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- W4221093033 abstract "The neoclassical synthesis is increasingly seen as an inadequate guide to economic policy and its weakness is widely agreed to be its failure to incorporate finance into its model. The book sets out a model incorporating the stock market, which is not the only way that finance needs to be included in a valid model of the economy, but it is an important part of it. The stock market’s unpredictable short-term fluctuations are simply noise in the statistical sense and have deflected attention from its longer-term more predictable ones. The stock market’s two key characteristics are the stability and level of the long-term real return on equities and the stability and strength of the mean reversion of their cumulative return to trend." @default.
- W4221093033 created "2022-04-03" @default.
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- W4221093033 date "2022-03-10" @default.
- W4221093033 modified "2023-09-27" @default.
- W4221093033 title "Introduction" @default.
- W4221093033 doi "https://doi.org/10.1093/oso/9780192847096.003.0001" @default.
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