Macroeconomics - by William Mitchell & L Randall Wray & Martin Watts (Paperback)

Book Synopsis

This groundbreaking new core textbook encourages students to take a more critical approach to the prevalent assumptions around the subject of macroeconomics, by comparing and contrasting heterodox and orthodox approaches to theory and policy. The first such textbook to develop a heterodox model from the ground up, it is based on the principles of Modern Monetary Theory (MMT) as derived from the theories of Keynes, Kalecki, Veblen, Marx, and Minsky, amongst others. The internationally-respected author team offer appropriate fiscal and monetary policy recommendations, explaining how the poor economic performance of most of the wealthy capitalist countries over recent decades could have been avoided, and delivering a well-reasoned practical and philosophical argument for the heterodox MMT approach being advocated.

The book is suitable for both introductory and intermediate courses, offering a thorough overview of the basics and valuable historical context, while covering everything needed for more advanced courses. Issues are explained conceptually, with the more technical, mathematical material in chapter appendices, offering greater flexibility of use.

Accompanying online resources for this title can be found at bloomsburyonlineresources.com/mitchell-macroeconomics. These resources are designed to support teaching and learning when using this textbook and are available at no extra cost.

From the Back Cover

This groundbreaking new core textbook encourages students to take a more critical approach to the prevalent assumptions around the subject of macroeconomics, by comparing and contrasting heterodox and orthodox approaches to theory and policy. The first such textbook to develop a heterodox model from the ground up, it is based on the principles of Modern Monetary Theory (MMT) as derived from the theories of Keynes, Kalecki, Veblen, Marx, and Minsky, amongst others. The internationally-respected author team offer appropriate fiscal and monetary policy recommendations, explaining how the poor economic performance of most of the wealthy capitalist countries over recent decades could have been avoided, and delivering a well-reasoned practical and philosophical argument for the heterodox MMT approach being advocated.

The book is suitable for both introductory and intermediate courses, offering a thorough overview of the basics, while covering everything needed for more advanced courses. Issues are explained conceptually, with the more technical, mathematical material in chapter appendices, offering greater flexibility of lecturer use.

Key features include;

Pluralistic coverage of macro thought, with both mainstream neoclassical principles and the MMT alternative defined and discussed in detail, offering students a critical analysis of the subject.

Valuable historical context is provided, showing the evolution of macroeconomics as a discipline, and the emergence and divergence of its different schools.

A focus on the realities of how money and banks operate, and on applied theories of financial instability, combined to give an unrivalled real-world insight into how the economy actually works.

Truly global approach and perspective, with a high-profile author team drawn from the US and Australia.

Companion website offers additional resources including an instructor's manual, worked examples, tutorial questions, and additional references.

Review Quotes

A complete, up-to-date and excellent account of macroeconomic theory. An excellent critique of the mainstream economic paradigm, it calls for more realistic approaches to human behaviour, and for heterodox ideas in economics. It presents macroeconomic methodology in the light of the 2007-08 crisis, and outlines how economics should proceed in the post-crash world. One of the most interesting and remarkable macroeconomics textbooks of the past few years.
Omar Feraboli, University of Dundee, UK

Even some mainstream economists now acknowledge that the macroeconomics of the past thirty years represents a big step back. But they do not recognize that this is because it lacks a pluralist perspective, and in the meantime they have ignored the revolutionary potential of heterodox economics for reconstructing macroeconomics. This new book points out the right direction for the coming macroeconomics revolution.
Jia Genliang, Renmin University of China

Finally, a macroeconomics text that takes a modern-monetary approach to the macroeconomy. Finally, an alternative to the mainstream vision of the macro economy and what it says and, more importantly, fails to say, about the real world. The presentation of Keynes closely approximates his vision, a much-needed change from texts that present a "bastardized" view of Keynes' theory. The book is highly readable, the assumptions underlying the different models are presented clearly, the logic easy to follow, and the historical context serves to add relevance.
John P. Watkins, Westminster College, Utah, USA

About the Author

William Mitchell is a Professor of Economics at the University of Newcastle, Australia

L. Randall Wray is a Senior Scholar at the Levy Economics Institute of Bard College, USA

Martin Watts is a Professor of Economics at the University of Newcastle, Australia
William Mitchell is a Professor of Economics at the University of Newcastle, Australia

L. Randall Wray is a Senior Scholar at the Levy Economics Institute of Bard College, USA
Martin Watts is a Professor of Economics at the University of Newcastle, Australia