Contrary to common belief, macroeconomics is not merely a theory of aggregates, and cannot be constructed from individual behaviour. Both nationally and internationally, there are economic laws that are logically independent of economic agents’ behaviour. These are the macroeconomic foundations of macroeconomics.
Presenting cutting-edge material, Alvaro Cencini explores these foundations, and shows that the introduction of money entails economics being interpreted conceptually not mathematically. His innovative book provides the elements for a new approach by applying the most recent results of monetary analysis to the study of national and international economics. It covers recent progress in monetary theory, provides the reader with a greater understanding of the subject, and will be essential reading for economic students as well as a valuable resource for economists.
Table of Contents
Part 1: Macroeconomics Versus Microeconomics 1. Neoclassical, New Classical, and New Business Cycle Economics 2. Keynesian, New Keynesian, and Post-Keynesian Economics 3. Identity Versus Equilibrium Equilibrium Analysis: A critical appraisal 4. Keynes Revisited The Principle Of Effective Demand Effective Demand And Keynes’s’ Identities Part 2: The Macroeconomic Analysis Of National Economics 5. Money And Income As Macroeconomic Magnitudes 6. Production And Consumption As Macroeconomic Events 7. Capital And Interest: Their macroeconomic origin 8. Inflation And Unemployment As Macroeconomic Disorders Part 3: The Macroeconomic Analysis Of International Economics 9. Eurocurrencies: A macroeconomic occurrence from national to international macroeconomics 10. A Macroeconomic Cause For Exchange Rate Fluctuations 11. The Macroeconomic Analysis Of World Monetary Discrepancies 12. External Debt Servicing: A striking example of macroeconomic disorder Part 4: Conclusion And Prospects 13. The Laws Of Macroeconomics 14. Positive And Normative Analysis: The national level 15. Positive And Normative Analysis: The international level from free exchange rate fluctuation to monetary unification
Alvaro Cencini is Professor of Monetary Economics at Facolta di Scienze Economiche.