Macroeconomics

A bold and authoritative new edition of this groundbreaking textbook invites students to interrogate the foundations of macroeconomics with fresh rigor. Challenging conventional wisdom, it sets orthodox theory alongside heterodox perspectives, equipping readers to critically assess the assumptions that shape economic policy and debate.

Building on the success of its first edition, this new edition constructs a coherent heterodox framework from first principles, drawing on Modern Monetary Theory (MMT) and the influential insights of Keynes, Kalecki, Veblen, Marx, and Minsky. The result is a clear, systematic model that rethinks how modern economies function.

Written by an internationally respected team, the book moves beyond theory to offer incisive fiscal and monetary policy recommendations. It demonstrates how the persistent underperformance of advanced capitalist economies in recent decades might have been avoided, and presents a compelling, carefully argued case, both practical and philosophical, for the heterodox, MMT-informed approach it champions.

Essential reading for students and scholars seeking a deeper, more critical understanding of macroeconomics.

New to this edition:
- new content on recent inflation, its impact on the macroeconomy, and policy responses
- new coverage of central bank digital currencies
- updated coverage of climate change policy implications
- new problem questions, case studies and boxed features
- new and updated online materials for lecturers and students