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.
