Contemporary Macroeconomics: New Global Disorder

ISBN-13: 9789811995415 / Angielski

Vasilii Erokhin; Gao Tianming; Jean Vasile Andrei

Opis

This book covers a lot of ground in contemporary macroeconomics, from fundamental theories such as market structures and equilibrium to emerging concepts that reflect the most critical challenges of modern times, including economic slowdowns, the resilience of public health systems, digitalization, environmental footprints, and many more. The COVID-19 outbreak has aggravated the recurrent problems of poverty and income inequality between countries, food insecurity and hunger, unemployment, and social disorders that have resulted in the exacerbation of political, economic, and trade tensions between countries. In view of the damaging consequences of the pandemic for the entire global economy, the book examines how existing macroeconomic tools and policies could be adapted to the new normal to ensure sustainable post-pandemic development and growth.The main text is interspersed with real-life illustrations and cases that demonstrate practical implications of the concepts under study. This makes the reading relevant and active. Every chapter starts with learning objectives and ends with a series of questions and quizzes that enable easier reinforcement of the course content. This book is written mainly for students, but it would be much useful to the broader public audience, including postgraduates, researchers, and business people who will be able to learn all recent updates about macroeconomics and the post-pandemic perspectives of the global economy.

Spis treści

PART I: ESSENTIALS OF MACROECONOMICS

 

Chapter 1. Introduction

1.1. Subject of Macroeconomics

1.2. Major Schools of Thought

1.3. Study of Macroeconomic Processes

1.4. Basic Concepts and Definitions

1.5. National Economy and Reproduction

 

Chapter 2. Macroeconomic Indicators

2.1. Costs, Revenues, and Profit

2.2. Economies and Diseconomies of Scale

2.3. Gross Domestic and National Products

2.4. National Income and Wealth

2.5. Wellbeing

2.6. Environmental Footprints

2.7. Quality of Macroeconomic Measurements

 

Chapter 3. Market Structures

3.1. Market Structures and Concentration

3.2. Competitive Markets

3.3. Monopoly and Oligopoly

3.4. Monopsony and Oligopsony

 

Chapter 4. Major Actors in Contemporary Markets

4.1. Governments and Macroeconomic Policies

4.2. International Organizations

4.3. Transnational Corporations

 

 

PART II: DISEQUILIBRIUM MACROECONOMICS

 

Chapter 5. Demand and Supply

5.1. Demand, Supply, and Equilibrium in Markets

5.2. Aggregate Demand and Supply

5.3. Shifts in Demand and Supply and Changes in Equilibrium

5.4. Price Determination and Price Elasticities of Demand and Supply

 

Chapter 6. Economic Equilibrium

6.1. Theory of Macroeconomic Equilibrium

6.2. National Economic Performance

6.3. Consumption, Investment, and the Multiplier

6.4. Commodity Market Equilibrium

6.5. Money Market Model and Relationship Between Commodity and Money Markets

6.6. The Keynesian Model of Macroeconomic Equilibrium

 

Chapter 7. Economic Cycles

7.1. Theory of Economic Cycles

7.2. Types of Economic Cycles

7.3. Crises of the Modern Age: from the Great Depression to the COVID-19

7.4. Equilibrium Determinants

7.5. Stabilization Policies

 

Chapter 8. Disequilibrium and Unemployment

8.1. Foundations of Employment

8.2. Unemployment

8.3. Indicators and Factors of Unemployment

8.4. Labor Market Regulation

 

Chapter 9. Disequilibrium and Inflation

9.1. Foundations of Inflation

9.2. Factors of Inflation

9.3. Measuring Inflation

9.4. Anti-Inflation Regulation

 

PART III: MARKET FAILURE

 

Chapter 10. Government Intervention in Unbalanced Markets

10.1. Failures and Imbalances in Markets

10.2. Lockdowns and Disruptions to Supply Chains

10.3. Rise in Monopoly Power and Antitrust Regulation

10.4. Asymmetrical Information

10.5. Market Externalities

10.6. Public Goods

 

Chapter 11. Monetary System

11.1. Money Circulation and Monetary System

11.2. Money Supply

11.3. Money Market

11.4. Monetary Policy

11.5. New Challenges for Monetary Regulations amid High Uncertainty

 

Chapter 12. Credit and Banking

12.1. Credit in Market Economy

12.2. Credit System

12.3. Banks

 

Chapter 13. Public Finance

13.1. Foundations of Public Finance

13.2. Government Budget

13.3. Fiscal Policy

13.4. Budget Deficit and Public Debt

 

Chapter 14. Social Issues of Economic Growth

14.1. Social Policy

14.2. Economic Growth and Standards of Living

14.3. Poverty

14.4. Inequality

 

PART IV: THE NEW NORMAL DEVELOPMENT AND GROWTH

 

Chapter 15. The Pandemic-Related Challenges of Economic Development

15.1. COVID-19 and Impacts on Economic Development

15.2. Inequalities between and within Countries

15.3. Least Developed Countries

15.4. Post-Pandemic Constraints on Growth and Development

15.5. Emerging Tensions between Global Actors

 

Chapter 16. Foundations of Economic Development

16.1. Basic Concepts of Economic Development

16.1. Structuralist Model

16.2. Rostow’s Stages of Linear Growth Theory

16.3. Harrod-Domar Growth Model

16.4. Lewis’ Trickle-Down Theory

16.5. Mahalanobis Four Sector Model

16.6. Robinson’s Growth Model

16.7. Solow-Swan Model

16.8. Mankiw-Romer-Weil Model

16.9. Kuznets’ Growth Model

16.10. Kaldor’s Model

16.11. Nurksian’s Strategy of Balanced Growth

16.12. Myrdal’s Backwash Effect and Economic Growth

16.13. Marxist Vision of Economic Development

 

Chapter 17. Emerging Concepts in Macroeconomics

17.1. Circular Economy

17.2. Economic Resilience

17.3. Digitalization

17.4. Sharing Economy

 

Chapter 18. Technological Choice and Development

18.1. Role of Technology in the New Normal Economy

18.2. Effects of Technological Change on Trade, Investment, and Development

18.3. Priorities of Technological Development

18.4. Innovation Pessimism

18.5. Production and Technological Possibilities

18.6. Creative Destruction

 

Chapter 19. Human Capital and Economic Development

19.1. Approaches to Understanding Human Capital

19.2. Theories of Economic Growth and Human Capital

19.3. Human Capital Investments: Growth Effects and Returns

19.4. Inequalities in Human Capital Development

19.5. Human Capital and Education

19.6. Human Capital and Health

 

Chapter 20. Post-Pandemic Sustainable Development: The Farer-Reaching Perspective

20.1. Sustainable Development Concepts

20.2. Sustainable Economic Development

20.3. Economics and Environment

20.4. Environmental Destruction

20.5. Pursuing Sustainable Development

 

PART V: GLOBALIZATION AND INTERNATIONAL COMPETITIVENESS

 

Chapter 21. Theories of International Trade and Competitiveness

21.1. Mercantilism

21.2. Smith’s Theory of Absolute Advantage

21.3. Ricardo’s Theory of Comparative Advantage

21.4. Haberler’s Theory of Opportunity Costs

21.5. The Heckscher-Olin Model

21.6. Linder’s Hypothesis

21.7. Posner’s Technology Gap Theory

21.8. Minhas’ Theory of Factor Intensity Reversal

21.9. Hicks’ Theory of Technological Progress

21.10. Balassa’s Theory of Intra-Industry Trade

21.11. Vernon’s Model of International Product Life Cycle

21.12. Krugman’s Economy of Scale

21.13. Helpmann’s Dispersion of Relative Factor Endowment

21.14. The Stolper-Samuelson Theorem

21.15. The Leontief’s Paradox

21.16. Gravity Model

21.17. Porter’s Theory of Competitive Advantage

 

Chapter 22. International Exchange Market

22.1. Foreign Exchange Market

22.2. Exchange Rate and Currency Trading

22.3. Exchnage Rate Shocks and International Spillovers

22.4 Major Financial Instruments

 

Chapter 23. International Migration of Labor

23.1. Major Definitions of International Migration

23.2. Theories of International Migration of Labor

23.3. History of Human and Labor Migration

23.4. Current Global Trends of International Migration of Labor

23.5. Governance of International Migration of Labor

 

Chapter 24. Liberalization and Protectionism

24.1. Protectionism

24.2. Rise in Protectionism during the COVID-19 Crisis

24.3. Free Trade

24.4. Multilateral Regulation of International Trade

 

 

Chapter 25. Globalization and Regionalization

25.1. History of Globalization

25.2. Effects of Globalization

25.3. Critics and Controversies of Globalization

25.4. Anti-Globalization Manifestations of the Pandemic

25.5. Globalization and Social Policy in the Post-Pandemic World

 

Chapter 26. Regional Outlook: Recent Performances and Post-Pandemic Perspectives

26.1. East Asia and Pacific

26.2. Europe and Central Asia

26.3. Latin America and the Caribbean

26.4. Middle East and North Africa

26.5. North America

26.6. South Asia

26.7. Sub-Saharan Africa

O autorze

Vasilii Erokhin is an associate professor, School of Economics and Management, Harbin Engineering University, China. Dr. Erokhin is an author of over 200 publications in the areas of sustainable economic development, international trade, and globalization, including “Shifting Patterns of Agricultural Trade: The Protectionism Outbreak and Food Security” (Springer Nature), “Sustainable Economic Development: Challenges, Policies, and Reforms” (MDPI), and “Regional Trade and Development Strategies in the Era of Globalization” (IGI Global). Dr. Erokhin is an editor and board member in several peer-reviewed journals and a holder of the honorary awards from the Ministry of Agriculture and the Ministry of Education and Science of Russia.

Gao Tianming is a professor, School of Economics and Management, Harbin Engineering University, China. He is a director and the chief expert of the Center for Russian and Ukrainian Studies (CRUS) and Arctic Blue Economy Research Center (ABERC) at Harbin Engineering University, the deputy head of the Heilongjiang International Economic and Trade Association, and a leading consultant of governmental bodies and commercial organizations in the sphere of economic collaboration between China, Russia, and the Republic of Korea.

Jean Vasile Andrei is a full professor at the Petroleum-Gas University of Ploiesti, Faculty of Economic Sciences. He is an editor-in-chief at International Journal of Sustainable Economies Management (USA), a founder of the Research Network on Resources Economics and Bioeconomy (RebResNet), and a member of the Balkan Scientific Association of Agrarian Economists, Danube Adria Association for Automation & Manufacturing–DAAAM International Vienna and Information Resources Management Association-USA. His research interests include sustainable development, agricultural economics and rural development, energy and resource economics, and business economics. Prof. Andrei authored over 70 papers, 11 books, and numerous conferences presentations.