Rethinking Macroeconomics : A History of Economic Thought Perspective book cover
2nd Edition

Rethinking Macroeconomics
A History of Economic Thought Perspective

  • Available for pre-order. Item will ship after September 13, 2021
ISBN 9780367762926
September 13, 2021 Forthcoming by Routledge
296 Pages 26 B/W Illustrations

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Book Description

Macroeconomics has always played host to contesting schools of thought, but recent events have exacerbated those differences. To fully understand the subject, students need to be aware of these controversies. Rethinking Macroeconomics: A History of Economic Thought Perspective introduces students to the key schools of thought, equipping them with the knowledge needed for a true understanding of today’s economy.

The text guides the reader through multiple approaches to macroeconomic analysis before presenting the data for several critical economic episodes, all in order to explore which analytical method provides the best explanation for each event. It covers key background information on topics such as the basics of supply and demand, macroeconomic data, international trade and the balance of payments, the creation of the money supply, and the global financial crisis. This anticipated second edition contains new chapters on Modern Monetary Theory, the Japanese economy, the European Union and the coronavirus crisis, bringing the story up to date and broadening the international coverage.

Offering the context that is missing from existing introductory textbooks, this work encourages students to think critically about received economic wisdom. This is the ideal complement to any introductory macroeconomics textbook and is ideally suited for undergraduate students who have completed a principles of economics course.

The book is fully supported with additional online resources, which include lecture slides and an instructor manual.

Table of Contents

Chapter 1. Rethinking Macroeconomics: Introduction to Economics

Chapter 2. Keynesian Theory and Policy

Chapter 3. Keynesian Theory after Keynes

Chapter 4. The Monetarist School of Thought and Monetary Policy Rules

Chapter 5. Austrian Capital and Business Cycle Theory

Chapter 6. Real Business Cycles and Supply-Side Economics

Chapter 7. Modern Monetary Theory

Chapter 8. The Great Depression

Chapter 9. The War Years and Postwar Recovery

Chapter 10. The 1950s and 1960s: A Time of Economic Growth

Chapter 11. The Years of Stagflation

Chapter 12. Japan: Economic Miracle to Lost Decade

Chapter 13. The Great Moderation

Chapter 14. Financial Crisis and Deep Recession

Chapter 15. Economics of the European Union

Chapter 16. Covid-19 and the Economic Collapse of 2020

Chapter 17. Conclusion: What Approaches Do People in Authority Use?

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John F. McDonald is Adjunct Professor of Economics at Temple University, USA, Emeritus Professor of Economics at the University of Illinois at Chicago, and Gerald W. Fogelson Distinguished Chair in Real Estate Emeritus at Roosevelt University.