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Strategic Competition, Dynamics and the Role of the State: A New Perspective, by Jamee K. Moudud

Strategic Competition, Dynamics and the Role of the State: A New Perspective, by Jamee K. Moudud Book Reviews a Post-Keynesian model incorporating medium-run cost and distribution effects of interest rates to discuss the shortcomings of the NCM model. It shows that for effective macroeconomic stabilization we need a combination of fiscal, monetary, and income policies. Chapter 15 aims to broaden the horizon of undergraduate students by building a new Solow-New Consensus model, showing the policy implications of whether variables are treated as endogenous or exogenous. In one case the central bank enacts policy to get the economy back to full employment; in the other case the central bank becomes a “regulator of distributive conflict.” Chapter 16 brings the book to a close by discussing assumptions regarding the availability of information and uncertainty on the role of institutions. Overall, the book does an excellent job presenting different models and issues related to the NCM. As someone who likes to see explanations on a graph, the teaching models in the first part felt incomplete due to the missing banking/financial sector; those presented in parts 2 and 3 were easier to follow, contributing to the explanation of events and policies without complicating the graphical exposition. The authors did a great job extending the models to make them accessible http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Eastern Economic Journal Springer Journals

Strategic Competition, Dynamics and the Role of the State: A New Perspective, by Jamee K. Moudud

Hurst, Tazewell V
Eastern Economic Journal , Volume 39 (2) – Mar 12, 2013
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References (5)

Publisher
Springer Journals
Copyright
Copyright © 2013 by Eastern Economic Association
Subject
Economics; Economics, general; Economic Theory/Quantitative Economics/Mathematical Methods
ISSN
0094-5056
eISSN
1939-4632
DOI
10.1057/eej.2011.30
Publisher site
See Article on Publisher Site

Abstract

Book Reviews a Post-Keynesian model incorporating medium-run cost and distribution effects of interest rates to discuss the shortcomings of the NCM model. It shows that for effective macroeconomic stabilization we need a combination of fiscal, monetary, and income policies. Chapter 15 aims to broaden the horizon of undergraduate students by building a new Solow-New Consensus model, showing the policy implications of whether variables are treated as endogenous or exogenous. In one case the central bank enacts policy to get the economy back to full employment; in the other case the central bank becomes a “regulator of distributive conflict.” Chapter 16 brings the book to a close by discussing assumptions regarding the availability of information and uncertainty on the role of institutions. Overall, the book does an excellent job presenting different models and issues related to the NCM. As someone who likes to see explanations on a graph, the teaching models in the first part felt incomplete due to the missing banking/financial sector; those presented in parts 2 and 3 were easier to follow, contributing to the explanation of events and policies without complicating the graphical exposition. The authors did a great job extending the models to make them accessible

Journal

Eastern Economic Journal – Springer Journals

Published: Mar 12, 2013

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