Macroeconomics in Context: A European Perspective PDF
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Macroeconomics in Context Macroeconomics in Context: A European Perspective lays out the principles of macroeconomics in a manner that is thorough, up to date, and relevant to students. With a clear presentation of economic theory throughout, this latest addition to the bestselling “In Context” set of textbooks is written with a specific focus on European data, institutions, and historical events, offering engaging treatment of high-interest topics, including sustainability, Brexit, the euro crisis, and rising inequality. Policy issues are presented in context (historical, institutional, social, political, and ethical), and always with reference to human well-being. This book is divided into four parts, covering the following key issues: ■ The context of economic analysis, including basic macroeconomic statistics and tools; ■ The basics of macroeconomic measurements, including GDP, inflation, and unemployment, as well as alternative measures of well-being, and the particular structures of the European economies; ■ Methods for analyzing monetary and fiscal policy, including an in-depth coverage of the instruments and approaches of the European central bank and some coverage of an open economy; ■ The application of the tools learnt to selected macroeconomic issues, such as the euro crisis, the global financial crisis, public debt, global development, and environmental sustainability. Far more than any other existing macroeconomic textbook, this book combines real-world relevance of the topics covered with a strong focus on European institutions and structures within an approach that explains multiple economic paradigms. This combination helps to raise students’ interest in macroeconomics as well as enhance their understanding of the power and limitation of macroeconomic analysis. Visit www.gdae.org/europeanmacro/ for online resources for both lecturers and students. Sebastian Dullien is Professor for International Economics at HTW Berlin, University of Applied Sciences, and Senior Policy Fellow at the European Council on Foreign Relations. Prior to his appointment to the university in 2007, he worked in several positions, including economics editor for the Financial Times Deutschland, the German-language edition of the Financial Times. He has advised a number of ministries, members of the German and European Parliament, and several organizations of the United Nations. Neva Goodwin is Co-Director of the Global Development and Environment Institute (GDAE) at Tufts University, where she is the director of the electronic Social Science Library: Frontier Thinking in Sustainable Development and Human Well-Being. Goodwin works toward a contextual economics theory that will have more relevance to contemporary real-world social and ecological concerns than the dominant economic paradigm does. Jonathan M. Harris is Director of the Theory and Education Program at the Tufts University Global Development and Environment Institute, USA. His current research focuses on the implications of large-scale environmental problems, especially global climate change, for macroeconomic theory and policy. Julie A. Nelson is Professor of Economics at the University of Massachusetts Boston and Senior Research Fellow at the Global Development and Environment Institute at Tufts University, USA. Many of her books and articles critique economic methodology from a feminist perspective. She has published in journals ranging from Econometrica and the Journal of Political Economy to Hypatia: Journal of Feminist Philosophy and Ecological Economics. Brian Roach is Senior Research Associate at the Tufts University Global Development and Environment Institute and a lecturer at Tufts and Brandeis University, USA. He has published numerous articles on nonmarket valuation of natural resources, including drinking water quality, water-based recreation, and wildlife. Mariano Torras teaches economics at Adelphi University in Garden City, New York, USA. A heterodox economist who specializes in ecological and development economics, Torras’s recent research has been in the areas of institutional economics and economic methodology; particular attention has been on approaches to addressing climate change. “Macroeconomics in Context excels at presenting macroeconomic theory in a way that students can understand. As a bonus, it exposes students to issues—such as the environmental costs of production and the wider determinants of well-being—that soon will be at the center of economic policy-making.” — Eric Nilsson, California State University, San Bernardino, USA “Macroeconomics in Context is the best text I’ve seen for undergraduate teaching. By paying attention to the challenges we face today, such as environmental degradation and social issues, it lets students readily see why [the subject of] economics is important to learn. This text gives students the basics while raising questions about how we can do better.” — Valerie A. Luzadis, SUNY College of Environmental Science and Forestry, Syracuse, USA “After reviewing fourteen macroeconomics textbooks, looking for an alternative to obsolete ideas of infinite GDP growth with little consideration of environmental or social costs, I selected Macroeconomics in Context. … This was the only book I found that covers mainstream theory while putting it into a social and environmental context—a much needed updated approach to macroeconomics.” — Gary Flomenhoft, University of Vermont, USA “I like this text very much. I like that environmental concerns are part of the discussion. I also like the no-frills presentation and the low price.” — Tom White, Assumption College, USA (on the previous edition) “This book is a truly Europeanised version of the well-established introductory textbook by Goodwin et al. which enriches the common narrative of economics by adding further perspectives and analytical approaches without being confusing or too complex. The European version contains a wealth of new content on debt and deficits, economic policies, institutions and actors in the European Union. The book will surely support students in gaining a profound, practical and multi-angled knowledge of economic issues which they can apply to understand and analyse real-world phenomena, like the emergence and evolution of the recent financial and euro crises which have so dramatically influenced European economies.” — Prof. Dr. Torsten Niechoj, Rhine-Waal University of Applied Sciences, Kamp-Lintfort, Germany Macroeconomics in Context A European Perspective Sebastian Dullien, Neva Goodwin, Jonathan M. Harris, Julie A. Nelson, Brian Roach, and Mariano Torras First published 2018 by Routledge 711 Third Avenue, New York, NY 10017 and by Routledge 2 Park Square, Milton Park, Abingdon, Oxon, OX14 4RN Routledge is an imprint of the Taylor & Francis Group, an informa business © 2018 Taylor & Francis The right of Sebastian Dullien, Neva Goodwin, Jonathan M. Harris, Julie A. Nelson, Brian Roach and Mariano Torras to be identified as authors of this work has been asserted by them in accordance with sections 77 and 78 of the Copyright, Designs and Patents Act 1988. All rights reserved. No part of this book may be reprinted or reproduced or utilised in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retrieval system, without permission in writing from the publishers. Trademark notice: Product or corporate names may be trademarks or registered trademarks, and are used only for identification and explanation without intent to infringe. Library of Congress Cataloging-in-Publication Data Names: Dullien, Sebastian, author. Title: Macroeconomics in context : a European perspective / Sebastian Dullien, [and five others]. Description: New York, NY : Routledge, 2017. | Includes index. Identifiers: LCCN 2017009836 | ISBN 9781138185173 (hardback) | ISBN 9781138185180 (pbk.) | ISBN 9781315644653 (ebook) Subjects: LCSH: Macroeconomics. | Europe—Economic conditions. Classification: LCC HB172.5 .D85 2017 | DDC 339—dc23 LC record available at https://lccn.loc.gov/2017009836 ISBN: 978-1-138-18517-3 (hbk) ISBN: 978-1-138-18518-0 (pbk) ISBN: 978-1-315-64465-3 (ebk) Typeset in Bembo by Apex CoVantage, LLC Brief Contents List of Figures List of Tables INTRODUCTION SAMPLE COURSE OUTLINES PART I THE CONTEXT FOR ECONOMIC ANALYSIS 0 MACROECONOMICS AND WELL-BEING 1 ECONOMIC ACTIVITY IN CONTEXT 2 USEFUL TOOLS AND CONCEPTS 3 WHAT ECONOMIES DO 4 SUPPLY AND DEMAND PART II MACROECONOMIC BASICS 5 MACROECONOMIC MEASUREMENT: THE CURRENT APPROACH 6 MACROECONOMIC MEASUREMENT: ENVIRONMENTAL AND SOCIAL DIMENSIONS 7 THE STRUCTURE OF THE EUROPEAN ECONOMY 8 EMPLOYMENT, UNEMPLOYMENT, AND WAGES PART III MACROECONOMIC THEORY AND POLICY 9 AGGREGATE DEMAND AND ECONOMIC FLUCTUATIONS 10 FISCAL POLICY 11 MONEY, BANKING, AND FINANCE 12 THE EUROPEAN CENTRAL BANK AND MONETARY POLICY 13 AGGREGATE SUPPLY, AGGREGATE DEMAND, AND INFLATION: PUTTING IT ALL TOGETHER 14 INTERNATIONAL LINKAGES AND ECONOMIC POLICY PART IV MACROECONOMIC ISSUES AND APPLICATIONS 15 THE FINANCIAL CRISIS AND THE GREAT RECESSION 16 DEFICITS AND DEBT 17 THE EURO CRISIS 18 HOW ECONOMIES GROW AND DEVELOP 19 GROWTH AND SUSTAINABILITY IN THE TWENTY-FIRST CENTURY Glossary Index
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