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Heterodox Macroeconomics - Models of Demand, Distribution and Growth (Hardcover)
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Heterodox Macroeconomics - Models of Demand, Distribution and Growth (Hardcover)
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The last few decades have witnessed an outpouring of literature on
macroeconomic models in the broad 'heterodox' tradition of Marx,
Keynes, Robinson, Kaldor and Kalecki. These models yield an
alternative analytical framework in which the big questions of our
day - such as how inequality is related to growth or stagnation,
and whether long-run growth is stable or unstable - can be
fruitfully addressed. Heterodox Macroeconomics provides an
accessible, pedagogically oriented treatment of the leading models
and approaches in heterodox macroeconomics with clear, step-by-step
presentations of core models and their solutions, properties and
implications. The book begins with an overview and comparison of
heterodox and mainstream approaches to long-run growth. Next it
covers the core classical-Marxian, neo-Keynesian and neo-Kaleckian
models of growth and distribution in the heterodox tradition.
Numerous contemporary extensions, developments and alternatives are
then explored, including models of financial instability,
'supermultiplier' models, and debates about whether capacity
utilization converges to a 'normal' rate. The book also gives
extensive coverage to models of growth in open economies,
emphasizing the role of Kaldorian cumulative causation in fostering
divergence among national economies, and the limitations imposed by
balance-of-payments constraints on countries that rely on
export-led growth. Heterodox Macroeconomics will prove to be an
invaluable text for graduate and advanced undergraduate students of
macroeconomics as well as those in courses on post-Keynesian
theory, structuralist macroeconomics, or other heterodox approaches
to economics.
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