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The purpose of this book is to demonstrate that most of the central propositions of economic analysis can be derived without any reference to hyperrationality, optimization, perfect competition, perfect information, representative agents or so-called rational expectations. These include the laws of demand and supply, the determination of wage and profit rates, technological change, relative prices, interest rates, bond and equity prices, exchange rates, terms and balance of trade, growth, unemployment, inflation, and long booms culminating in recurrent general crises. In every case, the theory ... More
Keywords: hyperrationality, perfect competition, classical competition, capitalism, economic analysis, general crises
Print publication date: 2016 | Print ISBN-13: 9780199390632 |
Published to Oxford Scholarship Online: March 2016 | DOI:10.1093/acprof:oso/9780199390632.001.0001 |
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