Capital and Credit: A New Formulation of General Equilibrium Theory

By Michio Morishima

Book Overview

Contemporary general equilibrium theory is characteristically short-run, separated from monetary aspects of the economy, and as such does not deal with long-run problems such as capital accumulation, innovation, and the historical movement of the economy. These phenomena are discussed by growth theory, which assumes a given or shifting production function, and in turn cannot therefore deal with the fundamental problem of growth, namely how the production function is derived. Thus traditional theories have a common weakness in that they divorce real economic growth from the activities of the financial sector. This book provides a much-needed synthesis of growth theory and monetary theory. Professor Morishima draws on the work of Schumpeter, Keynes and the pre-war neoclassical economists to formulate a capital-theoretic general equilibrium theory.

• Format: Paperback
• Language: English
• ISBN: 0521466385
• ISBN13: 9780521466387
• Release Date: March 1994
• Publisher: Cambridge University Press
• Length: 226 Pages
• Weight: 0.50 lbs.
• Dimensions: 0.4" x 6.0" x 9.0"