Macroeconomics

The headline explains it all. Now, why is that the case? Simply put, mainstream textbooks like Stiglitz, Mankiw, Krugman, Tucker, Pindyck and Rubenfeld etc. all rely on economic modelling and analysis from only two schools of economics.According to the economist Ha Joon Chang there are, "no less than nine different kinds, or schools, as they are often known."The two schools that the vast majority of economics textbooks and economists adhere to, the so-called "orthodox" economics, are called Neoclassical and New Keynesian. The former is usually associated with the Chicago School Milton Friedman types, and the latter more wonky nerdy bookish Paul Krugman types. This distinction is also sometimes called the Freshwater vs Saltwater approach to economics.However, like Chang mentions, there are several other schools/theoretical models, to wit:ClassicalMarxistDevelopmentalistAustrianSchumpeterian(Post-)KeynesianInstitutionalistBehaviouralistNow, not all of these perspectives are included in this book, namely the lack of the Austrian perspective. Moreover, this textbook has a very clear bias towards Modern Monetary Theory (MMT) which is a sub-section within Post-Keynesian economics.However, this textbook is a vast improvement over the glut of hundreds upon hundreds of textbooks that only focus on the two main economic theories: Neoclassical and New Keynesian.This textbook is not a perfect textbook, it does lack certain perspectives, isn't perfectly comprehensive and shows a clear bias. But it is a vast and massive improvement upon the economics textbooks on the market today.And until that changes, this should frankly be the primary textbook you purchase for Macroeconomics.

This is packed with all the information required to fully embrace how macroeconomics truly function. It is a college textbook, so it isn't a simple read. I purchased this and studied prior to Stephanie Kelton's "The Deficit Myth" being released. I'd suggest Kelton's book as a great introduction, and this text for advanced learners who require all the fine details and math. Modern Monetary Theory is a scientific approach to economic theory, without the biases and agendas that fuel Classical, Monetarism, Austrian, and Keynesian economics. If you want partisan nonsense, this isn't for you.

Great book! Reading.But I'm very surprised that in the 21st century, people still believe money in capitalism is nothing but commodity + money created by the private sector exclusively + money is just a mean of exchange(in the purpose of lower exchange cost),+ "total free market" ideology.Even my kid knows that money is not commodity, money can be created by the authority, money is not only used for exchange and there is no "total free market" in human history...For those who believe we either living in far left(static) or far right(perfect, free market) economic, do you even know what "mix economic" is?I do believe that there are many Post-Keynesian economists and professors not doing the right thing. Criticizing MMT will do NO GOOD for Post-Keynesian economics AT ALL! I don't see ANY MAJOR inconsistent points between MMT & PKE, except policy agendas(such as JG, 0 interest rate etc...), why there are always some PKE economists and professors focus SO MUCH on policy agendas? If they know every economic theory in this planet is NOT SCIENCE in the first place.

As the battles rage over debt, deficits, fiscal policy, taxes, tariffs, exchange rates, gold, cyber currency, monetary policy, international trade, currency valuations - do we spend too much or too little on public programs - ultimately the discussions distill to Keynes and everything that has happened since leading up to Modern Monetary Theory. A revolution in thinking that will change everything. And here is the bridge from where we were to where we are going. Just as Piketty's historic "Capital in the 21st Century" became the surprise international best seller in 2014 so to is Macroeconomics by Mitchell, Wray and Watts destined to find its way on every policy wonk's bookshelf. It is designed to be a textbook but it is really a passport to the discussing economics like someone who actually knows something and not just another clueless "we all have to balance our budgets" blowhard. Buy it - tell your friends to buy it. It's nice to have a clue.

If you want to understand macroeconomics and not the neoliberal accepted discussion and framework permitted to be discussed by economists then read this book. This textbook explains in detail what a sovereign currency is, who is the issuer, who is the user, and what inflation really is. None of the Austrian economics/gold standard/Chicago school of neoliberal economic nonsense in here! There are far more topics but this is really a distilled summary of what real economic reality is and not the trash that is taught in universities both public and private including the prestigious universities. If you want to understand what isn't allowed to be discussed in the world of economics take a deep dive into this book!

This should be taught in every high school Econ. class. Federal government debt is equal to private savings, whether that savings is foreign or domestic. The entity that can demand revenue in the form of the currency it issues, must control the inflation rate of that currency. The government doesn't need the money it issues or collects as taxes, it needs your products and/or services. You either work for the currency issuer or your work for someone else that does.

Highlight what interests you the least; otherwise you will turn your book yellow!It would be better if it had more references.

Very good book presenting the different and opposite versions of economic theories. Good summaries and illustrations. English very readable.

I have read many 1st and 2nd year macro texts. This is the most rounded and most interesting book of them all. Anyone interested in macro, even if you disagree with MMT, should read it. In fact one should not criticise MMT without reading this first.

Sto ancora a metà... appassionante e innovativo. Anche un guru come Ray Dalio recentemente ha appoggiato la MMT, che è la nuova teoria proposta dal libro. Non una lettura semplice, ma consigliabile per studenti di ogni età.

Great master text especially if you know what Modern Monetary Theory is. I've read it all and I feel like a genius.