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Macroeconomics

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Red Globe Press

Pages: 540
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Paperback - 9781137610669

08 April 2019

$73.99

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Ebook - 9781137610676

08 April 2019

$73.99

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This groundbreaking new core textbook encourages students to take a more critical approach to the prevalent assumptions around the subject of macroeconomics, by comparing and contrasting heterodox and orthodox approaches to...

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This groundbreaking new core textbook encourages students to take a more critical approach to the prevalent assumptions around the subject of macroeconomics, by comparing and contrasting heterodox and orthodox approaches to theory and policy. The first such textbook to develop a heterodox model from the ground up, it is based on the principles of Modern Monetary Theory (MMT) as derived from the theories of Keynes, Kalecki, Veblen, Marx, and Minsky, amongst others. The internationally-respected author team offer appropriate fiscal and monetary policy recommendations, explaining how the poor economic performance of most of the wealthy capitalist countries over recent decades could have been avoided, and delivering a well-reasoned practical and philosophical argument for the heterodox MMT approach being advocated.

The book is suitable for both introductory and intermediate courses, offering a thorough overview of the basics, while covering everything needed for more advanced courses. Issues are explained conceptually, with the more technical, mathematical material in chapter appendices, offering greater flexibility of lecturer use.

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  • Pluralistic critical coverage of macro thought, with both mainstream neoclassical principles and the MMT alternative defined and discussed in detail
  • Valuable historical context is provided, showing the evolution of macroeconomics and the emergence and divergence of the different schools
  • A focus on the realities of how money and banks operate, and on applied theories of financial instability, gives an unrivalled real-world insight into how the economy actually works
  • Truly global approach and perspective, with a high-profile author team drawn from the US and Australia and a wealth of data and examples drawn from across the globe              


PART A: INTRODUCTION & MEASUREMENT
1 Introduction
2 How to Think and Do Macroeconomics
3 A Brief Overview of the Economic History and the Rise of Capitalism
4 The System of National Income and Product Accounts
5 Labour Market Concepts and Measurement
6 Sectoral Accounting and the Flow of Funds
7 Methods, Tools and Techniques
8 Framing and Language in Macroeconomics
PART B: CURRENCY, MONEY & BANKING
9 Introduction to Sovereign Currency: The Government and its Money
10 Money and Banking
PART C: NATIONAL INCOME, OUTPUT AND EMPLOYMENT DETERMINATION
11 The Classical System
12 Mr Keynes and the ‘Classics’
13 The Theory of Effective Demand
14 The Macroeconomic Demand for Labour
15 The Aggregate Expenditure Model
16 Aggregate Supply
PART D UNEMPLOYMENT AND INFLATION: THEORY AND POLICY
17 Unemployment and Inflation
18 The Phillips Curve and Beyond
19 Full Employment Policy
PART E ECONOMIC POLICY IN AN OPEN ECONOMY
20 Introduction to Monetary and Fiscal Policy Operations
21 Fiscal Policy in Sovereign Nations
22 Fiscal Space and Fiscal Sustainability
23 Monetary Policy in Sovereign Nations
24 Policy in an Open Economy: Exchange Rates, Balance of Payments and Competitiveness
PART F ECONOMIC INSTABILITY
25 The Role of Investment in Profit Generation
26 Stabilising the Unstable Economy
PART G HISTORY OF MACROECONOMIC THOUGHT
27 Overview of the History of Economic Thought
28 The IS-LM Framework.- 29 Modern Schools of Economic Thought
30 The New Monetary Consensus in Macroeconomics
PART H CONTEMPORARY DEBATES
31 Recent Policy Debates
32 Macroeconomics in the Light of the Global Financial Crisis
33 Macroeconomics for the Future.

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William Mitchell is a Professor of Economics at the University of Newcastle, Australia

L. Randall Wray is a Senior Scholar at the Levy Economics Institute of Bard College, USA

Martin Watts is a Professor of Economics at the University of Newcastle, Australia

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William Mitchell is a Professor of Economics at the University of Newcastle, Australia

L. Randall Wray is a Senior Scholar at the Levy Economics Institute of Bard College, USA

Martin Watts is a Professor of Economics at the University of Newcastle, Australia

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