ABSTRACT
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.
TABLE OF CONTENTS
chapter |12 pages
Introduction
part |33 pages
Part I Alternative approaches to stability
chapter |8 pages
1 Equilibrium without structural change
chapter |12 pages
2 Instability and dynamic equilibrium
chapter |11 pages
3 Structural change without equilibrium
part |34 pages
Part II Stability analysis and the neo-modern perspective
chapter |9 pages
4 The crisis in economic theory and the neo-modern perspective
chapter |16 pages
5 Complexity theory
part |35 pages
Part III The two basic macroeconomic paradigms
chapter |5 pages
7 The neoclassical macro model
chapter |16 pages
8 Keynes's macro model
chapter |12 pages
9 Some key differences between Keynes and the ‘Classics'
part |67 pages
Part IV A preliminary account of stability of the New Economy
chapter |12 pages
10 A broad definition of the New Economy
chapter |9 pages
11 Multiplicity
chapter |8 pages
12 Rapidity
chapter |10 pages
13 Lightness
chapter |7 pages
14 Precision
chapter |19 pages
15 Visibility
part |73 pages
Part V The New Economy and macroeconomic theories