Conclusions

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Chapter 10 in Banks and Finance in Modern Macroeconomics, 2019, pp 239-250 from Edward Elgar Publishing

Abstract: This concluding chapter summarizes the previous chapters, outlining the critical issues that require further developments in a richer way than has been done so far. The authors critically discuss the troubled marriage between macroeconomics and general equilibrium theory, and the abuse of the ill-defined ideas of shocks and imperfections in macroeconomics. They suggest revising the exclusive framing of macroeconomic models around the shocks/steady state polarity, and the need to explore persistent real effects from the financial to the real side of the economy. The chapter calls attention to out-of-equilibrium stock-flows dynamics, and a different approach to the nature of markets and competition, in which banks and finance play a central role that cannot be ignored. Rigorous insights from the history of economics and economic history offer critical tools to rebuild macroeconomics towards a better understanding of the interaction of the real and financial sides of the economy.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2019
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