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Shaking the Invisible Hand

Complexity, Endogenous Money and Exogenous Interest Rates

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  • © 2006

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Authors:
  1. Basil John Moore
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Table of contents (20 chapters)

  1. Front Matter

    Pages i-xxvi
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  2. Complexity and Economics

    1. Front Matter

      Pages 1-1
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    2. Marshall’s Tides

      • Basil John Moore
      Pages 3-12

    3. Complexity and Contingency

      • Basil John Moore
      Pages 13-42

    4. Chaos Theory: Unpredictable Order in Chaos

      • Basil John Moore
      Pages 43-74

    5. Econometrics, Data Mining, the Absence of a Stable Structure and the Pervasiveness of Contingency

      • Basil John Moore
      Pages 75-103

    6. The Implications of Complexity for Economic Analysis

      • Basil John Moore
      Pages 104-127

  3. Some Thoughts on Economic Data and National Income Accounting

    1. Front Matter

      Pages 128-128
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    2. Sorites’ Paradox: the “Looseness” of Economic Concepts

      • Basil John Moore
      Pages 131-155

    3. Saving is the Accounting Record of Investment

      • Basil John Moore
      Pages 156-173

    4. Capital Gains: Towards a Hicksian Definition of Income

      • Basil John Moore
      Pages 174-194

  4. The Endogeneity of Money and Exogeneity of Interest Rates

    1. Front Matter

      Pages 195-195
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    2. The Endogeneity of Credit Money

      • Basil John Moore
      Pages 197-214

    3. Commercial Bank Intermediation

      • Basil John Moore
      Pages 215-237

    4. The Exogeneity of Interest Rates

      • Basil John Moore
      Pages 238-258

  5. The Determination of Prices, Output, and Growth Rates

    1. Front Matter

      Pages 259-259
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    2. Markup Pricing and the Aggregate Supply Relationship

      • Basil John Moore
      Pages 261-280

    3. The “Raffishness” of Mainstream Macroeconomics: a Post Keynesian Critique

      • Basil John Moore
      Pages 281-302

    4. Interest Rates and Aggregate Demand

      • Basil John Moore
      Pages 303-330

    5. Monetary Policy: Non-Volitional and Volitional Saving

      • Basil John Moore
      Pages 331-358
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Keywords

About this book

This book makes the case that economies are complex systems and in response to this, develops a unique dynamic nonequilibrium process analysis of macroeconomics. It provides a brief introduction to complex systems, chaos theory and unit roots. The importance and implications of contingency for economic behaviour are developed.

Reviews

'This book is a fascinating attempt to provide an alternative view to macroeconomics and, more generally, economic theorizing.' - Sebastiano Nerozzi, Storia del Pensiero Economico

About the author

BASIL JOHN MOORE is Professor Extraordinary of Economics at Stellenbosch University, South Africa. He has taught at Yale University, USA, Jawaharlal University, India, University of Cambridge, UK and University of British Columbia, Canada among others. He has acted as consultant to the Asian Development Bank, the Government of Morocco and US Aid, Morocco. He has had more than seventy-five articles in refereed journals and his publications include An Introduction to the Theory of Finance, An Introduction to Modern Economic Theory and Horizontalists and Verticalists.

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