1st Edition

The New Economy and Macroeconomic Stability A Neo-Modern Perspective Drawing on the Complexity Approach and Keynesian Economics

By Dario Togati Copyright 2006
    332 Pages 2 B/W Illustrations
    by Routledge

    330 Pages
    by Routledge

    The past decade has seen many leading economies, especially the US, undergo profound structural transformations. Departing from the standard theories employed to explain this phenomenon, here author Togati provides the first broad analysis of the New Economy. In this book, the first to look at the new economy from a post-Keynesian / post-modern perspective, he focuses on its macroeconomic implications, presenting a more balanced view than that provided by orthodox neoclassical analysis, and studying the interaction of key variables such as:

    * information technology
    * globalization
    * the increasing significance of intangibles and financial markets.

    This ground-breaking book utilizes a ‘neo-modern’ perspective drawing on complexity theory to advance the study of the stability and dynamic behaviour of economic systems. Togati utilizes the Calvino labels to identify new empirical evidence, and examines the implications for global stability based on New Classical Macroeconomics and Keynsian theory.

    The analysis developed in this book has important practical and policy implications for the New Economy, making this book essential reading for students, academics and practitioners in this field.

    List of Figures  Preface  Introduction  1. Equilibrium without Structural Change  2. Instability and Dynamic Equilibrium  3. Structural Change without Equilibrium  4. The Crisis in Economic Theory and the Neo-modern Perspective  5. Complexity Theory 6. The Key Steps in our Simplification Strategy  7. The Neoclassical Macro Model  8. Keynes’s Macro Model  9. Some Key Differences Between Keynes and the ‘Classics’  10. A Broad Definition of the New Economy  11. Multiplicity  12. Rapidity  13. Lightness  14. Precision  15. Visibility  16. New Classical Macroeconomics 17. New Classical Macroeconomics and the Key Features of the New Economy  18. Keynesian Theory and the New Economy: An Overview 19. Keynesian Theory and Multiplicity 20. Keynesian Theory and Rapidity 21. Keynesian Theory and Lightness 22. Keynesian Theory and Precision  23. Keynesian Theory and Visibility: General remarks  Conclusion  Notes  Bibliography


    Dario Togati