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Capital, Accumulation, and Money - An Integration of Capital, Growth, and Monetary Theory
von: Lester D. Taylor
Springer-Verlag, 2010
ISBN: 9780387981697 , 278 Seiten
2. Auflage
Format: PDF
Kopierschutz: Wasserzeichen
Preis: 149,79 EUR
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Capital, Accumulation, and Money - An Integration of Capital, Growth, and Monetary Theory
Preface to First Edition
8
Preface to Second Edition
14
Prologue
16
Contents
24
List of Figures
28
Chapter 1: Premises and an Overview
30
Chapter 2: Myros and Other Concepts and Definitions
36
Myros
37
Myros Recovery Charges
40
Human and Nonhuman Capital
41
Chapter 3: The Macroeconomic Framework
45
An Overview
45
Constraints (or ``Conservation Laws´´) Imposed by the Pool of Fluid Capital
50
The Determination of Asset Values
53
Aggregate Demand and Supply
56
Macroeconomic Equilibrium
57
Chapter 4: Interest and Money
59
Factors Making for the Existence of Interest
60
Determination of Money and Natural Rates of Interest
61
A World with Fiat Money
69
The Concept of Velocity and the Demand for Money
71
Power of the Monetary Authority
73
The Commercial Paper Market
74
Some Notes on Monetary Policy
75
Chapter 5: Production and Investment
77
Capital and Production
77
From Production to Investment
80
Roles of the Money and Natural Rates of Interest
90
Financing of Investment: An Illustration
90
Chapter 6: General Price Level and Inflation
92
Defining the General Price Level
92
Problems Arising from Excessive Monetization of Assets
99
The General Price Level and the Natural Rate of Interest
102
Equilibrium in the Natural and Money Rates of Interest
103
Chapter 7: Capital Values, Wealth, and Related Topics
106
The Aggregate Wealth of an Economy
106
Money as Wealth and Real-Balance Effects
107
Some Implications of Old Masters as a Store of Value
108
Taxation of Capital Gains
110
Forced Saving and Investment
112
More on Excess Monetization of Assets
114
Loan Defaults and the Stock of Money
115
Crowding-Out
116
Burden of the National Debt
119
Ricardian Equivalence
120
Commodity Money
121
Fluid Capital and the Gold Standard
122
Demonetization and Monetization of Economies
125
Economic Growth with Deflation: The Period 1873-1896 in the USA
128
Chapter 8: Macroeconomic Equilibrium and Employment
130
Chapter 9: Capital Theory in Perspective
139
Schumpeter
139
Keynes
142
Irving Fisher
143
Böhm-Bawerk
144
Jevons and Wicksell
145
Capital as Embedded (or Stored) Labor
146
Capital Theory as the Economics of Time
147
Capital Accounting
149
Capital and Nonrenewable Natural Resources
152
Chapter 10: Opportunity and Sunk Costs
154
Opportunity Costs
154
The Measurement of Unit Incremental Cost
156
Sunk Costs
157
Chapter 11: Trade, Transfers, and Monetary Overhangs
160
Trade and Exchange Rates
160
Monetary Overhangs and Capital Levies
162
Wealth Transfers and Monetary Overhangs: A Stylized Analysis
164
Policies for Eliminating a Monetary Overhang: The Case of German Reunification
171
The German Reunification: An Assessment
175
Chapter 12: Questions Related to Consumption and Saving
177
The Macroeconomics of Retirement Saving and Consumption
177
Questions Related to Position Goods
179
Questions Related to Engel Curves and Income Elasticities
181
The Hierarchical Nature of the Pool of Fluid Capital
183
Chapter 13: Questions Related to Economic Growth
185
The General Mechanics of Economic Growth
185
Some Basic Truths Concerning Economic Development
187
Keynes and Economic Bliss
187
The Endogenous Nature of Economic Growth
188
The Role of Technological Change
189
Investment in Research and Development
190
Economic Growth in Reverse: Large-Scale Disasters in Low-Income Economies
191
Economic Growth and Different Stages of Development
192
Chapter 14: Themes and Counterthemes: Fluid Capital in Retrospect
194
Postscript
201
Chapter 15: Background and Tools for Understanding and Dealing with Recurrent Financial Crises
203
The Impact of Uncertainty on Economic Activity
204
Uncertainty and the Pace of Investment
207
Hedge, Speculative, and Ponzi Financing
210
The Many Burdens of Quasi-Rents
212
The Banking Principle, Banking Disease, and Financial Panics
215
Types of Investors
217
Differences Between Goods Markets and Asset Markets
218
The Floor for Asset Values
219
Asset Prices in a Financial Panic: the Role of a Lender-of-Last-Resort
220
The Effect of Financial Panics on the Real Economy and the Role of Fiscal Policy
223
Conclusion
225
Chapter 16: Booms, Busts, and Financial Panics: The Financial Meltdown of 2007-2009
226
The Anatomy of Financial Panics
226
Emergence from Recession
226
Awakening of Asset Markets
227
Some Signs of Danger
228
Casinos with Banks
229
Getting Ready for a Fall
229
Onset of a Panic
231
The Fragility of Financial Markets
231
A Digression on Uncertainty, Confidence, and Trust
234
Preludes to Panic
236
The Layering of Financial Intermediaries
237
Lessening of Borrower and Lender´s Risk
238
Spiking of Expectations
239
Asset Prices Outpacing the Increase in the Pool of Fluid Capital
239
Explosion of Derivatives Trading
240
Activities of Hedge Funds
241
Globalization of Finance
241
The Uniqueness of Banks and the Lender-of-Last-Resort
242
Some Observations on the Financial Meltdown of 2007-2009
243
Lessons for Reform
247
Summary and Wrap-Up
249
Appendix AOn the Role of Theory in Economic Analysis
253
Introduction
253
Economic Theory in Action: The Theory of Consumer Choice
254
Modeling Real-Time Dynamics
257
Conclusions
259
Appendix BInvestment Functions Don’t Necessarily SlopeDownward
261
Appendix C Implications of the Oil Price Increasesof the 1970s
266
Appendix DA Program for Social Savings Reform
274
Appendix EAdditional Tales Involving a Primitive Economy
276
Bibliography
283
Index
289
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