1st Edition

Macroeconomics After the General Theory Fundamental Uncertainty, Animal Spirits and Shifting Equilibrium in a Competitive Economy

By Angel Asensio Copyright 2025
298 Pages 22 B/W Illustrations
by Routledge

298 Pages 22 B/W Illustrations
by Routledge

298 Pages 22 B/W Illustrations
by Routledge

Both Keynes’s General Theory and orthodox economics seek to understand how competitive markets work, but they diverge sharply with respect to the nature and properties of the competitive equilibrium. The reason, as Keynes himself pointed out, is that the General Theory recognises that the future consequences of current decisions are fundamentally uncertain which, contra the orthodox view,... Read more

General Introduction

 

Preliminary Chapter. Rational Behaviour and Animal Spirits in Face of Uncertainty

 

Part I. Shifting Equilibrium Theory

Introduction to Part I 

1. Money, Finance and Interest with Subjective Valuation of Assets

2. Revisited Aggregate Supply and Demand Analysis and Income Determination

3. Underemployment Equilibrium with Flexible Wages and Prices

4. Equilibrium in Motion, Inflation and Growth

5. Macroeconomic Policy Implications

 

Part II. International Linkages

Introduction to Part II

6. International Trade and Finance in National Accounting

7. Exchange Rate, International Trade and Capital Flows

8. Balance of Payments Adjustment and Crises

9. International Equilibrium

10. Issues on Current Account Imbalances and Foreign Indebtedness

Part III. Macroeconomic Analysis and Policy in an Open Economy

Introduction to Part III

11. Extending the Analytical Framework

12. Macroeconomic Behaviour of a “Small” Open Economy

13. Supply and Demand Policy Analysis in a “Small” Open Economy

14. Macroeconomic Analysis and Policy in Interdependent Countries

15. International Monetary Cooperation and Macroeconomic Policy Coordination

 

Biography

Angel Asensio is an Associate Professor at Université Paris 13–Sorbonne Paris Nord, France.