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An Introduction to Macroeconomics

Hardback

An Introduction to Macroeconomics

A Heterodox Approach to Economic Analysis

2nd edition

9781789901146 Edward Elgar Publishing
Edited by Louis-Philippe Rochon, Full Professor, Laurentian University, Canada, Co-Editor of Review of Political Economy and Founding Editor Emeritus, Review of Keynesian Economics and Sergio Rossi, Full Professor of Economics, University of Fribourg, Switzerland
Publication Date: March 2021 ISBN: 978 1 78990 114 6 Extent: c 704 pp
The 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.

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Critical Acclaim
Contributors
Contents
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The 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:

• 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.
Critical Acclaim
‘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
Contributors
Contributors include: G. Bhering, R.A. Blecker, H. Bortis, A. Cencini, T. Dallery, S.A. Drakopoulos, G. Epstein, R. Guttmann, O. Hamouda, R.P.F. Holt, J. Jespersen, J. King, M. Lavoie, J. McCombie, L.-P. Rochon, S. Rossi, M. Sawyer, M. Seccareccia, M. Setterfield, N. Tharnpanich, J. Toporowski

Contents
Contents:

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
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