Since the appearance of macroeconomics in the 1940s, economists have created many theoretical frameworks to explain the origin and mechanism of economic fluctuations. However, few of these have managed to gain explanatory power over reality; nor can they solve real-life problems. This book proposes a new macroeconomic paradigm that makes breakthroughs in these areas.
Based on a balance sheet approach and macro-financial linkage analysis, this book carries out a comprehensive analysis of the trends within China’s macroeconomy in 2020. The author argues that the COVID-19 pandemic created a...