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Full Description
This insightful textbook offers a comprehensive critique of neoclassical economics, presenting a detailed and accessible discussion of major macroeconomic issues. Intermediate Macroeconomics highlights the need for an alternative framework to demonstrate the irrelevance of mainstream economic theory and its inability to provide satisfactory responses to the continuing challenges of modern economies.
Topics covered include the role of commercial banks and the central bank, unemployment and inflation, fiscal policy, monetary policy and worsening worldwide inequality.
Key Features:
Presents exam questions at the end of each chapter to highlight key learnings and direct further discussion
Outlines clear explanations of fiscal policy concepts and their application in a post-Keynesian context
Brings together an array of esteemed heterodox economic scholars to discuss important macroeconomic concerns
Debates the strengths and weaknesses of neoclassical economics and showcases credible heterodox alternatives
Provides an accessible heterodox analysis of macroeconomics, relating financial theory to prevalent issues in society
This book is an essential text for undergraduate and masters students in economics, in particular post-Keynesian economics. It is also an excellent resource for post-Keynesian and non-mainstream economic researchers and practitioners.
Contents
Contents
Introduction: The urgent need for an alternative explanation in a postpandemic era xiii
Hassan Bougrine, Louis-Philippe Rochon and Mario Seccareccia
PART I MACROECONOMICS: THE BIG PICTURE
1 The market system and the public sector: Rivals or complements? 3
Tae-Hee Jo
2 What is money? The role of commercial banks and the central bank 19
Hassan Bougrine
3 What determines consumption and saving? Mapping the class
structure of society 37
Mario Seccareccia
4 What determines investment? The real economy versus the
dominance of finance 59
Leila E. Davis
5 Is there a Phillips curve? Unemployment and inflation 77
Marc Lavoie
6 What is fiscal policy? Implications for growth and income distribution 99
Hassan Bougrine
7 What is monetary policy? Implications for growth and income
distribution 113
Lilian Rolim and Sylvio Antonio Kappes
8 Should central banks be independent? 127
Wesley Marshall and Louis-Philippe Rochon
9 Should full employment be a policy objective? 143
Pavlina R. Tcherneva and Kyle Mohr
10 Should wealth and income inequality matter? 165
Rishabh Kumar
PART III OPEN ECONOMY MACROECONOMICS
11 The balance of payments and exchange rates: what are the policy
options? 183
Robert A. Blecker
12 Free trade versus regulated trade: what are the implications for
growth, structural change and sustainability? 207
Pierre Kohler
13 Exchange rate arrangements: fix, float or manage? 233
Nathaniel Cline, Carlos Schönerwald da Silva and Matías Vernengo
14 Capital control versus free mobility: What are the implications for
growth? 245
Gerald Epstein
15 Globalization of capital versus globalization of poverty: worsening
worldwide inequality? 263
Suranjana Nabar-Bhaduri
