Macroeconomics: An IntroductionMacroeconomics: 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
Chapter | 1 |
Conceptualising the macroeconomy | 20 |
Money and interest rates | 39 |
Chapter 2 | 58 |
Output and employment levels | 64 |
Economic growth | 90 |
Chapter 5 | 92 |
the bandaid approach to ecological issues | 113 |
livelihood strategy | 132 |
The policy objective of full employment | 138 |
The scarcity versus surplus approaches | 152 |
An employment policy template | 160 |
The policy objective of low inflation | 163 |
On basic and nonbasic products | 171 |
Towards good economics | 186 |
Data sources | 198 |
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Common terms and phrases
accessed 25 June Adivasi aggregate demand aggregate income aggregate output aggregate supply agricultural autonomous autonomous consumption Azim Premji banks borrowing capital caste cent ceteris paribus chapter classical economics classical economists competitive economy concept conceptualising consumption context demand-led growth theories determined discussion ecological economic growth economic theory employment of labour endogenous money equilibrium exchange rate exogenous exports financial instruments firms framework full employment funds government expenditure households important income distribution increase index numbers India Indian economy Indian macroeconomy inflation interest rate Keynes Keynesian theory macro macroeconomic manufacturing marginalist economics marginalist theory meso approach monetary production economy money flows nature noted open economy output and employment planned aggregate demand planned investment planned saving political economy productive capacity profit rate of interest repo rate Ricardo role Section 4.2 Sraffa structural interdependence supply-side growth theories Table textbooks theory of output understanding wages workers