This work proposes a new approach to macroeconomics which draws upon the experience of the Japanese economy. The approach is similar to the Old Keynesian view: it rejects the Walrasian approach, and singles out real demand as the fundamental determinant of output in the economy as a whole. However, by maintaining that real demand constraints are important not only in the short-run, but in the long-run as well, it goes beyond what is normally understood as the Keynesian approach. It is also very different from the New Keynesian Economics; in particular, it regards the rigidity of nominal wages/prices as of secondary importance. The work is extensively illustrated by almost 200 figures and tables of data.

Macroeconomics and the Japanese Economy

Business & Money

Yoshikawa, Hiroshi

Economics

Oxford University Press

The authors treat macroeconomic models as composed of large numbers of micro-units or agents of several types and explicitly discuss stochastic dynamic and combinatorial aspects of interactions among them. In mainstream macroeconomics sound microfoundations for macroeconomics have meant incorporating sophisticated intertemporal optimization by representative agents into models. Optimal growth theory, once meant to be normative, is now taught as a descriptive theory in mainstream macroeconomic courses. In neoclassical equilibria flexible prices led the economy to the state of full employment and marginal productivities are all equated. Professors Aoki and Yoshikawa contrariwise show that such equilibria are not possible in economies with a large number of agents of heterogeneous types. They employ a set of statistical dynamical tools via continuous-time Markov chains and statistical distributions of fractions of agents by types available in the new literature of combinatorial stochastic processes, to reconstruct macroeconomic models.

Reconstructing Macroeconomics: A Perspective from Statistical Physics and Combinatorial Stochastic Processes (Japan-US Center UFJ Bank Monographs on International Financial Markets)

AOKI, Masanao

Cambridge University Press

The concepts of statistical physics and big data play an important role in the evidence-based analysis and interpretation of macroeconomic principles. The techniques of complex networks, big data, and statistical physics are useful to understand theories of economic systems, and the authors have applied these to understand the intricacies of complex macroeconomic problems. Recent research work using tools and techniques of big data, statistical physics, complex networks, and statistical science is covered, and basic graph algorithms and statistical measures of complex networks are described. The application of big data and statistical physics tools to assess price dynamics, inflation, systemic risks, and productivity is discussed. Chapter-end summary and numerical problems are provided to reinforce understanding of concepts.

Macro-Econophysics: New Studies on Economic Networks and Synchronization (Physics of Society: Econophysics and Sociophysics)

Aoyama, Hideaki

Fujiwara, Yoshi

Ikeda, Yuichi

Iyetomi, Hiroshi

Souma, Wataru

Reconstruction of Macroeconomics: Methods of Statistical Physics, and Keynes' Principle of Effective Demand: Methods of Statistical Physics, and ... in Japanese Business and Economics, 3)

Springer

Reconstruction of Macroeconomics: Methods of Statistical Physics, and Keynes' Principle of Effective Demand (Advances in Japanese Business and Economics)

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