Time and the Macroeconomic Analysis of Income (Bloomsbury Academic Collections: Economics)

__Time and the Macroeconomic Analysis of Income__ will undoubtedly puzzle, stimulate, infuriate, or annoy many readers. Alvaro Cencini challenges so many of the commonly held notions which are perpetuated in elementary textbooks and taken for granted in learned journals that a first reaction is bound to be that the author must be naive or ignorant – this is far from the case; the questions that Cencini raises are original and searching. His answers are even more intriguing for economists and interested readers. Cover Contents Foreword Acknowledgements Introduction 1 The Definition of National Income Part I: Income as a flow of expenditures 1. Stocks and flows 2. Keynes's revolution announced 3. The controversy on saving and investment 4. I = S: a tautology? 5. The 'vicious' circle 6. Identity I (omitted) S and the rejection of the 'vicious' circle Part II: The Keynesian definition of national income 1. The Treatise on Money 2. From The General Theory to the Treatise 3. The General Theory 4. Keynes and 'the flow of income' 5. Identities versus conditions of equilibrium 6. Autonomous expenditures 2 The Multiplier Analysis Part I: The dynamic multiplier 1. The traditional theory 2. The multiplier and the identity of S and I 3. The multiplier and the identity of Y and C + I 4. The multiplier is always and necessarily equal to 1 Part II: The instantaneous multiplier 1. The multiplier and the multiplicand 2. The autonomous expenditures 3. Static, dynamic and k (omitted) 1 4. The integration of money: a short appraisal 3 The Theory of Emissions Part I: The traditional analysis of time 1. Continuous versus period analysis 2. The determination of national income in continuous and period analysis 3. The analogy between economics and classical mechanics 4. Expenditures are instantaneous events related to a finite period of time 5. A recent dispute on time analysis 6. Quantum time and the traditional theory Part II: Time as quantum 1. The link between expenditures and production 2. Creation versus transformation 3. The theory of 'integrated' money: a short account 4. Emissions 5. A short note on profits 6. The factors of production 4 Ex-Ante and Ex-Post in Chronological and Quantum Time Part I: The ex-ante determination of income 1. The traditional analysis 2. Keynes's analysis 3. One-way causality versus simultaneous causality Part II: Saving and investment in quantum time and in continuous time 1. A reminder on the relation between quantum and chronological time 2. Saving and investment: their identity 3. Saving and investment in quantum time 4. Saving and investment in chronological time 5. Quantum analysis and the distinction between ex-ante and ex-post variables Bibliography Index of Names A B C D E F G H J K L M N O P Q R S W Analytical Index C D E F G H I L M N P Q R S T V W "Time and the Macroeconomic Analysis of Income will undoubtedly puzzle, stimulate, infuriate, or annoy many readers. Alvaro Cencini challenges so many of the commonly held notions which are perpetuated in elementary textbooks and taken for granted in learned journals that a first reaction is bound to be that the author must be naive or ignorant this is far from the case; the questions that Cencini raises are original and searching. His answers are even more intriguing for economists and interested readers."--Bloomsbury Publishing.