This book gives a comprehensive account of traditional and more
recent developments in macroeconomic theory. It is written
primarily for students at the intermediate level. The book differs
from the customary expositions in that the authors do not discuss
topic by topic but orthodoxy by orthodoxy. Thus, the main
approaches, like Classical theory, Keynesian theory, theory of
portfolio selection, Monetarism, Rational Expectations theory, and
Neokeynesian "disequilibrium" theory are presented in historical
order. Each of these approaches is substantiated and criticized in
a self-contained chapter, and the authors have taken great pains to
bring out the relations and differences between them. A
mathematical appendix reviews those mathematical facts which are
especially important for macroeconomic models and serves to make
the text easy to read.
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