Classical Macrodynamics

New School for Social Research: Economics

Liberal Arts

Graduate Course

Degree Students (with Restrictions)

Classical Macrodynamics

Spring 2020

Taught By: Anwar Shaikh

Section: A

CRN: 7696

Credits: 3

This course develops the macrodynamics of a classical framework. It is the second half of a sequence, the first half GECO 6205 focusing on the microeconomics of a classical approach: the derivation of demand curves and price and income elasticities without any reference whatsoever to standard assumptions of utility, rationality (bounded or not), optimizing behavior, etc.; and the classical theory of real competition based on price-setting, cost-cutting firms that compete for market share. The theoretical and empirical concerns of Keynes' and Kalecki's microfoundations are shown to be fully consistent with the classical framework of profit-driven real competition without any need to rely on notions of imperfect competition or monopoly power. The present course develops a classical approach to macroeconomics. It begins with a history of the rise and fall of modern macroeconomics, moving from pre-Keynesian theory to Keynes, Kalecki and Hicks, then to the subsequent prominence of various neoclassical arguments by Friedman, Phelps, Lucas and others, and the corresponding rise of Post Keynesian economics of Davidson, Godley, Taylor, Lavoie and others. Then it will move to the construction of a classical theory of effective demand in a growth context, grounded in the theory of real competition in which profitability plays a central role in regulating aggregated supply, aggregate demand and the levels and structures of interest rates. The theoretical and empirical relations between the real wages, the social structure and the degree of unemployment will be compared in classical, neoclassical and Post Keynesian approaches. A similar theoretical and empirical comparison will be undertaken for the relations between money, credit and inflation. The various elements will then be brought together to develop a classical analysis of the current world crisis. Students will be required to do short papers on various topics during the course, and a research paper at the end on a topic relevant to the material in this course, selected in conjunction with the instructor. The primary text for the course is Shaikh, Anwar. 2016. Capitalism: Competition, Conflict, Crises. New York: Oxford University Press.

College: New School for Social Research (GF)

Department: Economics (GECO)

Campus: New York City (GV)

Course Format: Seminar (R)

Max Enrollment: 12

Add/Drop Deadline: February 9, 2020 (Sunday)

Online Withdrawal Deadline: May 13, 2020 (Wednesday)

Seats Available: Yes

Status: Closed*

*Status information is updated every five minutes. The status of this course may have changed since the last update. Open seats may have restrictions that will prevent some students from registering. Updated: 10:22am 5/29/2020 EDT

Meeting Info:

Days: Monday

Times: 4:00pm - 5:50pm

Building: 6 East 16th Street

Room: 1132

Date Range: 1/27/2020 - 5/11/2020