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Macroeconomics
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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
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Mitchell, Watts and Wray have created a new revolution in the study of Macroeconomics. They present the study of Macroeconomics via the lens of Modern Monetary Theory (MMT), a new yet lost path through the thicket of Post-Keynesian, Institutionalist and Marxist economics. This theory gains many of its insights from great heterodox economists like Kalecki, Minsky and Lerner.
Its ideas about state money come from the famous chartalists Knapp and Mitchell-Innes. A unique book in that it explains ...more
Its ideas about state money come from the famous chartalists Knapp and Mitchell-Innes. A unique book in that it explains ...more
The book thoroughly explains macroeconomics using a pluralistic approach. I have bought Mitchell and Wray's older textbook on MMT and thought it was good but too brief. This book offers compelling critiques of orthodox models while explaining alternative approaches.
It has convinced me that the field of economics hasn't been describing reality for the past 40 years. My professor was so convinced by their approach that he has recently switched to using this textbook for his Macroeconomic ...more
It has convinced me that the field of economics hasn't been describing reality for the past 40 years. My professor was so convinced by their approach that he has recently switched to using this textbook for his Macroeconomic ...more
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“Wage changes occur at infrequent intervals and condition the behaviour of the parties concerned for the ensuing economic period (sometimes months, usually years).”
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