Shaking the Invisible Hand

BASIL JOHN MOORE is Professor Extraordinary of Economics at Stellenbosch University, South Africa. He has taught at Yale University, USA, Jawaharlal University, India, University of Cambridge, UK and University of British Columbia, Canada among others. He has acted as consultant to the Asian Development Bank, the Government of Morocco and US Aid, Morocco. He has had more than seventy-five articles in refereed journals and his publications include An Introduction to the Theory of Finance, An Introduction to Modern Economic Theory and Horizontalists and Verticalists.

'This book is a fascinating attempt to provide an alternative view to macroeconomics and, more generally, economic theorizing.' - Sebastiano Nerozzi, Storia del Pensiero Economico

• List of Tables List of Figures Preamble: Complex Systems Preface: Complex Adaptive Systems (CAS) PART 1: COMPLEXITY AND ECONOMICS Marshall's Tides Complexity and Contingency Chaos Theory: Unpredictable Order in Chaos Econometrics, Data Mining and the Pervasiveness of Contingency The Implications of Complex Systems for Economic Analysis PART 2: SOME THOUGHTS ON ECONOMIC DATA AND NATIONAL INCOME ACCOUNTING Sorites Paradox: The 'Looseness' of Economic Concepts Saving is the Accounting Record of Investment Capital Gains: A Hicksian Definition of Income PART 3: THE ENDOGENEITY OF MONEY AND EXOGENEITY OF INTEREST RATES Commercial Bank Intermediation The Endogeneity of the Supply of Credit Money Central Banking and the Exogeneity of Interest Rates PART 4: THE DETERMINATION OF PRICES, OUTPUT AND GROWTH RATES Markup Pricing and the Aggregate Supply Relationship The Raffishness of Mainstream Macroeconomics Interest Rates and Aggregate Demand Monetary Policy and 'Volitional' Saving The Monetary Transmission Process PART 5: OPEN ECONOMY CONSIDERATIONS Using National Currencies in International Transactions: The Case for Fixed Exchange Rates Using National Currencies in International Transactions: The Case for Flexible Exchange Rates Using a Common Currency in International Transactions: The Post-Keynesian Case for No Exchange Rate Financial Barriers to Demand-Led Growth Notes Bibliography Index