Structuralist and Behavioral Macroeconomics

by: Peter Skott (Author)

Publisher: Cambridge University Press

Publication Date: 21 Sept. 2023

Language: English

Print Length: 398 pages

ISBN-10: 1009367323

ISBN-13: 9781009367325

Book Description

Mainstream macroeconomics is founded on the idea of perfectly rational representative agents. Yet there is a growing realization that economic theories based on such agents are inadequate guides to real-world decision making. The behavioural evidence has had significant impacts on microeconomics but the same cannot be said of macroeconomics. This book is part of the movement to do for macroeconomics what behavioural thinking has done for microeconomics. Using behavioural evidence and insights from Keynesian and institutionalist traditions, it presents an empirically grounded alteative to the paradigm that currently dominates macroeconomic theory. It highlights how dynamic interactions across markets can generate instability, endogenous cycles and secular stagnation. It fully engages with macroeconomic theory, provides a multi-faceted view that explains how and why it is time to rethink its foundations and offers a path forward.

About the Author

Book Description Critiques macroeconomic theories and presents empirically based alteatives rooted in behavioral, Keynesian and institutionalist traditions.
About the Author
Peter Skott is Professor Emeritus at University of Massachusetts and Professor of Economics at Aalborg University. He has published widely in mainstream and heterodox jouals on growth and development, business cycles, income distribution and financial instability. He is the author of the book Conflict and Effective Demand in Economic Growth.