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Reintroducing Macroeconomics: A Critical Approach [Kietas viršelis]

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  • Formatas: Hardback, 396 pages, aukštis x plotis: 254x178 mm, weight: 884 g
  • Išleidimo metai: 15-Dec-2006
  • Leidėjas: Routledge
  • ISBN-10: 0765614502
  • ISBN-13: 9780765614506
Kitos knygos pagal šią temą:
  • Formatas: Hardback, 396 pages, aukštis x plotis: 254x178 mm, weight: 884 g
  • Išleidimo metai: 15-Dec-2006
  • Leidėjas: Routledge
  • ISBN-10: 0765614502
  • ISBN-13: 9780765614506
Kitos knygos pagal šią temą:
This lively introduction to heterodox economics provides a balanced critique of the standard introductory macroeconomic curriculum. In clear and accessible prose, it explains many of the key principles that underlie a variety of alternative theoretical perspectives (including institutionalist economics, radical economics, Post Keynesian economics, feminist economics, ecological economics, Marxist economics, social economics, and socioeconomics). Because the book's structure parallels the chapters and subject matter presented in a typical introductory macroeconomics textbook, "Reintroducing Macroeconomics" provides readers with a running commentary on the standard approach, while simultaneously introducing them to a broader range of ideas about the causes and appropriate policy responses to a wide range of common economic problems. Although designed primarily as a companion volume for students in introductory economics courses, the book can also be used effectively for more targeted applications that highlight a particular economic issue or approach. It will be of particular interest to students in related disciplines (such as American Studies, anthropology, black studies, environmental studies, gender studies, history, political science, and sociology) who may be required to take introductory economics classes and who are interested in gaining an alternative perspective. By demonstrating the vitality and common ground underlying a broad spectrum of heterodox approaches, "Reintroducing Macroeconomics" brings alternative perspectives into the classroom in an accessible way that empowers students to think about the economy in new and exciting ways. The text includes end-of-chapter study questions, as well as a detailed note to instructors.
List of Tables, Figures, and Boxes
xvii
Preface xix
Acknowledgments xi
Note to Instructors xiii
Philosophical Debates in Economics
3(12)
A Riddle
3(1)
Paradigms in Economic Theory (or Why Economists Disagree)
3(7)
Definitions
Blank Slate Theory of Knowledge
Paradigmatic Theory of Knowledge
Normal Science and Scientific Revolutions
Some Study Questions
10(1)
Simple Review Questions (Making Sure You Got the Basic Ideas)
More Thought-Provoking Discussion Questions
Learning New Paradigms
11(1)
Conclusion: Some Implications of a Paradigmatic Theory of Knowledge for Social Science and Economics
12(1)
Centrality of Paradigms to Research Results
Distinguishing Between Inter- and Intra-Paradigm Debates
Indeterminacy of Paradigm Debates
Pedagogical Implications
Final Questions for Discussion
13(1)
Notes
14(1)
Thinking Differently: Neoclassical Versus Heterodox Economics Texts, Subtexts and Basic Orientations
15(11)
Introduction and
Chapter Overview
15(1)
Well-Being
16(1)
Implied Readers
17(1)
Methodological Individualism (MI) Versus Holism (H)
18(3)
Introduction
Methodological Individualism (MI)
Holism (H) (or Holist Structuralism [ HS])
Texts and Subtexts in Economics
21(2)
Illustrative Neoclassical Subtexts
Illustrative Heterodox Subtexts
Study Questions
23(1)
Review Questions
Discussion Questions
Notes
24(2)
Competing Assumptions, Methods, and Metaphors
26(13)
Introduction
26(1)
Methodological Critiques
26(5)
Heterodox Objections to Excessive Abstraction: The Fallacy of Misplaced Concreteness
Heterodox Critiques of Homo Economicus (``Rational Economic Man'' or REM)
Heterodox Objections to Neoclassical Theory's Treatment of Work and the Labor Process
Heterodox Perspectives on How Markets Work
Threads
31(4)
Distributional Issues
Gender Issues
Environmental Issues
Telling Other Stories: Heterodox Critiques of Neoclassical Metaphors and Stories
35(1)
Robinson Crusoe and Friday
Final Image
Study Questions
36(1)
Review Questions
Discussion Questions
Notes
37(2)
New Beginnings: Heterodox Critiques of the Introductory
Chapters in Neoclassical Principles Texts
39(17)
Introduction
39(1)
Is Neoclassical Economic Theory a Science?
39(2)
The Positive/Normative Distinction
41(1)
What Is Economics?
42(1)
The Limits of Scarcity and Efficiency Discourse
42(3)
Marginalism
45(1)
The Ceteris Paribus (All Things Equal) Assumption
45(1)
The Circular Flow: Directions
46(1)
Some Loud Silences
46(1)
Textbook Images and Metaphors
47(1)
Consumer Sovereignty
Free Markets and Voluntary Exchange
The Invisible Hand
Some Alternative Heterodox Images
48(3)
People as Citizens and Family Members as well as Consumers
The Prisoner's Dilemma
Meta-Externalities
Rethinking Incentives
Summary: ``If You Have a Hammer . . .''
Threads
51(1)
Gender Thread
Environmental Thread
Distributional Thread
Study Questions
51(2)
Discussion Questions
Review Questions
Notes
53(3)
Reintroducing Supply and Demand: A Heterodox Micro Foundation for Macroeconomics
56(12)
Introduction
57(1)
Disequilibrium Critiques
57(6)
The Logic of Equilibrium Models
The Logic of Disequilibrium Models
Integrating Equilibrium and Disequilibrium Dynamics: The Auctioneer and the Casino Metaphors
Heterodox Critiques of Textbook Demand and Supply Curves
63(2)
Conclusion
65(1)
In Their Own Words
65(1)
Study Questions
66(1)
Discussion Questions
Review Questions
Notes
67(1)
From Micro to Macro Analysis: Heterodox Critiques of the Initial Macro
Chapters in Principles Texts
68(7)
Introduction
68(1)
Keynes and the History of Macroeconomics
68(1)
Macro-Micro Distinction
68(4)
Fallacy of Composition
Micro Foundations for Macro Theory or Macro Foundations for Micro Theory?
Levels of Aggregation
Topics and Concerns for Macroeconomics
72(1)
The Confusing World of Aggregate Supply and Aggregate Demand: Two Curves in Search of a Theory
72(1)
Conclusion
73(1)
In Their Own Words
73(1)
Study Questions
74(1)
Discussion Questions
Review Questions
Notes
74(1)
Remeasuring Economic Activity: Heterodox Critiques of GDP Accounting
75(16)
Introduction
75(1)
GDP: The Textbooks' Yardstick
75(1)
Inadequacies of GDP as a Measure of Economic Well-Being
76(7)
Overview
Neglect of Nonmarket Activities
Neglect of Positional Competition
Neglect of ``Bads'' and Increasing Intermediate Goods Requirements
Neglect of Depletion of ``Natural Capital'' and Other Problems with Capital Accounting
Neglect of Distributional Issues
Neglect of Changes in the Quality of Work Life
Neglect of Meta-Externalities
Neoclassical Responses to Heterodox Concerns: ``Deja Vu All Over Again'': The ``Note but Ignore'' Motif
83(1)
Heterodox Rebuttals
84(1)
Novel Difficulties or Topical Disinterest
Threshold Effects: Disabling Old Correlations
Alternative Indicators of Economic Performance
85(1)
Conclusion
86(1)
Study Questions
87(1)
Discussion Questions
Review Questions
Notes
87(4)
Remeasuring Economic Activity: Labor Market and Inflation Statistics
91(19)
Introduction
91(1)
The Costs of Unemployment
92(7)
Overview
The Cost of Lost Income to Working Families
Psychological and Sociological Impacts of Unemployment
Unemployment and Social Inequality
Implications of the Costs of Unemployment
Price Indices
99(2)
Conceptual Debates
Recent Debates
Threads
101(4)
Environmental Issues
Gender Issues
Distributional Issues
Conclusion: The ``So What'' Question
105(1)
Policy Implications
Study Questions
106(1)
Discussion Questions
Review Questions
Notes
107(3)
Reintroducing Aggregate Demand
110(23)
Introduction
110(1)
Reencountering Keynes
111(4)
Keynes's Life
Keynesian Doubts of Full-Employment Guarantees
Keynesian Policy Implications
Intermission: A Break for Discussion
115(1)
Erosion of Keynesian Theory
115(1)
The Keynesian Cross
116(1)
The Purpose of the Keynesian Cross
The Road Ahead
Textbook and Heterodox Discussions of Consumption
116(3)
Overview
Neglect of the Social Dimension of Consumer Demand
Subtexts and Subjects
Isolated or Social Consumers: Alternative Consumption Functions
The Savings Function
119(3)
Insufficient Attention to Business Savings
Insufficient Attention to Institutional Factors
Insufficient Attention to Suboptimal Behaviors
Insufficient Attention to Distributional Issues
Investment
122(4)
Impact of Uncertainty and Expectations
Savings, Consumption, and Investment Relations in a Demand-Constrained Economy
Neglect of Institutional Phenomena
Case Study: Investment Strategies in the ``New'' and ``Old'' Economies
Threads
126(1)
Distributional Issues
Gender Issues
Environmental Issues
Competing Metaphors and Stories
126(1)
Conclusion
127(1)
In Their Own Words
128(1)
On Paradigms in Macroeconomics
On Investment-Led Savings
On the Nature of Consumer Behavior
Study Questions
129(1)
Discussion Questions
Review Questions
Notes
130(3)
Reintroducing Money: Basic Concepts
133(11)
Introduction and Overview
133(1)
The Implications of Uncertainty
134(3)
``Like Hamlet Without the Prince''
Heterodox Focus on Liquidity
Reconceptualizing Money Demand and Money Supply
Bankruptcy and Disequilibrium Dynamics
The ``Monetized'' Nature of a Capitalist Economy
137(2)
(C-M-C') Versus (M-C-C'-M')
Credit
The Complicated Relationship Between Savings and Investment
Beyond Homo Economicus
139(1)
Institutions and ``Misplaced Concreteness''
139(1)
Distributional Issues
140(1)
Study Questions
141(1)
Discussion Questions
Review Questions
Notes
142(2)
Applications of Heterodox Monetary Theory
144(19)
Introduction
144(1)
Financial Markets
144(7)
Introduction
Sample Financial Crises
The Generic Crisis
Explaining Financial Crises
Sample Heterodox Analyses of Financial Markets
The Fed
151(3)
Technocratic or Political Policy Making?
Functional Role of Unemployment
Interest Group Politics
Policy Implications
154(2)
Monetary Policy
Financial Markets Policy
Industrial Policy
Threads
156(2)
Distributional Threads
Gender Threads
Environmental Threads
Competing Stories and Metaphors
158(1)
In Their Own Words
158(2)
Study Questions
160(1)
Discussion Questions
Review Questions
Notes
160(3)
Reintroducing Aggregate Supply and Aggregate Demand
163(25)
Introduction: Two Curves in Search of a Theory
163(1)
Review of Standard Textbook Treatments of AS-AD
164(3)
Derivation of the Aggregate Demand Curve
Derivation of the Aggregate Supply Curve
Using the AS-AD Framework
Overview of Heterodox Critiques of the AS-AD Framework
167(1)
Heterodox Critiques of Textbook AD Curves
168(2)
Introduction
Interest Rate Effects
``Wealth Effects''
Trade and Other Effects
Graphing Heterodox AD Curves
Keynesian and Other Heterodox Critiques of Textbook AS Curves
170(9)
Introduction
The Implicit Supply Curve of the Keynesian Cross
The Implications of the Large Corporation
The Labor Market
Gaps and Overlaps Between Textbook and Heterodox Theory
179(1)
Policy Implications
180(1)
Introduction
Need for Government Demand Management During Economic Downturns
Need for Government Policy During Economic Expansions
Conclusion
181(1)
Study Questions
182(1)
Review Questions
Discussion Questions
Notes
182(6)
Heterodox Alternatives to the AS-AD Framework
188(15)
Introduction
188(1)
Circuits of Capital Approach
188(1)
Social Structures of Accumulation (SSA)
189(6)
Introduction
The Postwar SSA
Consolidation of the Neoliberal SSA
Comparing the AS-AD and SSA Frameworks for Analyzing Macroeconomic Events
Threads
195(2)
Distributional Themes
Gender Themes
Environmental Themes
Competing Metaphors
197(1)
How Loud Is the Silence?
In Their Own Words: Heterodox Critiques of Textbook Treatments of Aggregate
Supply and Aggregate Demand
197(2)
On the AS-AD Framework and Theories of Unemployment
Heterodox Theories of Pricing and Output Behavior
On Institutions and Economics
On Feminist Economics
Study Questions
199(1)
Review Questions
Discussion Question
Notes
199(4)
Reintroducing International Economic Issues
203(27)
Introduction
203(1)
Chapter Outline
Paradigmatic Differences
Textbook Principles of International Economics
204(1)
Basic Images
Subtexts
Summary Picture
Overview of Heterodox Critiques
205(1)
Heterodox Critiques: Misplaced Concreteness
205(4)
Loss of Context
Case Study: NAFTA
The Political Economy of Global Trade
Heterodox Critiques: Distributional Issues
209(1)
Heterodox Critiques: Dynamic Versus Static Analysis
210(1)
Heterodox Critiques: Uncertainty and Financial Markets
211(1)
Heterodox Critiques: Sluggish Price Adjustments and Insufficient Aggregate Demand
212(1)
Heterodox Critiques: Meta-Externalities
213(2)
General Claim
Political Externalities
Potential Benefits of Localism
Threads: Trade and the Environment
215(4)
Kuznets Curves
Races to the Bottom
Reconciling Trade and Environmental
Regulations
Pareto Optimal or Intolerable Exchanges
Obscuring Natural Limits
Threads: Distribution
219(1)
Threads: Gender
219(2)
Alternative Images and Competing Metaphors
221(1)
Conclusion
221(3)
In Their Own Words
224(1)
Study Questions
224(1)
Review Questions
Discussion Questions
Notes
225(5)
Reintroducing the Macroeconomics of Inequality
230(40)
Introduction
230(1)
Measuring Inequality: ``Lies, Damn Lies, and Statistics'' (Benjamin Disraeli)
231(3)
Introduction
Measures of Income Inequality
Measures of Wealth Inequality
Poverty: Definition, Measurement, and Significance
234(2)
Introduction
``Absolute'' Definitions of Poverty: Historical Trends
``Relative'' (Non-Subsistence) Definitions of Poverty
Racial and Gender Inequalities
236(2)
Racial Inequalities
Gender Inequalities
Taxes and Inequality
238(1)
International Comparisons
239(1)
Measuring Social Mobility
239(1)
Intermission
240(1)
Review Questions
Discussion Questions
The Macroeconomics of Inequality
241(5)
Neoclassical Approaches
Heterodox Alternatives
Macro Regimes and Inequality
Why Did Inequality Increase from 1973 to 2003?
246(5)
Neoclassical Explanations
Heterodox Explanations
Conclusion
Policy Responses to Inequality
251(7)
Introduction
``Steady-As-You-Go'' Policy Recommendations
Supply-Side
(SS) Macroeconomic Policy Recommendations
Heterodox Policy Recommendations
Threads: Gender
258(2)
Level of Attention to Equity Issues
Empathy and Interpersonal Utility Comparisons
Challenging Equity Efficiency Trade-offs
Gender Inequalities
Inequality and the ``Caring Economy''
Threads: Environmental Issues
260(1)
Conclusion
260(2)
Holism, Methodological Individualism, and Inequality
International Comparisons
Coda
In Their Own Words
262(1)
Final Study Questions
263(1)
Review Questions
Discussion Question
Notes
264(6)
Reintroducing Macroeconomics and the Environment
270(24)
Introduction
270(1)
The Neoclassical Model of Environmental Economics
270(3)
Subtexts
Basic Logic and Assumptions
Examples of Neoclassical Environmental Analysis
Fundamental Problems with Neoclassical Environmental Economics
273(4)
Introduction
Competing Subtexts
Limitations of Market Rationality and Market Mechanisms
Citizens Versus Consumers
Path Choices
Meta-Externalities
Scaling Effects and Qualitative Change
Economic Growth and Environmental Quality
277(6)
Neoclassical Inquiry: Is There an Environmental Kuznets Curve?
Heterodox Inquiry: Are There Limits to Growth?
The Precautionary Principle
Sustainability Conditions
Equity and Environmental Economics
283(3)
Is Inequality Good, Bad, or Irrelevant for the Environment?
Is There a Trade-Off Between Protecting Jobs and the Poor and Protecting the Environment?
Ethics, Economic Methodology, and the Environment
``Environmental Justice'' Issues
``Social Logics'' and the Environment
286(4)
Social Systems and the Environment
Is Capitalism Sustainable?
Conclusion: Point and Counterpoint
290(1)
In Their Own Words
290(1)
Study Questions
291(1)
Review Questions
Discussion Questions
Notes
291(3)
Reintroducing Current Policy Debates in Macroeconomics
294(18)
Introduction
294(1)
Neoclassical Subtexts
Heterodox Subtexts
Differences Among Heterodox Paradigms
Chapter Outline
Textbook Portrayals of Policy Debates: GE and Keynesian Positions
295(5)
Unemployment
Inflation Policy
Financial Sector Regulation
Globalization
Heterodox Alternatives
300(3)
Introduction
Unemployment
Inflation
Financial Sector Regulation
Globalization
Heterodox Expansion of Policy Agendas
303(1)
Introduction
Industrial Policy
Structuralist Macroeconomics: Macro Regimes and Macro Policy
304(1)
Threads: Distributional Issues
304(2)
Threads: Gender Issues
306(1)
General Inequality
Gendered Economic Experience
All GDP Is Not Created Equal
Threads: Environmental Issues
307(1)
Sustainability
Equity and the Environment
Trade and the Environment
Competing Metaphors
308(1)
In Their Own Words
308(1)
Study Questions
309(1)
Review Questions
Discussion Questions
Notes
310(2)
Conclusion: Rethinking Macroeconomics---Heterodox Versus Textbook Economics
312(13)
Introduction
312(1)
Textbook Macroeconomics
312(1)
Heterodox Macroeconomics
313(1)
Textbook Responses to Heterodox Critiques
314(2)
Identification of Neoclassical Economics with Science, Mathematics, and Empirical Verification
Rejection of Heterodox Critiques as Attacks on a Straw Man
The Long-Run Anchor of General Equilibrium
The ``Relative Optimality'' of Market Outcomes
Heterodox Rejoinders
316(2)
Paradigmatic Nature of Knowledge
Fair Target or Straw Man?
Long-Run Anchors or Floating Hypotheticals?
Relative Optimality
Conclusion
318(1)
Beyond Laissez-Faire ``Lite''
Building on Common Ground
Study Questions
319(1)
Review Question
Discussion Questions
Further Reading
319(4)
General Sources of Information
Introductory Macroeconomics and Microeconomics Textbooks
Introduction to Political Economy
Introduction to Radical Economics
Introduction to Institutionalist Economics
Introduction to Feminist Economics
Introduction to Post Keynesian Economics
Introduction to Marxist Economics
Introduction to Ecological Economics
Introduction to Social Economics
More Advanced Discussions of Heterodox Critiques of and Alternatives to Neoclassical Theory
Notes
323(2)
Glossary 325(16)
Works Cited 341(14)
Index 355(14)
About the Author 369


Steven Mark Cohn