovative book advances an important new theory of finance and investment which recognizes the problem of bankruptcy when the future is uncertain. It will be welcomed by both post Keynesian and neoclassical economists as a significant contribution to current economic understanding.

BusinessEconomicsEconomic theory & philosophyBusinessEconomicsMacroeconomicsBusinessFinance & accountingFinance Publisher: Edward Elgar Publishing Ltd Publication Date: 20/01/1994 ISBN-13: 9781852788797  Details: Type: Hardback Format: Books
Availability: To Order. Estimated despatch in 1-3 weeks.  

The late Myron J. Gordon, formerly Professor of Finance, University of Toronto, Canada

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