Macroeconomics

ISBN-13: 9781137610669 / Angielski / Miękka / 2019 / 604 str.

Australia) Watts Professor Martin (University of Newcastle

Opis

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.

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Spis treści

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.

O autorze

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

Blurb

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.