ESCP Europe

'At last, this book is what was missing in heterodox economics. A full encompassing textbook written by great minds with a sole purpose: to allow students to discover the absurdity of the orthodox textbooks and the strength of heterodox economics. Through all the chapters, at last true economics is revealed. Rochon and Rossi have done heterodoxy a great service. This amazing book must be used by all those who teach heterodox economics, to form a new generation of young scholars.' - Alain Parguez, Université de Franche-Comté, France This important new book introduces students to the fundamental ideas of heterodox economics, presented in a clear and accessible way by top heterodox scholars. It offers not only a critique of the dominant approach to economics, but also a positive and constructive alternative. Students interested in an explanation of the real world will find the heterodox approach not only satisfying, but ultimately better able to explain a money-using economy prone to periods of instability and crises. Key features of this textbook include: - A non-conventional understanding of economic analysis on a number of relevant topics - Deep and convincing criticism of orthodox thinking - Discussion of the crucial importance of money, banking and finance today - Analysis of the roots of the 2008 global financial crisis - A presentation of the features of sustainable development. Undergraduate students studying economics at all levels can use this textbook to deepen their understanding of the heterodox approach, the fundamental roots of the 2008 global financial crisis and the need to rethink economics afresh. Contributors include: R.A. Blecker, H. Bortis, A. Cencini, G.A. Epstein, R. Guttmann, O. Hamouda, R.P.F. Holt, J. Jespersen, J. King, M. Lavoie, J. McCombie, L.-P. Rochon, S. Rossi, M. Sawyer, M. Setterfield, M. Seccareccia, N. Tharnpanich, J. Toporowski

TABLE OF CONTENS -- Introduction: The Need for a Heterodox Approach to Economic Analysis Louis-Philippe Rochon and Sergio Rossi PART I ECONOMICS, ECONOMIC ANALYSIS, AND ECONOMIC SYSTEMS 1. What is Economics? Louis-Philippe Rochon and Sergio Rossi 2. The History of Economic Theories Heinrich Bortis 3. Monetary Economies of Production Louis-Philippe Rochon PART II MONEY, BANKS, AND FINANCIAL ACTIVITIES 4. Money and Banking Marc Lavoie and Mario Seccareccia 5. The Financial System Jan Toporowski 6. The Central Bank and Monetary Policy Louis-Philippe Rochon and Sergio Rossi PART III THE MACROECONOMICS OF THE SHORT AND LONG RUN 7. Aggregate Demand Jesper Jespersen 8. Inflation and Unemployment Alvaro Cencini and Sergio Rossi 9. The Role of Fiscal Policy Malcolm Sawyer 10. Economic Growth and Development Mark Setterfield 11. Wealth Distribution Omar Hamouda PART IV INTERNATIONAL ECONOMY 12. International Trade and Development Robert A. Blecker 13. Balance-of-payments Constrained Growth John McCombie and Nat Tharnpanich 14. European Monetary Union Sergio Rossi PART V RECENT TRENDS 15. Financialization Gerald A. Epstein 16. Imbalances and Crises Robert Guttmann 17. Sustainable Development Richard P.F. Holt Conclusion: Do we Need Microfoundations for Macroeconomics? John King Index.