Titlebook: Reconstruction of Macroeconomics: Methods of Statistical Physics, and Keynes‘ Principle of Effective; Hiroshi Yoshikawa Book 2022 Iwanami

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Financial Markets and the Real Economy,Considers financial markets. It surveys the works of econophysicists, which demonstrate that financial markets are efficient in normal times but that they occasionally lapse to abnormal phases, and bubbles occur. It argues that there is a fundamental difference between financial markets and the real economy in the concept of efficiency.

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https://doi.org/10.1007/978-981-19-5264-7Micro-founded Macroeconomics; Stochastic Macro-equilibrium; Keynesian Economics; Demand Failures; Statis

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Statistical Physics and Macroeconomics,s notno fundamental difference between economic behavior based on sophisticated optimization and movements of inorganic particles when we apply the methods of statistical physics to a macro system, either natural or social, consisting of many micro units.

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Prices, Wages, and Monetary Policy,wever, using a novel technique, the complex principal component analysis, this chapter shows that expectations play little role and that interactions of individual prices determine dynamics of aggregate price index such as CPI. It also argues that fairness plays an important role in the determinatio

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