Contents:
Introduction: the urgent need for a heterodox approach to
economic analysis 1
Louis-Philippe Rochon and Sergio Rossi
PART I ECONOMICS, ECONOMIC ANALYSIS AND
ECONOMIC SYSTEMS
1 What is economics? 25
Louis-Philippe Rochon and Sergio Rossi
2 The state of macroeconomics 51
Louis-Philippe Rochon and Sergio Rossi
3 The history of economic theories 80
Heinrich Bortis
4 Monetary economies of production 122
Louis-Philippe Rochon
PART II MONEY, BANKS AND FINANCIAL ACTIVITIES
5 Money and banking 151
Marc Lavoie and Mario Seccareccia
6 The financial system 176
Jan Toporowski
7 Central banking and monetary policy 200
Louis-Philippe Rochon and Sergio Rossi
PART III THE MACROECONOMICS OF THE SHORT AND
LONG RUN
8 Theories of consumption 233
Stavros A. Drakopoulos
9 Theories of investment 268
Thomas Dallery
10 Aggregate demand 307
Jesper Jespersen
11 Inflation and unemployment 331
Alvaro Cencini and Sergio Rossi
12 The role of fiscal policy 355
Malcolm Sawyer
13 Economic growth and development 376
Mark Setterfield
14 Wealth distribution 402
Omar Hamouda
PART IV INTERNATIONAL ECONOMY
15 International trade and development 437
Robert A. Blecker
16 Balance-of-payments constrained growth 469
John McCombie and Nat Tharnpanich
17 European monetary union 494
Sergio Rossi
PART V RECENT TRENDS
18 Financialization 517
Gerald A. Epstein
19 Imbalances and crises 540
Robert Guttmann
20 Sustainable development 566
Richard P.F. Holt
21 Conclusion: do we need microfoundations for macroeconomics? 593
John King
Answers 618
Index 633
