The field of macroeconomics has always played host to contesting schools of thought, but the recent Global Financial Crisis has exacerbated those differences. In order to fully understand macroeconomics at the introductory level, students need to be aware of these controversies. Rethinking Macroeconomics introduces students to the different schools of thought, equipping them with the knowledge needed for a real understanding of today’s macro economy.

The text guides the reader through various approaches to the analysis of the macro economy of the U.S., before presenting the data for several critical economic episodes, in order to discover which analytical method provides the best explanation for each event. It covers key background information on topics such as the basics of supply and demand, macroeconomic data, international trade and the balance of payments, and the creation of the money supply.

Offering the context that is missing from existing introductory macroeconomics texts, John F. McDonald encourages students to think critically about received economic wisdom. This text is the ideal complement to any introductory macroeconomics textbook and is best suited for undergraduate students who have had an introductory course in economics. 

chapter 1|20 pages

Rethinking macroeconomics

chapter 2|21 pages

Keynesian theory and policy

chapter 3|16 pages

Keynesian theory after Keynes

chapter 6|10 pages

Austrian capital and business cycle theory

chapter 7|8 pages

World War I and aftermath

chapter 8|11 pages

Depression, war, and aftermath

chapter 10|10 pages

The years of stagflation

chapter 11|9 pages

The great moderation

chapter 12|19 pages

Financial crisis and deep recession