The passionate teaching of Bernard Schmitt at the University of Fribourg, Switzerland, kindled my interest in monetary macroeconomics. In Fribourg I wrote my doctoral dissertation while working as Schmitt’s research and teaching assistant. In 1978 I moved to London to conduct research at the LSE as a PhD student under the supervision of Meghnad Desai. I received my PhD in 1982. Back on the Continent, I continued my collaboration with Schmitt, which lasted until his death in 2014. My enthusiasm for research never failed and I hope to have conveyed it to some of my students at the Centre for Banking Studies in Lugano and at USI (Università della Svizzera Italiana).
When I first met him at the University of Fribourg, Switzerland in 1969, I was immediately fascinated by Bernard Schmitt’s passion for scientific research and by his novel approach to monetary macroeconomics.
Three years later I started working with him as a teaching and research assistant and went on working as his closest collaborator until his death in 2014. The other two co-editors of this book also had the privilege to work closely with him.
Conceived as an homage to Schmitt’s legacy, this book is a collection of contributions explaining the historical origin, the analytical content, and the current relevance of Schmitt’s quantum macroeconomic analysis.
Quantum Macroeconomics presents a new paradigm in macroeconomic analysis initiated by Bernard Schmitt. It explains the historical origin, the analytical contents, and the actual relevance of this new paradigm, with respect to current major economic issues at national and international level. These issues concern both advanced and emerging market economies, referring to inflation, unemployment, financial instability, and economic crises.
In the first part of this volume, leading scholars explain the historical origin and analytical content of quantum macroeconomics. The second part explores its relevance with respect to the current major economic issues such as the sovereign debt crisis and European…
The passionate teaching of Bernard Schmitt at the University of Fribourg, Switzerland, kindled my interest in monetary macroeconomics. In Fribourg I wrote my doctoral dissertation while working as Schmitt’s research and teaching assistant. In 1978 I moved to London to conduct research at the LSE as a PhD student under the supervision of Meghnad Desai. I received my PhD in 1982. Back on the Continent, I continued my collaboration with Schmitt, which lasted until his death in 2014. My enthusiasm for research never failed and I hope to have conveyed it to some of my students at the Centre for Banking Studies in Lugano and at USI (Università della Svizzera Italiana).
I recommend this book because it deals with the main problems faced by capitalist economies, inflation, and unemployment, in a new and original way, and provides the theoretical foundations for quantum macroeconomic analysis.
Orthodox economics has failed to provide a consistent insight into the pathologies blighting our economies, and both the academic and the economic worlds badly need an alternative approach to convincingly diagnose these pathologies, where they come from, and how they can eventually be disposed of.
Schmitt’s volume provides a revolutionary explanation of the cause of today’s economic disorder as well as an innovative solution enabling for the passage from disorder to order.
The volume deals with the main problems faced by capitalist economies, inflation and unemployment, in a new and original way, and provides the theoretical foundations for quantum macroeconomic analysis. Its aim is to allow English-speaking economists and interested readers to have a direct access to the analysis provided by Schmitt in his 1984 book Inflation, chomage et malformations du capital.
Orthodox economics has failed to provide a consistent insight of the pathologies hindering our economies, and both the academic and the economic worlds are much in need for an alternative approach capable to explain the origins of these pathologies and…
When understanding the interactions in our economy, it is critical to recognize all participants in this complex system. I’m passionate about microeconomics because it provides me with a different perspective to examine the world around me. I use my microeconomic glasses and I enjoy rationalizing the daily interactions and predicting the potential outcomes.
This eBook, developed by faculty members from top institutions, is available for free from the developers’ website, offers several online resources, it's frequently updated, translated to several languages, and has been widely adopted in several countries.
The book includes both the usual topics for courses on introduction to microeconomics and introduction to macroeconomics, using a similar writing style as other introductory textbooks (assumes no mathematical background), thus being accessible to a wide range of students.
Unlike similar books, however, it structures topics differently: instead of presenting chapters according to the main tool or concept being introduced, chapters are presented according to real-world problems.
While this can help motivate each chapter, it may require some adapting from the instructor’s teaching style.
The only introductory economics text to equip students to address today's pressing problems by mastering the conceptual and quantitative tools of contemporary economics.
OUP has partnered with the international collaborative project of CORE researchers and teachers to bring students a book and learning system that complements and enhances CORE's open-access online e-book.
The Economy: - is a new approach that integrates recent developments in economics including contract theory, strategic interaction, behavioural economics and financial instability - Engages with issues students of economics care about, exploring inequality, climate change, economic instability, wealth creation and innovation, among other issues. - provides a…
My entire career has been spent in finance. From life insurance to central banks, from stock exchanges to post-trade clearing and settlement, this is all I’ve ever done. My college degrees include BSBA in Business/Marketing, MBA in Management, and PhD in Economics. In addition to knowing what a lot of people know about finance, I also worked inside the “black box” of the Federal Reserve System and depository trust and clearing corporations (in 4 cities, on 2 continents). Therefore, I know more about the plumbing of stock market infrastructure than most people who have careers (and education) as long as mine.
This was required reading in my MBA program at Golden Gate University. In fact, the economics teacher, Joe Fuhrig, inspired me to go on for my PhD in Economics at New York University. The book explains how economics isn’t just about mathematical models: it is about how people think and behave. Once you learn to think like an economist, you will find investing (and even grocery shopping!) a completely different experience.
Intended primarily for one semester survey courses in general economics, this text also provides practical content to current and aspiring industry professionals.
Learn how to think like an economist.
The Economic Way of Thinking goes beyond explaining the basic principles of micro- and macroeconomic analysis by showing readers a method of reasoning that teaches them how to apply these principles as tools. The authors expose readers to a method of reasoning that makes them think like an economist through example and application and also shows them how not to think, by exposing errors in popular economic reasoning.
The passionate teaching of Bernard Schmitt at the University of Fribourg, Switzerland, kindled my interest in monetary macroeconomics. In Fribourg I wrote my doctoral dissertation while working as Schmitt’s research and teaching assistant. In 1978 I moved to London to conduct research at the LSE as a PhD student under the supervision of Meghnad Desai. I received my PhD in 1982. Back on the Continent, I continued my collaboration with Schmitt, which lasted until his death in 2014. My enthusiasm for research never failed and I hope to have conveyed it to some of my students at the Centre for Banking Studies in Lugano and at USI (Università della Svizzera Italiana).
I recommend this book to any reader interested in the possible cross-fertilization between diverse heterodox traditions in the study of money.
Bringing together perspectives from post-Keynesians, Circuitists, and the Firbourg-Dijon School, the book continues the tradition of Keynes’s and Kalecki’s analysis of a monetary production economy, emphasizing the similarities between the various approaches, and expanding the analytical breadth of the theory of endogenous money.
The authors aim to open new avenues of monetary research and fuel renewed interest in the nature and role of money in capitalist economies.
This book unites diverse heterodox traditions in the study of endogenous money - which until now have been confined to their own academic quarters - and explores their similarities and differences from both sides of the Atlantic.
Bringing together perspectives from post-Keynesians, Circuitists and the Dijon School, the book continues the tradition of Keynes's and Kalecki's analysis of a monetary production economy, emphasising the similarities between the various approaches, and expanding the analytical breadth of the theory of endogenous money. The authors open new avenues for monetary research in order to fuel a renewed interest in the nature and role…
So many of the problems we face as a society stem from the way our economy works. But the economy is presented as something technical and dry, or even simply the ‘natural state of things’. It makes it hard for people to understand where power lies, or even to imagine how it could be otherwise. If we want things to be different – and we really need things to be different – we’ve got to find better ways of communicating what’s going on. I’ve chosen some books that do this – to explain how economic decisions are made. And always to point to the possibility of it all being very different and much better.
It’s impossible to understand the modern economy without grasping the importance of debt, and no one understands debt better than Ann Pettifor.
Pettifor spent more than a decade campaigning to cancel the unjust and unpayable debt of African, Asian, and Latin American countries – debt that was causing mass impoverishment and robbing people of their rights and livelihoods. Then she turned her attention to the damage that debt was doing in the West, predicting the financial crash of 2007-8.
For Pettifor, the problem started in the early 1970s, when the financial system was ‘freed’ by politicians from the constraints which had forced it to behave in a more reasonable way up to that point. Pettifor argues that we won’t be able to deal with our economic problems until we constrain our banks once more.
In this book, Ann Pettifor examines the issues of debt affecting the 'first world' or OECD countries, looking at the history, politics and ethics of the coming debt crisis and exploring the implications of high international indebtedness for governments, corporations, households, individuals and the ecosystem.
I used to be Chief Economist at the UK bank SG Warburg and then at UBS, starting out in 1987 and finally cutting the cord in 2016 as Senior Economic Advisor. I visited China twice or three times a year from about 1994 and then the pandemic intervened. After the financial crisis, I decided that China would be the world’s next big thing. So I've spent a lot of time trying to figure out what’s going on there and for the last few years, I've been an associate at the China Centre at Oxford University and SOAS in London. Red Flags was a book I simply had to write. Maybe there’ll be another. We shall see.
Naughton is the grandfather of China economy books, having written prolifically and with great authority on it for what seems like an eternity. This second edition updates his original 2006 work and should be considered a sort of bible, certainly an essential reference, on how China emerged from poverty under Mao to become what it is today. There are no economic or economic policy or structure stones unturned in this tome.
If you are more minded to read an authoritative narrative rather than a sort of handbook, I recommend a much shorter, readable book by the same author, published last year called The Rise of China’s Industrial Policy. It’s also very topical and pertinent to contemporary China discussion.
The new edition of a comprehensive overview of the modern Chinese economy, revised to reflect the end of the “miracle growth” period.
This comprehensive overview of the modern Chinese economy by a noted expert on China's economic development offers a quality and breadth of coverage not found in any other English-language text. In The Chinese Economy, Barry Naughton provides both a broadly focused introduction to China's economy since 1949 and original insights based on his own extensive research. This second edition has been thoroughly revised to reflect a decade of developments in China's economy, notably the end of the period…
I was a very bright little girl growing up in Boston, Massachusetts in the mid-1960s. I passed the entrance exam for Girls’ Latin School in Boston without difficulty and set out for a lifelong journey through many great institutions of higher learning. By the time I was a university student, I knew I wanted to help solve social problems. So, I chose to become an economist. I’m a bit techy but I also have a passion for great writing and history. In recent years, my profession has allowed me to get to know Asia and its amazing cultures through my visits to Hong Kong, Taiwan, Japan, China, India, and my current abode, Beirut!
During my graduate school years at Carnegie-Mellon University, I was exposed to Thomas Sargent’sMacroeconomic Theory, which taught me how to work with difference equations.
More importantly, it inculcated the notion in me that economic theory and econometrics are inseparable notions. The approach that I attained from this book together with the courses that I took at Carnegie-Mellon’s Graduate School of Industrial Administration - GSIA as it was called then – have colored by my research outlook and my research itself over the years.
While Thomas Sargent produced many other graduate textbooks on macroeconomics in future years, I might say this was the most influential one (for me) in terms of the fluidity of its writing and its attempt to bridge macroeconomic theory and empirical research.
"Macroeconomic Theory", in its first edition, was widely adopted for use as a graduate text; this updated and expanded version should find even greater popularity as a text and as a research reference. It has been substantially revised to include three entirely new chapters: The Consumption Function, Government Debt and Taxes, and Dynamic Optimal Taxation. Significant additions have been made to three of the original chapters dealing with difference equations, stochastic difference equations, and investment under uncertainty.
I am a reader of primary texts. One can be dismayed by the number of followers’ easy reliance on secondary literature to create interpretations of their leader’s economic ideas about the sources of society’s well-being. Distortive alteration and the recycling of unfounded ideas about conflicting influential economists’ theories is actually counterproductive. Only scrutiny of an author’s work can reveal false assertions. I’m proposing four authors I’ve scrutinised to find out what they really thought about my main teaching interests: money and credit, and their impact on prices, and the manipulation of the volume of either/both to affect purchasing power. It has been astounding to learn what theory applications, distorting their intent, bear their name.
Grappling with the meaning of money and unraveling its impact on prices or on the creation of wealth is enduringly controversial.
Fascination with money - to eyes or pockets - is universal. Fisher understood this!
He defined money simply as what is acceptable in exchange for goods: bills, coins, cheques - legal tender - or other forms of debt.
Since inflation, for Fisher, is a monetary phenomenon, and as in classical physics, where one matter is equalised to another, in his economics, money-on-the-move is always balancing products-for-a-price; in the long run, too much money or too little does not affect wealth creation but only the level of price.
Fisher is a ‘must read’ because this, his ultimate conclusion, deprived of his many subtleties, is the basis of present macroeconomics.
This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.
This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and…
The passionate teaching of Bernard Schmitt at the University of Fribourg, Switzerland, kindled my interest in monetary macroeconomics. In Fribourg I wrote my doctoral dissertation while working as Schmitt’s research and teaching assistant. In 1978 I moved to London to conduct research at the LSE as a PhD student under the supervision of Meghnad Desai. I received my PhD in 1982. Back on the Continent, I continued my collaboration with Schmitt, which lasted until his death in 2014. My enthusiasm for research never failed and I hope to have conveyed it to some of my students at the Centre for Banking Studies in Lugano and at USI (Università della Svizzera Italiana).
The book brings together a series of contributions to monetary macroeconomics as well as Bernard Schmitt’s last critique to relative price determination.
I recommend it to the reader interested in monetary theory because it gives an overview of the most challenging topics in this field, from money to financial crisis, passing through profit formation, inflation, and unemployment.
International issues are also considered, while a groundbreaking analysis of sovereign debt and interest payments is presented in what was to become Schmitt’s last contribution in English to international macroeconomics.
This timely book uses cutting-edge research to analyze the fundamental causes of economic and financial crises, and illustrates the macroeconomic foundations required for future economic policymaking in order to avoid these crises.
The expert contributors take a critical approach to monetary analysis, providing elements for a new paradigm of economic policymaking at both national and international levels. Major issues are explored, including: inflation, capital accumulation and involuntary unemployment, sovereign debts and interest payment, and the euro-area crisis.
Opening new lines of research in the economic and financial crises, this book will prove a fascinating read for academics, students and researchers…
