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Table of Contents

PART A: INTRODUCTION & MEASUREMENT.- 1 Introduction.- 2 How to Think and Do Macroeconomics.- 3 A Brief Overview of the Economic History and the Rise of Capitalism.- 4 The System of National Income and Product Accounts.- 5 Labour Market Concepts and Measurement.- 6 Sectoral Accounting and the Flow of Funds.- 7 Methods, Tools and Techniques.- 8 Framing and Language in Macroeconomics.- PART B: CURRENCY, MONEY & BANKING.- 9 Introduction to Sovereign Currency: The Government and its Money.- 10 Money and Banking.- PART C: NATIONAL INCOME, OUTPUT AND EMPLOYMENT DETERMINATION.- 11 The Classical System.- 12 Mr Keynes and the 'Classics'.- 13 The Theory of Effective Demand.- 14 The Macroeconomic Demand for Labour.- 15 The Aggregate Expenditure Model.- 16 Aggregate Supply.- PART D UNEMPLOYMENT AND INFLATION: THEORY AND POLICY.- 17 Unemployment and Inflation.- 18 The Phillips Curve and Beyond.- 19 Full Employment Policy.- PART E ECONOMIC POLICY IN AN OPEN ECONOMY.- 20 Introduction to Monetary and Fiscal Policy Operations.- 21 Fiscal Policy in Sovereign Nations.- 22 Fiscal Space and Fiscal Sustainability.- 23 Monetary Policy in Sovereign Nations.- 24 Policy in an Open Economy: Exchange Rates, Balance of Payments and Competitiveness.- PART F ECONOMIC INSTABILITY.- 25 The Role of Investment in Profit Generation.- 26 Stabilising the Unstable Economy.- PART G HISTORY OF MACROECONOMIC THOUGHT.- 27 Overview of the History of Economic Thought.- 28 The IS-LM Framework.- 29 Modern Schools of Economic Thought.- 30 The New Monetary Consensus in Macroeconomics.- PART H CONTEMPORARY DEBATES.- 31 Recent Policy Debates.- 32 Macroeconomics in the Light of the Global Financial Crisis.- 33 Macroeconomics for the Future.

About the Author

William Mitchell is a Professor of Economics at the University of Newcastle, Australia
L. Randall Wray is a Senior Scholar at the Levy Economics Institute of Bard College, USAMartin Watts is a Professor of Economics at the University of Newcastle, Australia

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