Macroeconomics

William Mitchell, L. Randall Wray, Martin Watts

• Publisher: Bloomsbury Academic
• Year: 2019
• Print ISBN: 9781137610669
• eBook ISBN: 9781137610676
• Edition: 1
• Topic: Economics
• Subtopic: Macroeconomics
• Index: Economics

This groundbreaking new core textbook encourages students to take a more critical approach to the prevalent assumptions around the subject of macroeconomics, by comparing and contrasting heterodox and orthodox approaches to theory and policy. The first such textbook to develop a heterodox model from the ground up, it is based on the principles of Modern Monetary Theory (MMT) as derived from the theories of Keynes, Kalecki, Veblen, Marx, and Minsky, amongst others. The internationally-respected author team offer appropriate fiscal and monetary policy recommendations, explaining how the poor economic performance of most of the wealthy capitalist countries over recent decades could have been avoided, and delivering a well-reasoned practical and philosophical argument for the heterodox MMT approach being advocated. The book is suitable for both introductory and intermediate courses, offering a thorough overview of the basics and valuable historical context, while covering everything needed for more advanced courses. Issues are explained conceptually, with the more technical, mathematical material in chapter appendices, offering greater flexibility of use. Accompanying online resources for this title can be found at bloomsburyonlineresources.com/mitchell-macroeconomics. These resources are designed to support teaching and learning when using this textbook and are available at no extra cost.

Table of contents

• Cover
• Contents
• List of Figures
• List of Tables
• List of Boxes
• About the Authors
• About the Book
• Tour of the book
• Preface
• Acknowledgements
• Website Materials
• 1 Introduction
• 2 How to Think and Do Macroeconomics
• 3 A Brief Overview of 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 The Use of Framing and Language in Macroeconomics
• 9 Introduction to Sovereign Currency: The Government and its Money
• 10 Money and Banking
• 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
• 17 Unemployment and Inflation
• 18 The Phillips Curve and Beyond
• 19 Full Employment Policy
• 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
• 25 The Role of Investment in Profit Generation
• 26 Stabilising the Unstable Economy
• 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
• 31 Recent Policy Debates
• 32 Macroeconomics in the Light of the Global Financial Crisis
• 33 Macroeconomics for the Future
• Index