Macroeconomics : an introduction / Alex M. Thomas.

Format:

Book

Author/Creator:

Thomas, Alex M., author.

Language:

English

Subjects (All):

Macroeconomics.

Physical Description:

1 online resource (xx, 234 pages) : digital, PDF file(s).

Edition:

1st ed.

Place of Publication:

Cambridge, United Kingdom ; New York, NY : Cambridge University Press, 2021.

Summary:

Macroeconomics: An Introduction, provides a lucid and novel introduction to macroeconomic issues. It introduces the reader to an alternative approach of understanding macroeconomics, which is inspired by the works of Adam Smith, David Ricardo, Karl Marx, John Maynard Keynes, and Piero Sraffa. It also presents the reader with a critical account of mainstream marginalist macroeconomics. The book begins with a brief history of economic theories and then takes the reader through three different ways of conceptualizing the macroeconomy. Subsequently, the theories of money and interest rates, output and employment levels, and economic growth are discussed. The book ends by providing a policy template for addressing the macroeconomic concerns of unemployment and inflation. The conceptual discussion in Macroeconomics is situated within the context of the Indian economy. Besides using publicly available data, the contextual description is instantiated using excerpts from works of fiction by Indian authors.

Contents:

Cover

Macroeconomics

Title

Copyright

Dedication

Contents

Illustrations

Figures

Tables

Preface

Acknowledgements

Note to the Reader

1. What Is Economics

1.1 Introduction

1.2 A brief history of economics

1.3 Our definition of economics

1.4 A note on our approach

Object of analysis

Level of analysis

Precision in analysis

1.5 Conclusion

Suggestions for further reading

2. Conceptualising the Macroeconomy

2.1 Introduction

2.2 Conceptualising the macroeconomy: past and present

Aggregate income and expenditure

Inter-sectoral relations

Sectoral flow of funds

2.3 The macroeconomy as an embedded system

2.4 The macroeconomy as a web of flows

2.5 A further note on our approach

2.6 Conclusion

3. Money and Interest Rates

3.1 Introduction

3.2 The financial architecture of India

Inter-sectoral financial flows

Financial institutions

Informal finance

Financial regulators

Financial instruments

3.3 What is money

3.4 Theories of money

3.5 Money in the open economy

3.6 Conclusion

4. Output and Employment Levels

4.1 Introduction

4.2 Theories of output and employment

Marginalist theory of output and employment

Marginalist versus Keynesian approaches

Keynesian theory of output and employment

The Keynesian multiplier

Autonomous and induced elements of aggregate demand

The applicability to India

4.3 Open economy macrodynamics

4.4 Conclusion

5. Economic Growth

5.1 Introduction

5.2 Theories of economic growth

Supply-side growth theories

Demand-led growth theories

Classical growth theories

5.3 The nature of economic growth in India

Economic growth and unequal land ownership.

Sectoral economic growth

Economic growth and employment generation

On the rates of profit and economic growth

Economic growth and its ecological impacts

5.4 Growth in the open economy

5.5 Conclusion

6. Why Economic Theory Matters

6.1 Introduction

6.2 The need for discipline

6.3 Wrong theories result in bad policies

6.4 Good theories recognise context

Role of agriculture

The presence of informality

6.5 Good theories and the demand for data

6.6 Conclusion

7. The Policy Objective of Full Employment

7.1 Introduction

7.2 The nature of employment in India

The quality of employment

Are Indian jobs well paying?

Employment in India: further meso approaches

7.3 A prelude to the solutions

Theories of output and growth: policy implications

The role of the government

Concept and context: Mahalanobis and Rao

Anti-cyclical fiscal policy

7.4 Conclusion

8. The Policy Objective of Low Inflation

8.1 Introduction

8.2 The nature of inflation in India

Price determination: two approaches

Understanding inflation: two approaches

Sources of inflation in India: agriculture and fuel

8.3 A prelude to the solutions

8.4 Conclusion

9. Towards Good Economics

9.1 An introduction to macroeconomics

9.2 On concept and context

9.3 Pluralism in theory and method

Suggestion for further reading

Data Sources

Chapter 2

Chapter 3

Chapter 4

Chapter 5

Chapter 7

Chapter 8

References

Index.

Notes:

Title from publisher's bibliographic system (viewed on 11 Jun 2021).

ISBN:

1-009-03227-5

1-108-76491-6

OCLC:

1237651533