The Real World of the New Economy Review

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The Real World of the New Economy ReviewThis book is intended to be read by undergrate student and business people who want to get some orientation into alternative approach other than something taught in neoclassical class in the undergradate level. So the book is highly academic and the author did his best to make it easy to follow. As you know actual decision making in corporate world doesn't follow the premise of neoclassical school. In the real world, supply won't make its demand at all!. if so why overcapacity prevails over so many industries like auto? And worse, the basic function of price on every microeconomics textbooks won't inform what should be the actual level of price to executives in charge. the price doesn't be set in line with equilibrium of demand and supply. it's simply set by coporate.
The author provides us what would be more realistic framework to understand the real world of economy. His main orientation is the Keynesian. He begins with posing quetion of noeclassical premise and go to reinterpretation of Keynes. on the contrary to the lay perceptions, Keynes's main point is not multiplier but future expectance. To countervail business cycle is to boost economic agents' future expectace. So we don't need to think Keynes championed big government at all. but the point of Keynes has been distorted by neoclassical school in the form of 'rational expectance'. Keynesian expectance is not rational. the nature of expectance is, by nature, 'uncertainty'.
the 2nd point of the author lies in expanding 'effective demand'. he links 'effective demand' to 'endogenous money supply'. In this respect, he depicts the point of demand-side economics effectively.
There are several other Post-Keynsian concepts with institutionalist depiction of real world. ...The Real World of the New Economy Overview

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