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Full Description
Quantum Macroeconomics presents a new paradigm in macroeconomic analysis initiated by Bernard Schmitt. It explains the historical origin, the analytical contents, and the actual relevance of this new paradigm, with respect to current major economic issues at national and international level. These issues concern both advanced and emerging market economies, referring to inflation, unemployment, financial instability, and economic crises.
In the first part of this volume, leading scholars explain the historical origin and analytical content of quantum macroeconomics. The second part explores its relevance with respect to the current major economic issues such as the sovereign debt crisis and European monetary union. The volume also features two previously unpublished papers by Bernard Schmitt. The main findings of this book concern the need to go beyond agents' behaviour to understand the structural origin of a variety of macroeconomic problems, notably, inflation, unemployment, financial instability, and economic crises. The originality that pervades all contributions is plain, when one considers the lack of any structural explanation of national and international economic disorders in the literature within the mainstream approach to economics.
This edited volume is of great interest to those who study macroeconomics, monetary economics and money and banking.
Contents
Introduction
JEAN-LUC BAILLY, ALVARO CENCINI AND SERGIO ROSSI
Preface: The research work and scientific legacy of Bernard Schmitt
ALVARO CENCINI
PART I
Analysing the domestic economy
1 La formation du pouvoir d'achat: a historical perspective
CLAUDE GNOS
2 Absolute exchange and relative exchange
JEAN-LUC BAILLY
3 Inflation and unemployment
XAVIER BRADLEY
4 A macroeconomic analysis of unemployment
BERNARD SCHMITT
5 National banking reform
ALVARO CENCINI
PART II
Analysing the international economy
6 From reparations to (net) interest payments on external debt: same script, different cast
EDOARDO BERETTA
7 Keynes's and Schumacher's Plans and the failed attempt to understand international monetary relations
NADIA F. PIFFARETTI
8 European monetary union
SERGIO ROSSI
9 The sovereign debt crisis
ALVARO CENCINI
10 A one-country reform: the solution to the sovereign debt crisis
BERNARD SCHMITT
Postface: Bernard Schmitt and heterodox economics
SERGIO ROSSI
