Lecture Seven Neoclassical Foundations of Open-economy Macroeconomics

M. L. Burstein
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M. L. Burstein: York University

Chapter 7 in Open-Economy Monetary Economics, 1989, pp 173-209 from Palgrave Macmillan

Abstract: Abstract Lecture Seven contrasts strongly with Lecture Five: in neoclassical economics, relative-price changes motivate adjustment to parameter shifts or stochastic shocks — a burden borne by aggregate-income changes in the Keynesian paradigm. And Lecture Seven strongly complements Lecture Ten: Lecture Seven explains how the evolution of a global enterprise may be determined by spontaneous competitive processes; in Lecture Ten, finance is explained in the same way. Both processes are transnational; on the plane of theory, the influence of the state is obliterated; and so both supply components of the framework of a liberal world-order.

Keywords: Neoclassical Theory; Rest Point; Capital Outflow; Fiscal Stimulus; Keynesian Economic (search for similar items in EconPapers)
Date: 1989
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-10963-0_7

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DOI: 10.1007/978-1-349-10963-0_7

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