Class 13: Advanced Microeconomics

September 11, 2016

Explore basic postulates of the Walrasian and Keynesian economic standpoint while appropriating main ideas of the said economists in terms of the hub and spoke model.

SCEPA and INET are proud to present an online, semester-long economics class - advanced microeconomics - taught by Duncan Foley, the Leo Model Professor of Economics at The New School.The series includes videos of 14 class lectures, including Professor Foley's presentations and discussions with students.

Class 13: Social Coordination Problems in Keynes’ Economic Theory (Part A). 

The lecture initially thematizes Keynes’ basic concepts on recessions, unemployment and inflationary booms and bubbles while showing how these concepts raise significant social coordination problems. Subsequently, it explores issues of monetary theory, involuntary unemployment and the notion of equilibrium. It raises questions of the type: Would it be possible to retain an equilibrium with involuntary unemployment? Next, the lecture probes the Poisson mathematical logic with the aspiration of reaching a conclusive point from which to frame the model of the labor and product market.

Advanced Microeconomics: Information and Behavior in Political Economy | Lecture 13 Social Coordination Problems in the economics of Keynes (Part A) | Duncan Foley | Leo Model Professor of Economics at the New School for Social Research | Spring 2016