Plurality in Teaching Macroeconomics

Azad, Rohit (2016): Plurality in Teaching Macroeconomics.

Abstract

The current Great Recession, the worst crisis that capitalism has faced since the Great Depression, has failed, at least so far, to generate a change in the teaching and practice of Macroeconomics. This seems bizarre as if nothing has happened and the economists are just going about doing business as usual. In light of this, the current paper attempts to address how Macroeconomics ought to be taught to students at the advanced intermediate level, which gives them an overall perspective on the subject.

• Item Type: MPRA Paper
• Language: English
• Keywords: Macroeconomic Teaching, New Keynesian, Post Keynesian, Keynes-Kalecki
• Subjects: A - General Economics and Teaching > A2 - Economic Education and Teaching of Economics; A - General Economics and Teaching > A2 - Economic Education and Teaching of Economics > A22 - Undergraduate; B - History of Economic Thought, Methodology, and Heterodox Approaches > B4 - Economic Methodology; B - History of Economic Thought, Methodology, and Heterodox Approaches > B5 - Current Heterodox Approaches > B50 - General; E - Macroeconomics and Monetary Economics > E3 - Prices, Business Fluctuations, and Cycles; E - Macroeconomics and Monetary Economics > E4 - Money and Interest Rates; E - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit

References

George A Akerlof. Labor contracts as partial gift exchange. The Quarterly Journal of Economics, pages 543-569, 1982.

George A Akerlof and Janet L Yellen. A near-rational model of the business cycle, with wage and price inertia. The Quarterly Journal of Economics, pages 823-838, 1985.

G.A. Calvo. Staggered prices in a utility-maximizing framework. Journal of monetary Economics, 12(3):383{398, 1983.

EPW. An economics that demystifies economics. Economic and Political Weekly, 48(38), Sep 2013.

M. Friedman. Nobel lecture: Inflation and unemployment. The Journal of Political Economy, pages 451-472, 1977.

J. Gali. Monetary Policy, inflation, and the Business Cycle: An introduction to the new Keynesian Framework. Princeton University Press, 2009.

Nicholas Kaldor. The Scourge of Monetarism. Oxford University Press, 1986.

Michal Kalecki. The principle of increasing risk. Economica, 4(16):440-447, November 1937.

Michal Kalecki. Essays in the Theory of Economic Fluctuations. New York, Russell & Russell, 1939.

Michal Kalecki. Political Aspects of Full Employment. In Selected Essays in the Theory of the Capitalist Economy. Cambridge University Press, 1943.

Michal Kalecki. Selected Essays on the Dynamics of the Capitalist Economy. Cambridge University Press, 1971.

J. M. Keynes. The General Theory of Employment Interest and Money. A Harvest Book/ Harcourt, Inc., 1991 edition, 1936.

J. M. Keynes. The General Theory of Employment. Quarterly Journal of Economics, pages 209-221, 1937.

Gilberto Tadeu Lima and Mark Setterfield. Pricing behaviour and the cost-push channel of monetary policy. Review of Political Economy, 22(1): 19-40, 2010.

A. Lindbeck and D.J. Snower. The Insider-Outsider Theory of Employment and Unemployment. Cambridge, MA: MIT Press., 1988.

N Gregory Mankiw. Small menu costs and large business cycles: A macroeconomic model of monopoly. The Quarterly Journal of Economics, pages 529-537, 1985.

Hyman P Minsky. John Maynard Keynes. Columbia University Press New York, 1975.

Prabhat Patnaik. Accumulation and Stability Under Capitalism. Clarendon Press, Oxford, 1997.

Prabhat Patnaik. The value of money. Columbia University Press, 2009.

A.W. Phillips. The relation between unemployment and the rate of change of money wage rates in the united kingdom, 1861-1957. Economica, (100):283-299, 1958.

J. Robinson. Economic heresies: some old-fashioned questions in economic theory. Joan Robinson. Macmillan, 1971.

R.E. Rowthorn. Conflict, Inflation and Money. Cambridge Journal of Economics, 1:215-239, 1977.

Steven C Salop. A model of the natural rate of unemployment. The American Economic Review, pages 117-125, 1979.

Mark Setterfield. Handbook of alternative theories of economic growth. Edward Elgar Publishing, 2010.

Carl Shapiro and Joseph E Stiglitz. Equilibrium unemployment as a worker discipline device. The American Economic Review, pages 433-444, 1984.

Brian Snowdon and Howard R Vane. Modern macroeconomics: its origins, development and current state. Edward Elgar Publishing, 2005.

Josef Steindl. Capitalist enterprise and risk. Oxford Economic Papers, 7: 21-45, 1945.

Andrew Weiss. Job queues and layoffs in labor markets with flexible wages. The journal of political economy, pages 526-538, 1980.