Bibliographic Information

Prices, cycles, and growth

Hukukane Nikaido

(Studies in dynamical economic science)

MIT Press, c1996

  • : pbk

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Note

Includes bibliographical references and index

Description and Table of Contents

Volume

ISBN 9780262140591

Description

Hukukane Nikaido is an economic theorist whose work helped lead the way for modern research in dynamic economics. Prices, Cycles, and Growth provides a selection of his major papers since the 1970s. They offer uncommon insights into problems of instability and their effects on growth, income distribution, and unemployment, among other fundamental issues in macroeconomics.Nikaido's focus on disequilibrium (the failure of overall supply and demand to balance out), imperfect competition, and the effects of pricing changes on income distribution is a natural outgrowth of the Keynesian tradition, which emphasizes the instability of markets and the capacity for economies to get stuck in recessions and inflationary periods.The essays in part I look at stability of competitive equilibrium and implications, while those in part II shift attention to the stability analysis of monopolistic competition in explicit models of pricing and adjustments, in intersectoral or macroscopic frameworks. The essays in part III inquire into growth in contexts such as optimality, or with or without regard to interrelation with cycles. Part IV reconsiders Marxian economics using the rigorous tools of dynamic analysis.Researchers will find this selection of Nikaido's major papers to be a handy reference. Younger students will discover why he is known for impeccably high standards of model construction and analysis, and for his concentration on the truly fundamental aspects of the subject. A new introduction by the author provides valuable background for the collection.Studies in Dynamical Economic Science

Table of Contents

  • Walrasian Tatonnements: stability of equilibrium by the Brown-von Neumann differential equation
  • stability and non-negative in a Walrasian tatonnement process (with Hirofumi Uzawa). Non-Tatonnement price dynamics: economic adjustment under noncompetitive pricing
  • dynamic of wage-price spirals and stagflation in the Leontief-Sraffa system (with Susumu Kobayashi)
  • wage-price spirals under monopoly - "what is an objective demand function?" set in motion
  • prices and income distribution in a Leontief economy. Growth and cycles: persistence of continual growth near the von Neumann Ray - s strong version of the Radner Turnpike theorem
  • income distribution and growth in a monopolist economy (with Hiroshi Atsumi)
  • factor substitution and Harrod's knife-edge
  • Harrodian pathology of neoclassical growth - the irrelevance of smooth factor substitution
  • no growth, no fluctuations
  • a genuine Keynesian growth cycle. Classical price-quantity dynamics: Marx on competition
  • dynamics of growth and capital mobility in Marx's scheme of reproduction.
Volume

: pbk ISBN 9780262517188

Description

Prices, Cycles, and Growth provides a selection of his major papers since the 1970s. They offer uncommon insights into problems of instability and their effects on growth, income distribution, and unemployment, among other fundamental issues in macroeconomics. Hukukane Nikaido is an economic theorist whose work helped lead the way for modern research in dynamic economics. Prices, Cycles, and Growth provides a selection of his major papers since the 1970s. They offer uncommon insights into problems of instability and their effects on growth, income distribution, and unemployment, among other fundamental issues in macroeconomics. Nikaido's focus on disequilibrium (the failure of overall supply and demand to balance out), imperfect competition, and the effects of pricing changes on income distribution is a natural outgrowth of the Keynesian tradition, which emphasizes the instability of markets and the capacity for economies to get stuck in recessions and inflationary periods. The essays in part I look at stability of competitive equilibrium and implications, while those in part II shift attention to the stability analysis of monopolistic competition in explicit models of pricing and adjustments, in intersectoral or macroscopic frameworks. The essays in part III inquire into growth in contexts such as optimality, or with or without regard to interrelation with cycles. Part IV reconsiders Marxian economics using the rigorous tools of dynamic analysis. Researchers will find this selection of Nikaido's major papers to be a handy reference. Younger students will discover why he is known for impeccably high standards of model construction and analysis, and for his concentration on the truly fundamental aspects of the subject. A new introduction by the author provides valuable background for the collection. Studies in Dynamical Economic Science

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