Macroeconomics is fundamental to our understanding of how the world functions today. But too often our understanding is based on orthodox, dogmatic analysis. This distinctive book draws upon years of critical questioning and teaching and exposes how macroeconomic theory has evolved from its origins to its current impoverished and extreme state. Moving from the Keynesian Revolution to the Monetarist Counter-Revolution, through to New Classical Economics and New Consensus Macroeconomics, the authors both elaborate and question the methods and content of macroeconomic theory at a level appropriate for both undergraduate and postgraduate studies. Macroeconomics provides a unique alternative to the multitude of standard textbooks by locating macroeconomic theory in its own history. It will be perfect for those studying macroeconomics, as well as for those looking for a new way to understand our increasingly complicated economic system. It is accompanied by a counterpart Microeconomics: A Critical Companion.
Preface 1 Macroeconomy versus Macroeconomics? 2 Accelerator-Multiplier: Stabbing the Knife-Edge in the Back? 3 Classical Dichotomies? 4 Growth Theories: Old, New or More of the Same? 5 The Keynesian Revolutions 6 Post Keynesian Dilemmas? 7 Keynesian Revolution: What Keynes, What Revolution? 8 From Monetarist Counter-Revolution to Fundamentalism 9 Forging the Consensus: Monetary Policy and Real Business Cycle Theory 10 From New Classical Fundamentalism to New Nonsensus Macroeconomics 11 International Macro? 12 The Enigmas of Overshooting 13 Whither Macroeconomics? Select References Index
