IDEAS home Printed from https://ideas.repec.org/h/wsi/wschap/9789814566650_0008.html
   My bibliography  Save this book chapter

Macroeconomics

In: INCLUSIVE ECONOMIC THEORY

Author

Listed:
  • Steven Rosefielde
  • Ralph W. Pfouts

Abstract

Rational utilitarians from the late 18th century until the publication of John MaynardKeynes's path breaking treatise on The General Theory of Employment, Interest and Money took the position that economics understood as comprehensively rational utility-seekingwas universal andwould necessarily generate best ideal outcomes under prevailing natural constraints both in the short and long runs. Idealist theory required everyone to optimize in the present, and across all their futures. Irving Fisher showed precisely how this should be accomplished in his widely acclaimed treatise on The Theory of Interest through a process of “trading with the future” which assured that individual life time utility was not only maximized, but also optimized at every moment from cradle to the grave…

Suggested Citation

  • Steven Rosefielde & Ralph W. Pfouts, 2014. "Macroeconomics," World Scientific Book Chapters, in: INCLUSIVE ECONOMIC THEORY, chapter 8, pages 87-92, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814566650_0008
    as

    Download full text from publisher

    File URL: https://www.worldscientific.com/doi/pdf/10.1142/9789814566650_0008
    Download Restriction: Ebook Access is available upon purchase.
    File URL: https://www.worldscientific.com/doi/abs/10.1142/9789814566650_0008
    Download Restriction: Ebook Access is available upon purchase.
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wsi:wschap:9789814566650_0008. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Tai Tone Lim (email available below). General contact details of provider: http://www.worldscientific.com/page/worldscibooks .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.