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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.
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Money, Distribution and Economic Policy
NEW DIRECTIONS IN MODERN ECONOMICS Series Editor: Malcolm C. Sawyer, Professor of Economics, University of Leeds, UK New Directions in Modern Economics presents a challenge to orthodox economic thinking. It focuses on new ideas emanating from radical traditions including postKeynesian, Kaleckian, neo-Ricardian and Marxian. The books in the series do not adhere rigidly to any single school of thought but attempt to present a positive alternative to the conventional wisdom. A list of published titles in this series is printed at the end of this volume.
Money, Distribution and Economic Policy Alternatives to Orthodox Macroeconomics
Edited by
Eckhard Hein and Achim Truger Macroeconomic Policy Institute (IMK), Hans Boeckler Foundation, Germany
NEW DIRECTIONS IN MODERN ECONOMICS
Edward Elgar Cheltenham, UK • Northampton, MA, USA
© Eckhard Hein and Achim Truger 2007 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical or photocopyi