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Keynesian Macroeconomics Beyond the IS-LM Model (Paperback, 1st ed. 2019)
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Keynesian Macroeconomics Beyond the IS-LM Model (Paperback, 1st ed. 2019)
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This book makes an original and significant contribution to
Keynesian macroeconomics. The IS-LM model is a basic workhorse of
Keynesian macroeconomics. However, its financial aspects are
extremely rudimentary and the link between the real and the
financial sector is extremely tenuous. Hence, neither the IS-LM
model nor IS-LM-based models can be applied to the major economic
issues facing today's world. This book develops alternative models
in the Keynesian tradition that incorporate financial institutions
and make explicit the intimate link between the processes of
generation of income, saving, credit and expenditure. It
subsequently uses these models to address the major current
macroeconomic issues that India and the rest of the world are
confronted with. In the Indian context, it focuses on the issues of
unemployment, growth, recession, bank performance, banking sector
reforms and corruption. It also seeks to identify the causes of
economic crises in Greece and the US. The analysis reveals a common
trend in the economies considered here: the policy framework within
which they function is recessionary, exploitative and fosters
unemployment, inequality and poverty. Further, this framework is
leading these economies farther away from the goal that every
civilized society should strive to achieve, namely, providing all
citizens with suitably gainful jobs and adequate access to quality
food, clothing, shelter, education and health care. The book seeks
to identify the cause of this malady, and puts forward policies to
remedy it. It thus contains takeaways for academia, think tanks as
well as policy makers.
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