This book collects Frank Hahn's less technical essays on economic theory. Marked by his unique blend of style, wit, and principle, they explore the concept of equilibrium and its "usefulness," the problematic role of money in the general equilibrium framework, and the shortcomings of monetarists, rational expectation ists, and neoRicardians.  Frank Hahn is Professor of Economics at Cambridge University. His critique of monetarism, Money and Inflation, is an MIT Press paperback.

Equilibrium and Macroeconomics

Business & Money

Hahn, Frank

Economics

Mit Pr

This sequel to Frank Hahn's Equilibrium and Macroeconomics presents his theoretical work published over the past thirty years. The twentyone contributions have been selected on the basis of their relevance to current economic debate, and they comprise some of Hahn's most widely cited and influential essays. Organized in five parts - Money, Non-Walrasian Equilibria, Stability, Growth, and Miscellaneous - most of the essays concentrate on monetary theory and economic dynamics (or stability). In the first instance, Hahn shows that classical Arrow-Debreu general equilibrium theory cannot be used for monetary theory. A reconstruction of this theory turns out to have some surprising welfare economics implications. Concerning dynamics, Hahn's main preoccupations are with price dynamics that allow trading at "false" prices and with the stability of growth equilibrium with heterogeneous capital goods, which remains important to current theorizing on rational expectations equilibria. The remaining essays cover a variety of topics such as the influence of uncertainty on savings and excess capacity in imperfect competition. The book also includes an introduction by Hahn commenting on each essay, and his Jevons Lecture, "In Praise of Economic Theory." Frank Hahn is Professor of Economics at the University of Cambridge and the author of Equilibrium and Macroeconomics (MIT Press 1985) and Money and Inflation (an MIT Press paperback).

Money, Growth, and Stability

Macroeconomics began as the study of large-scale economic pathologies such as prolonged depression, mass unemployment, and persistent inflation. In the early 1980s, rational expectations and new classical economics dominated macroeconomic theory, with the result that such pathologies can hardly be discussed within the vocabulary of the theory. This essay evolved from the authors' profound disagreement with that trend. It demonstrates not only how the new classical view got macroeconomics wrong, but alsohow to go about doing macroeconomics the right way. Hahn and Solow argue that what was originally offered as a normative model based on perfect foresight and universal perfect competition—useful for predicting what an ideal, omniscient planner should do—has been almost casually transformed into a model for interpreting real macroeconomic behavior, leading to Panglossian economics that does not reflect actual experience. Following an explanation of microeconomic foundations, chapters introduce the basic elements for a better macro model. The model is simple, but combined with the appropriate model of the labor market it can say useful things about the fluctuation of employment, the correlation between wages and employment, and the role for corrective monetary policy.

A Critical Essay on Modern Macroeconomic Theory (Studies in Contemporary German Social Thought)

Solow, Robert

On the basis of theoretical considerations and on the evidence of real-world economies, Frank Hahn demonstrates in unequivocal terms that Monetarism offers an implausible solution to the most pervasive economic problems. He confronts the central issue of current economic theory by making the case that the growth of the money supply is not a necessary cause of inflation, as the Monetarists have assumed. And he contends that inflation is in any case not the overwhelming satanic force disrupting society and the economy that the strict Monetarists think it to be on theoretical grounds and so many others feel it to be in terms of practical economic realities. It is the tax systems, he points out, that are the real influence at work against the economies of the industrialized nations.

Money and Inflation

Blackwell

397p navy cloth with gilt lettering, from a Cambridge college library, spine slightly rubbed, pages clean and unmarked, binding firm, reference number taped to spine, index, very good condition

Equilibrium and macroeconomics

MIT Press]

Blackwell*publishers

Werkstofftechnik: Werkstoffe - Eigenschaften - Prüfung - Anwendung

Seidel, Wolfgang W.

Hanser Fachbuchverlag

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Books by Hahn, Frank

See the best price to sell, buy, or rent books by Hahn, Frank. BookScouter helps to compare book prices from 25+ online bookstores and 30+ buyback vendors with a single search.

Equilibrium and Macroeconomics

Money, Growth, and Stability

A Critical Essay on Modern Macroeconomic Theory (Studies in Contemporary German Social Thought)

Money and Inflation

Money and Inflation

Equilibrium and macroeconomics

Equilibrium and Macroeconomics

Werkstofftechnik: Werkstoffe - Eigenschaften - Prüfung - Anwendung