Paperback
A Pluralistic Introduction to Macroeconomics
Methodology, Theory, and Policy
9781035322350 Edward Elgar Publishing
This introductory textbook provides a broad introduction to the field of macroeconomics and the alternative approaches to modeling an economic system. It ultimately demonstrates that economic modeling is always a matter of choice and compromise, and no one school of thought can accurately capture the full essence of a real evolving economic system under all circumstances, in all places, and at all times in history.
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Critical Acclaim
Contributors
Contents
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This introductory textbook provides a broad introduction to the field of macroeconomics and the alternative approaches to modeling an economic system. Adopting a pluralistic approach, it rigorously analyzes the theories and policies proposed by the classical and neoclassical, Marxian, institutionalist, Keynesian and post-Keynesian schools of thought. It critically examines fiscal, monetary, and regulatory policies prescribed by the different schools, exploring the intricate links between the economy, society and nature. It ultimately demonstrates that economic modeling is always a matter of choice and compromise, and no one school of thought can accurately capture the full essence of a real evolving economic system under all circumstances, in all places, and at all times in history.
Key Features:
● Presents a realistic picture of human economic behavior based on empirical evidence from multiple scientific disciplines
● Discusses alternative approaches to modeling an economic system, and explains the advantages and weaknesses of each
● Draws on diverse schools of economic thought and other scientific disciplines to explain why an economic system is never a stationary structure but always in a process of dynamic change
● Focuses on how macroeconomic policy can be improved in a time of growing inequality, insecurity, and ecological stresses and contradictions
Interdisciplinary in scope, this textbook will prove essential to scholars, researchers and students of economics and finance, especially those interested in political economy, evolutionary economics, environmental economics, development economics, and radical and feminist economics. Economists and social scientists seeking alternative approaches to macroeconomics will equally benefit from this fundamental resource.
Key Features:
● Presents a realistic picture of human economic behavior based on empirical evidence from multiple scientific disciplines
● Discusses alternative approaches to modeling an economic system, and explains the advantages and weaknesses of each
● Draws on diverse schools of economic thought and other scientific disciplines to explain why an economic system is never a stationary structure but always in a process of dynamic change
● Focuses on how macroeconomic policy can be improved in a time of growing inequality, insecurity, and ecological stresses and contradictions
Interdisciplinary in scope, this textbook will prove essential to scholars, researchers and students of economics and finance, especially those interested in political economy, evolutionary economics, environmental economics, development economics, and radical and feminist economics. Economists and social scientists seeking alternative approaches to macroeconomics will equally benefit from this fundamental resource.
Critical Acclaim
‘A Pluralistic Introduction to Macroeconomics is an extraordinary achievement. It is simultaneously critical and constructive. Three absolutely standout features are: (1) the presentation of Keynesian economics, which revives and captures many of the crucial and challenging original insights of Keynes that had been dropped in recent decades; (2) the treatment of macroeconomics and the ecosystem; and (3) appreciation for how business institutions shape the macroeconomy, which draws heavily on the thought of Thorstein Veblen. Van den Berg gives students the tools to think for themselves and provides many opportunities to exercise these new skills.’
– Michael Ash, University of Massachusetts Amherst, US
‘A most balanced and encompassing text. Along with standard topics, students get the “bigger picture” – how the social system, environment, culture shape the economy. Excellent presentation of the entire theoretical landscape, not one paradigm. This book will capture students’ attention and have them want more. A book for our times!’
– Örn B. Bodvarsson, Willamette University, US
‘The greatest strength of this textbook is its seamless integration of critical material alongside material that is taught in any introductory Macroeconomics course. This has the advantage of making the student critically examine the models they learn and gives them a taste of the field''s intellectual history. Given recent economic history, it may help to look back at how economists of the past thought about our world''s problems and struggled with solutions. I would certainly make this book at least a recommended reading for introductory macroeconomics.’
– Alfredo R.M. Rosete, Central Connecticut State University, US
‘A Pluralistic Introduction to Macroeconomics is a unique treasure trove of ideas, information and teaching tools that will open the minds of students and teachers alike to the power of multiple perspectives on Economics to illuminate our fascinating and complex world of macroeconomics. Suitable for Introductory as well as Intermediate courses in macroeconomics, this broad ranging textbook will also be of interest to teachers and students in non-economics disciplines as well.’
– Gerald Epstein, University of Massachusetts Amherst, US
‘Hendrik Van den Berg has produced a wonderful textbook on Macroeconomics that is a significant advance over standard textbooks for its theoretical and methodological pluralism. In addition to standard macro it applies Institutionalist and Marxian analysis to give students a marvelously rich and stimulating take on the subject.’
– Lawrence King, University of Massachusetts Amherst, US
– Michael Ash, University of Massachusetts Amherst, US
‘A most balanced and encompassing text. Along with standard topics, students get the “bigger picture” – how the social system, environment, culture shape the economy. Excellent presentation of the entire theoretical landscape, not one paradigm. This book will capture students’ attention and have them want more. A book for our times!’
– Örn B. Bodvarsson, Willamette University, US
‘The greatest strength of this textbook is its seamless integration of critical material alongside material that is taught in any introductory Macroeconomics course. This has the advantage of making the student critically examine the models they learn and gives them a taste of the field''s intellectual history. Given recent economic history, it may help to look back at how economists of the past thought about our world''s problems and struggled with solutions. I would certainly make this book at least a recommended reading for introductory macroeconomics.’
– Alfredo R.M. Rosete, Central Connecticut State University, US
‘A Pluralistic Introduction to Macroeconomics is a unique treasure trove of ideas, information and teaching tools that will open the minds of students and teachers alike to the power of multiple perspectives on Economics to illuminate our fascinating and complex world of macroeconomics. Suitable for Introductory as well as Intermediate courses in macroeconomics, this broad ranging textbook will also be of interest to teachers and students in non-economics disciplines as well.’
– Gerald Epstein, University of Massachusetts Amherst, US
‘Hendrik Van den Berg has produced a wonderful textbook on Macroeconomics that is a significant advance over standard textbooks for its theoretical and methodological pluralism. In addition to standard macro it applies Institutionalist and Marxian analysis to give students a marvelously rich and stimulating take on the subject.’
– Lawrence King, University of Massachusetts Amherst, US
Contributors
Contents
Contents:
PART I A FIRST GLANCE AT OUR ECONOMIC SYSTEM
1 Alternative Perspectives on the Economic System
2 Measuring Production and Human Well-Being
3 People and Households
4 Production and the Business Firm
5 The Roles of Government in the Economy
6 Money and the Financial Sector of the Economy
PART II MACROECONOMIC MODELS
7 Macroeconomic Modeling
8 The Classical Macroeconomic Model
9 The Marxian Macroeconomic Model
10 The Keynesian Model
PART III MACROECONOMIC POLICY
11 Keynesian Macroeconomic Policy
12 Inequality and Instability: A Post Keynesian Response
13 Macroeconomic Policy and our Ecosystem
PART IV EXTENSIONS OF MACROECONOMICS
14 The Open Macroeconomy
15 Economic Growth and Economic Change
Index
PART I A FIRST GLANCE AT OUR ECONOMIC SYSTEM
1 Alternative Perspectives on the Economic System
2 Measuring Production and Human Well-Being
3 People and Households
4 Production and the Business Firm
5 The Roles of Government in the Economy
6 Money and the Financial Sector of the Economy
PART II MACROECONOMIC MODELS
7 Macroeconomic Modeling
8 The Classical Macroeconomic Model
9 The Marxian Macroeconomic Model
10 The Keynesian Model
PART III MACROECONOMIC POLICY
11 Keynesian Macroeconomic Policy
12 Inequality and Instability: A Post Keynesian Response
13 Macroeconomic Policy and our Ecosystem
PART IV EXTENSIONS OF MACROECONOMICS
14 The Open Macroeconomy
15 Economic Growth and Economic Change
Index
