'I wish Professor Rao and his collaborators every success in
ensuring that future generations of students do not have to put up
with logically incoherent foundations to their understanding of
modern economic systems' - G.C. Harcourt, Jesus College, Cambridge
There is now an increasing realisation that the popular textbook
macroeconomic model of aggregate demand and supply is logically
incorrect. While there is a broad agreement among the critiques on
these logical flaws there has been no such agreement on how the
basic textbook macromodel should be modified. The essays in this
volume contain very promising alternative models which will
significantly influence the way macroeconomics will be taught in
the future.
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