Macroeconomics

Macroeconomics

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Description

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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Product details

  • Paperback | 604 pages
  • 193 x 260 x 30.48mm | 1,224.7g
  • Red Globe Press
  • United Kingdom
  • English
  • 1st ed. 2019
  • 114 Tables, color; 114 Illustrations, color; 604 p. 114 illus. in color.
  • 1137610662
  • 9781137610669
  • 20,607

Back cover copy

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.



Key features include;




Pluralistic coverage of macro thought, with both mainstream neoclassical principles and the MMT alternative defined and discussed in detail, offering students a critical analysis of the subject.

Valuable historical context is provided, showing the evolution of macroeconomics as a discipline, and the emergence and divergence of its different schools.

A focus on the realities of how money and banks operate, and on applied theories of financial instability, combined to give 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.

Companion website offers additional resources including an instructor's manual, worked examples, tutorial questions, and additional references.
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Table of contents

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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About Randall Wray

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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