Money, Distribution and Economic Policy: Alternatives to Orthodox Macroeconomics (New Directions in Modern Economics)

Money, Distribution and Economic Policy takes issue with the inappropriate treatment of money, effective demand and distribution issues in modern mainstream macroeconomics. It presents contributions which are critical of modern orthodoxy and which explore alternative approaches to macroeconomics and economic policy analysis. The contributors explore the following areas: * the development of heterodox theory * the role of money in macroeconomics * the relationship between distribution and aggregate demand * macroeconomic policy issues from a broader heterodox perspective. This study will appeal to scholars, researchers and postgraduate students of macroeconomics and economic policy, money and banking and Post-Keynesian economics. COPYRIGHT......Page 4 Contents......Page 5 Contributors......Page 7 Introduction......Page 9 PART I Heterodox economic theory and money in macroeconomics......Page 17 1. What is the Cambridge approach to economics?......Page 19 2. Heterodox economics: a common challenge to mainstream economics?......Page 39 3. Elements of a monetary theory of production......Page 55 4. The monetary circuit approach: a stock-flow consistent model......Page 74 PART II Distribution and aggregate demand......Page 103 5. What drives profits? An incomespending model......Page 105 6. Wages and aggregate demand: an empirical investigation for France*......Page 127 PART III Economic policies......Page 147 7. New institutions for a new economic policy......Page 149 8. Structural reforms and macroeconomic policy – the example of Germany*......Page 166 9. Theories of fiscal policies and fiscal policies in the EMU......Page 177 10. The link between fiscal and monetary policy – lessons for Germany from Japan......Page 194 11. Monetary policy, macroeconomic policy mix and economic performance in the Euro area......Page 224 Index......Page 253 Money, Distribution And Economic Policy Takes Issue With The Inappropriate Treatment Of Money, Effective Demand And Distribution Issues In Modern Mainstream Macroeconomics. It Presents Contributions Which Are Critical Of Modern Orthodoxy And Which Explore Alternative Approaches To Macroeconomics And Economic Policy Analysis. The Contributors Explore The Following Areas: The Development Of Heterodox Theory, The Role Of Money In Macroeconomics, The Relationship Between Distribution And Aggregate Demand And, Macroeconomic Policy Issues From A Broader Heterodox Perspective. This Study Will Appeal To Scholars, Researchers And Postgraduate Students Of Macroeconomics And Economic Policy, Money And Banking And Post Keynesian Economics.