Path Dependency and Macroeconomics: (International Papers in Political Economy)

The International Papers in Political Economy (IPPE) series explores the latest developments in political economy. This fifth volume focuses on the theme of path dependency and macroeconomics in terms of both theory and applications. The volume deals with the meaning of the concept of path dependency, and examines how path dependency is linked with notions of fundamental uncertainty, non-ergodicity and hysteresis, which have been highlighted in the generation of path dependency. The implications of the notion of path dependency for macro-economic analysis are discussed in terms of the interrelationship between aggregate demand and supply potential and the availability of future resources. This book offers detailed analysis and informed comment on the real economic issues involved in path dependency and macroeconomics. It is essential reading for all postgraduates and scholars looking for expert discussion and debate of the issues surrounding path dependency in economics.

Table of Contents:
Preface Path Dependence and Demand-Supply Interactions in Macroeconomic Analysis; P. Arestis & M. Sawyer Path Dependency, Hysteresis and Macrodynamics; M. Setterfield Involuntary Unemployment in a Path Dependent System: The Case of Strong Hysteresis; D. Lang Path Dependence, Equilibrium, and Economic Growth; A. Dutt Money Wage Rigidity, Monopoly Power and Hysteresis; A. Palacia-Vera The Rise and Fall of Spanish Unemployment: A Chain Reaction Theory Perspective; M. Karanassou& H. Sala

About the Author :
PHILIP ARESTIS is University Director of Research, Cambridge Centre for Economics and Public Policy, Department of Land Economy, University of Cambridge, UK. He is also Distinguished Adjunct Professor of Economics, University of Utah, US; Senior Scholar, Levy Economics Institute, New York, US; Visiting Professor, University of Leeds, UK; and Professorial Research Associate School of Oriental and African Studies (SOAS), University of London, UK. He has published as sole author or editor, as well as co-author and co-editor, a number of books and papers in academic journals. MALCOLM SAWYER is Professor of Economics, Leeds University Business School, University of Leeds, UK. He was until recently Pro-Dean for Learning and Teaching for the Faculty of Business, University of Leeds, UK. He is managing editor of International Review of Applied Economics and on the editorial board of a range of journals. He has published widely in the areas of post Keynesian and Kaleckian economics, industrial economics and the UK economy. He has authored 11 books and edited 18, has published over 70 papers in refereed journals and contributed chapters over 100 books.