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Full Description
This introductory textbook provides a broad introduction to the field of macroeconomics and the alternative approaches to modeling an economic system. Adopting a pluralistic approach, it rigorously analyzes the theories and policies proposed by the classical and neoclassical, Marxian, institutionalist, Keynesian and post-Keynesian schools of thought. It critically examines fiscal, monetary, and regulatory policies prescribed by the different schools, exploring the intricate links between the economy, society and nature. It ultimately demonstrates that economic modeling is always a matter of choice and compromise, and no one school of thought can accurately capture the full essence of a real evolving economic system under all circumstances, in all places, and at all times in history.
Key Features:
Presents a realistic picture of human economic behavior based on empirical evidence from multiple scientific disciplines
Discusses alternative approaches to modeling an economic system, and explains the advantages and weaknesses of each
Draws on diverse schools of economic thought and other scientific disciplines to explain why an economic system is never a stationary structure but always in a process of dynamic change
Focuses on how macroeconomic policy can be improved in a time of growing inequality, insecurity, and ecological stresses and contradictions
Interdisciplinary in scope, this textbook will prove essential to scholars, researchers and students of economics and finance, especially those interested in political economy, evolutionary economics, environmental economics, development economics, and radical and feminist economics. Economists and social scientists seeking alternative approaches to macroeconomics will equally benefit from this fundamental resource.
Contents
Contents:
PART I A FIRST GLANCE AT OUR ECONOMIC SYSTEM
1 Alternative Perspectives on the Economic System
2 Measuring Production and Human Well-Being
3 People and Households
4 Production and the Business Firm
5 The Roles of Government in the Economy
6 Money and the Financial Sector of the Economy
PART II MACROECONOMIC MODELS
7 Macroeconomic Modeling
8 The Classical Macroeconomic Model
9 The Marxian Macroeconomic Model
10 The Keynesian Model
PART III MACROECONOMIC POLICY
11 Keynesian Macroeconomic Policy
12 Inequality and Instability: A Post Keynesian Response
13 Macroeconomic Policy and our Ecosystem
PART IV EXTENSIONS OF MACROECONOMICS
14 The Open Macroeconomy
15 Economic Growth and Economic Change
Index
