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Presenting traditional neoclassical macroeconomic theory and then contrasting it with alternative schools of thought, this exciting new book encourages students to take a more critical approach to the subject.
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.
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
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.
