The Macroeconomics Anti-Textbook

In this much-needed companion volume to the popular Economics Anti-Textbook: A Critical Thinker's Guide to Microeconomics, Myatt reveal how the blind spots and methodological problems present in microeconomics continue to exert their influence in mainstream macroeconomics. From a flawed conception of the labour market to a Pollyana view of the financial sector, macroeconomic principles as they are set out in conventional undergraduate textbooks consistently fail to set out a realistic, useful or equitable framework for understanding the world. In the light of the global financial crisis and subsequent calls for austerity, the need for a critique of these misguided principles has become all the more pressing. By summarising and then critically evaluating the major topics found in a typical macroeconomics text, the Anti-Textbook lays bare their sins of omission and commission, showing where hidden value judgements are made and when contrary evidence and alternative theories are ignored. The Macroeconomics Anti-Textbook is the students' essential guide to decoding mainstream macroeconomic textbooks, and demonstrates how real-world economics is much more interesting than most economists are willing to let on.