The field of macroeconomics has always played host to contesting schools of thought, but the recent Global Financial Crisis has exacerbated those differences. In order to fully understand macroeconomics at the introductory level, students need to be aware of these controversies. Rethinking Macroeconomics introduces students to the different schools of thought, equipping them with the knowledge needed for a real understanding of today's macro economy.
The text guides the reader through various approaches to the analysis of the macro economy of the U.S., before presenting the data for several critical economic episodes, in order to discover which analytical method provides the best explanation for each event. It covers key background information on topics such as the basics of supply and demand, macroeconomic data, international trade and the balance of payments, and the creation of the money supply.
Offering the context that is missing from existing introductory macroeconomics texts, John F. McDonald encourages students to think critically about received economic wisdom. This text is the ideal complement to any introductory macroeconomics textbook and is best suited for undergraduate students who have had an introductory course in economics.
John F. McDonald is Emeritus Professor of Economics at the University of Illinois at Chicago, and Gerald W. Fogelson Distinguished Chair in Real Estate Emeritus from Roosevelt University, USA.
Chapter 1 Rethinking Macroeconomics Chapter 2 Keynesian Theory and Policy Chapter 3 Keynesian Theory after Keynes Chapter 4 The Monetarist School of Thought and Monetary Policy Rules Chapter 5 Real Business Cycles and Supply Side Economics Chapter 6 Austrian Capital and Business Cycle Theory Chapter 7 World War I and Aftermath Chapter 8 Depression, War, and Aftermath Chapter 9 The 1950s and 1960s: A Time of Economic Growth Chapter 10 The Years of Stagflation Chapter 11 The Great Moderation Chapter 12 Financial Crisis and Deep Recession Chapter 13 Conclusion: What Do People in Authority Use?