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.
A unique new critical take on the prevalent assumptions in macroeconomic theory and policy, comparing and contrasting heterodox and orthodox approaches. The first textbook to develop a heterodox model from the ground up, largely based on Modern Monetary Theory (MMT) ideas.
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
Even some mainstream economists now acknowledge that the
macroeconomics of the past thirty years represents a big step back.
But they do not recognize that this is because it lacks a pluralist
perspective, and in the meantime they have ignored the
revolutionary potential of heterodox economics for reconstructing
macroeconomics. This new book points out the right direction for
the coming macroeconomics revolution.
*Jia Genliang, Renmin University of China*
Finally, a macroeconomics text that takes a modern-monetary
approach to the macroeconomy. Finally, an alternative to the
mainstream vision of the macro economy and what it says and, more
importantly, fails to say, about the real world. The presentation
of Keynes closely approximates his vision, a much-needed change
from texts that present a “bastardized” view of Keynes’ theory. The
book is highly readable, the assumptions underlying the different
models are presented clearly, the logic easy to follow, and the
historical context serves to add relevance.
*John P. Watkins, Westminster College, Utah, USA*
A complete, up-to-date and excellent account of macroeconomic
theory. An excellent critique of the mainstream economic paradigm,
it calls for more realistic approaches to human behaviour, and for
heterodox ideas in economics. It presents macroeconomic methodology
in the light of the 2007-08 crisis, and outlines how economics
should proceed in the post-crash world. One of the most interesting
and remarkable macroeconomics textbooks of the past few years.
*Omar Feraboli, University of Dundee, UK*
Finally, a macro textbook that rejects neoclassical
microfoundations as a basis for understanding how capitalism works.
The authors replace maximizing individuals with social classes
where capitalist firms exercising differential power largely
determine economic outcomes.
*Robert Chernomas, University of Manitoba, Canada*
The most progressive macroeconomics textbook on the market.
Organized around a balance sheet view, the authors carefully
examine the most important issues of our time: Why government as
the sovereign issuer of currency is not financially constrained,
how banks create deposits by making loans and how the central bank
influences the economy by shifting interest rates. The authors are
outstanding scholars of macroeconomics, and this textbook should
enlighten the next generation of students. I recommend it
wholeheartedly.
*Dirk Ehnts, Europa-Universität Flensburg, Germany*
A uniquely well-structured, clear discussion of macroeconomics for
the 21st century, contrasting a useful and realistic analysis of a
modern monetary production economy with the flawed, unrealistic and
outdated narrowly neoclassical approach which has failed so
comprehensively in recent years. Quite simply the best economics
textbook I have ever read, and one which should become a standard
text in many universities and colleges in the years to come.
*Steven Hail, University of Adelaide, Australia*
Supremely accessible … Unlike most other textbooks, it explains
schools of thought, relates them to the history of economic ideas
and provides historical and institutional detail. Students are
invited to reflect on why economists disagree, what macroeconomics
means, and the role of language and framing. One can only wish that
all textbooks nurtured sensitivity to these topics in future
economists. All in all, an exceptionally clear text for students
new to macroeconomics and a good grounding in the current policy
debates shown in the final part of the book ... It marries
pluralism of ideas with a clear exposition of Modern Monetary
Theory, all with institutional realism and analytical rigor - a
major feat. Highly recommended!
*Dirk J. Bezemer, University of Groningen, Netherlands*
This is a long awaited first-year university textbook where
heterodox and mainstream approaches run side by side within a
critical framework which avoids the pedagogical pitfall of forcing
students to learn economics through mainstream lenses. Students and
experienced economists alike can learn from this wonderful
book.
*Alberto Paloni, University of Glasgow, UK*
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