Macroeconomics

by William F. Mitchell, L. Randall Wray, Martin Watts

This groundbreaking new core textbook encourages students to take a more critical approach to the prevalent assumptions around the subject of macroeconomics, by comparing and contrasting heterodox and orthodox approaches to theory and policy. The first such textbook to develop a heterodox model from the ground up, it is based on the principles of Modern Monetary Theory (MMT) as derived from the theories of Keynes, Kalecki, Veblen, Marx, and Minsky, amongst others.

Genres: Economics, Nonfiction, Politics, Reference, Science

604 pages, Paperback

Published February 25, 2019

Reviews

[Waynemcmillan · Rating 5 out of 5]

Mitchell, Watts and Wray have created a new revolution in the study of Macroeconomics. They present the study of Macroeconomics via the lens of Modern Monetary Theory (MMT), a new yet lost path through the thicket of Post-Keynesian, Institutionalist and Marxist economics. This theory gains many of its insights from great heterodox economists like Kalecki, Minsky and Lerner.
Its ideas about state money come from the famous chartalists Knapp and Mitchell-Innes. A unique book in that it explains carefully in operational, technical detail with good explanations, how a sovereign nation's monetary/fiscal system actually works.

It takes you on a walk down the lane of monetary/fiscal macroeconomic reality and backs it up with case examples. What I particularly like about this excellent book is that it's not ahistorical, you get some of the history of economic thought embedded throughout the chapters.

To top it off, it frames macroeconomic reality within a stock flow consistent model made famous by Wynne Godley and used by many Post-Keynesian economists.

If only critics of MMT would take the time to read this book and look at the growing body of empirical evidence that supports it, I am sure their doubts about MMT's validity and policy application would disappear overnight. Highly recommended for all current/ex -treasury boffins, practicing/retired economists, academics, policy wonks, economic researchers and students.

[Koby S · Rating 5 out of 5]

The book thoroughly explains macroeconomics using a pluralistic approach. I have bought Mitchell and Wray's older textbook on MMT and thought it was good but too brief. This book offers compelling critiques of orthodox models while explaining alternative approaches.

It has convinced me that the field of economics hasn't been describing reality for the past 40 years. My professor was so convinced by their approach that he has recently switched to using this textbook for his Macroeconomic Principles course.

I have hope because MMT has been gaining tremendous momentum recently and maybe someday it will be in every intro to macroeconomics college course as we take off our distorted glasses and see the reality of sovereign, currency-issuing governments

[Michael · Rating 5 out of 5]

Understanding macroeconomics in the context of a global system disconnected from gold is helpful. Hint: it's nothing like a family budget or, even, a state government budget. Unlike those examples, spending at the central government level is constrained by inflation, unemployment, and political agreement on spending priorities.

[Scott Ford · Rating 5 out of 5]

Full Disclosure: This is a textbook. But a highly readable and engaging textbook! The authors walk the reader through details of economic thought using relatable and accessible language. By first explaining orthodox economic frameworks, weaknesses of neoliberal/neoclassical constructs in addressing aggregate level economic circumstances are identified and alternative approaches that better address collective welfare presented. Highly recommended.

[Jamie Van · Rating 5 out of 5]

Brilliant textbook covering not only quantitative macro models but also economic history, a history of economic thought, and contemporary debates. Perfect for anyone interested in developing a more technical understanding of modern monetary theory.

[José · Rating 3 out of 5]

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