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Intermediate Macroeconomics: Theory, Policy and Competing Perspectives

Intermediate Macroeconomics: Theory, Policy and Competing Perspectives

          
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About the Book

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.

Table of 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


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Product Details
  • ISBN-13: 9781803928593
  • Publisher: Edward Elgar Publishing Ltd
  • Publisher Imprint: Edward Elgar Publishing Ltd
  • Height: 244 mm
  • No of Pages: 298
  • Width: 169 mm
  • ISBN-10: 180392859X
  • Publisher Date: 24 Jun 2025
  • Binding: Hardback
  • Language: English
  • Sub Title: Theory, Policy and Competing Perspectives


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