Description
Book SynopsisThe second edition of this important textbook introduces students to the fundamental ideas of heterodox economics. It is written in a clear way by top heterodox scholars. This introductory book offers not only a critique of the dominant approach to economics, but also presents a positive and constructive alternative. Students interested in an explanation of the real world will find the heterodox approach not only satisfying, but ultimately better able to explain a money-using economy prone to periods of instability and crises.
Key features of this textbook include:
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- A non-conventional understanding of economic analysis on a number of relevant topics
- A new analysis of the state of macroeconomics
- Deep and convincing criticism of orthodox thinking
- Discussion of the crucial importance of money, banking and finance today
- New discussions of the theories of consumption and investment
- Analysis of the roots of the 2008 global financial crisis
- A presentation of the features of sustainable development.
Students of economics at all levels can use this textbook to deepen their understanding of the heterodox approach, the fundamental roots of the 2008 global financial crisis and the need to rethink economics afresh.
Trade Review‘This book is a comprehensive textbook of macroeconomics that can be easily regarded as one of the top scholarly contributions made in recent years to introduce readers to the realm of political economy. Contributors include among the best Keynesian economists and historians of economic thought. This book pushes the frontier of knowledge and its reading seems to be a required step for the inquisitive reader.’ -- Andrea Carrera, Review of Political Economy
'The challenges of ameliorating enduring inequalities and supporting an inclusive recovery from the Covid-19 crisis necessitate new understandings of macroeconomic dynamics and policy innovations. This invaluable volume brings together some of the world's leading macroeconomists to advance these critical aims at what may turn out to be a turning point in the profession.' -- Ilene Grabel, University of Denver, US, author of When Things Don’t Fall Apart: Global Financial Governance and Developmental Finance in an Age of Productive Incoherence
'Now that this excellent heterodox book is into a second edition there are only two choices; read it, or continue to be ''deceived by economists''.' -- John Smithin, York University and Aurora Philosophy Institute/Institut philosophie Aurora, Canada
Table of ContentsContents: Introduction: the urgent need for a heterodox approach to economic analysis 1 Louis-Philippe Rochon and Sergio Rossi PART I ECONOMICS, ECONOMIC ANALYSIS AND ECONOMIC SYSTEMS 1 What is economics? 25 Louis-Philippe Rochon and Sergio Rossi 2 The state of macroeconomics 51 Louis-Philippe Rochon and Sergio Rossi 3 The history of economic theories 80 Heinrich Bortis 4 Monetary economies of production 122 Louis-Philippe Rochon PART II MONEY, BANKS AND FINANCIAL ACTIVITIES 5 Money and banking 151 Marc Lavoie and Mario Seccareccia 6 The financial system 176 Jan Toporowski 7 Central banking and monetary policy 200 Louis-Philippe Rochon and Sergio Rossi PART III THE MACROECONOMICS OF THE SHORT AND LONG RUN 8 Theories of consumption 233 Stavros A. Drakopoulos 9 Theories of investment 268 Thomas Dallery 10 Aggregate demand 307 Jesper Jespersen 11 Inflation and unemployment 331 Alvaro Cencini and Sergio Rossi 12 The role of fiscal policy 355 Malcolm Sawyer 13 Economic growth and development 376 Mark Setterfield 14 Wealth distribution 402 Omar Hamouda PART IV INTERNATIONAL ECONOMY 15 International trade and development 437 Robert A. Blecker 16 Balance-of-payments constrained growth 469 John McCombie and Nat Tharnpanich 17 European monetary union 494 Sergio Rossi PART V RECENT TRENDS 18 Financialization 517 Gerald A. Epstein 19 Imbalances and crises 540 Robert Guttmann 20 Sustainable development 566 Richard P.F. Holt 21 Conclusion: do we need microfoundations for macroeconomics? 593 John King Answers 618 Index 633
