The second edition of this important textbook introduces students to the fundamental ideas of heterodox economics. It is written in a clear way by top heterodox scholars. This introductory book offers not only a critique of the dominant approach to economics, but also presents a positive and constructive alternative. Students interested in an explanation of the real world will find the heterodox approach not only satisfying, but ultimately better able to explain a money-using economy prone to periods of instability and crises.
Author(s): Louis-Philippe Rochon (editor), Sergio Rossi (editor)
Edition: 2
Publisher: Edward Elgar
Year: 2021
Language: English
Pages: 688
Contents in brief
Full contents
List of contributors
Acknowledgements
Introduction: the urgent need for a heterodox approach to economic analysis • Louis-Philippe Rochon and Sergio Rossi
PART I: ECONOMICS, ECONOMIC ANALYSIS AND ECONOMIC SYSTEMS
1 What is economics? • Louis-Philippe Rochon and Sergio Rossi
2 The state of macroeconomics • Louis-Philippe Rochon and Sergio Rossi
3 The history of economic theories • Heinrich Bortis
4 Monetary economies of production • Louis-Philippe Rochon
PART II: MONEY, BANKS AND FINANCIAL ACTIVITIES
5 Money and banking • Marc Lavoie and Mario Seccareccia
6 The financial system • Jan Toporowski
7 Central banking and monetary policy • Louis-Philippe Rochon and Sergio Rossi
PART III: THE MACROECONOMICS OF THE SHORT AND LONG RUN
8 Theories of consumption • Stavros A. Drakopoulos
9 Theories of investment • Thomas Dallery
10 Aggregate demand • Jesper Jespersen
11 Inflation and unemployment • Alvaro Cencini and Sergio Rossi
12 The role of fiscal policy • Malcolm Sawyer
13 Economic growth and development • Mark Setterfield
14 Wealth distribution • Omar Hamouda
PART IV: INTERNATIONAL ECONOMY
15 International trade and development • Robert A. Blecker
16 Balance-of-payments constrained growth • John McCombie and Nat Tharnpanich
17 European monetary union • Sergio Rossi
PART V: RECENT TRENDS
18 Financialization • Gerald A. Epstein
19 Imbalances and crises • Robert Guttmann
20 Sustainable development • Richard P.F. Holt
21 Conclusion: do we need microfoundations for macroeconomics? • John King
Answers to the exam questions
Index
