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Full Description
In this much-needed companion volume to the popular Economics Anti-Textbook: A Critical Thinker's Guide to Microeconomics, Myatt reveal how the blind spots and methodological problems present in microeconomics continue to exert their influence in mainstream macroeconomics. From a flawed conception of the labour market to a Pollyana view of the financial sector, macroeconomic principles as they are set out in conventional undergraduate textbooks consistently fail to set out a realistic, useful or equitable framework for understanding the world. In the light of the global financial crisis and subsequent calls for austerity, the need for a critique of these misguided principles has become all the more pressing. By summarising and then critically evaluating the major topics found in a typical macroeconomics text, the Anti-Textbook lays bare their sins of omission and commission, showing where hidden value judgements are made and when contrary evidence and alternative theories are ignored.
The Macroeconomics Anti-Textbook is the students' essential guide to decoding mainstream macroeconomic textbooks, and demonstrates how real-world economics is much more interesting than most economists are willing to let on.
Contents
Preface: The context and our objectives.
1. The Invention of Macroeconomics
2. Thinking like a Neoclassical Economist
3. Macroeconomic Indicators: Output, unemployment, inflation, and more
4. The Big Picture: Growth, distribution, and environmental stability
5. The Financial System: Implications for growth, stability, and distribution
6. Short-Run Macro Models
7. Fiscal Policy: The political economy of deficits and debt, stimulus and austerity
8. Banking: From money to banks to bank bailouts
9. Monetary Policy: The political economy of central banking
10. Unemployment and inflation: What would full employment mean?
11. International Complications: Globalization, capital flows, and currency values
12. Summing Up: What we know and what we don't
