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£69.99

Macroeconomics of Impractical Prescriptions

The Time Dimension Completely Missing in Diagnoses
Y.D. Ahn

£69.99

This work addresses gross anomalies in Macroeconomics, where theories lack the time dimension. The iconic IS-LM model suffers from Dimension Aberration and Reverse Causation, mismatching stock and flow variables. It offers new perspectives for post-graduate readers.

This work addresses gross anomaly of Macroeconomics. Among other follies, so-claimed theories lack the time dimension. Regarding fiscal multiplier, macroeconomists misapply the cross-case marginal propensity…
£69.99
£69.99
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This work addresses gross anomaly of Macroeconomics. Among other follies, so-claimed theories lack the time dimension.
Regarding fiscal multiplier, macroeconomists misapply the cross-case marginal propensity to consume to over-time stability; the former of space dimension, while the latter of time (T for time dimension). The Solow growth model is of the same error.
More generally, the iconic IS-LM model suffers from Dimension Aberration and Reverse Causation. As key to LM, the Cambridge Quantity equation of J.R. Hicks M= k∙I (1937) mismatches dimensions. The stock M (for money at a moment, T0) must be linked to the flow I (for income per period, T-1) with a time variable (T1), not a constant coefficient k. Furthermore, the interest rate is named as the effect in IS-LM, in reverse to the cause in the truer liquidity preference of J.M. Keynes, M= L(r) (1936).
Through the book, post-graduate readers of Macroeconomics, Economics, Finance and Political Economy will get new perspectives on their discipline.

Y.D. Ahn is retired as lecturer of economics and management at Hanyang University, Seoul, Korea. His work over the past 15 years has been mostly about correcting misconceptions in economics, particularly of macroeconomics. The first article of five in that regard is “Reframing Principles of Economics from Plastic Arts to Block Construction” (Korean Journal of Econ Education). Earlier he published in Korean six books, starting from How to Enhance National Competitiveness, with two national awards.
He spent 20 years in business, 7 in the public sector and 18 in academia. He has degrees in Physics (BS), Economics (BE, both from Seoul National University), Finance (MBA, The Wharton School, USA) and Management (PhD, Peter Drucker School, USA). He is not an economist by training or profession. On recognizing bad smells in the room, nevertheless, the new entrant is better than the occupants with vested interests.

Hardback

  • ISBN: 1-0364-6626-4
  • ISBN13: 978-1-0364-6626-8
  • Date of Publication: 2026-02-24

Ebook

  • ISBN: 1-0364-6627-2
  • ISBN13: 978-1-0364-6627-5
  • Date of Publication: 2026-02-24

Subject Codes:

  • BIC: KCA, KCB, KCC
  • BISAC: BUS039000, BUS069030, BUS045000, BUS069000, BUS051000, BUS027000
  • THEMA: KCA, KCB, KCC
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