July 2005
Lance Taylor Book
Reconstructing Macroeconomics:
Structuralist Proposals and Critiques of the Mainstream
by Lance Taylor
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Editorial Reviews:
Review
While there are other books dealing with heterodox macroeconomics, this book surpasses them all in the quality of its presentation and in the careful treatment and criticism of orthodox macroeconomics including its recent contributions. The book is unique in the way it systematically covers heterodox growth theory and its relations to other aspects of heterodox macroeconomics using a common organizing framework in terms of accounting relations, and in the way it compares the theories with mainstream contributions. Another positive and novel feature of the book is that it takes a long view of the development of economic ideas, which leads to a more accurate appreciation of the real contributions by recent theoretical developments than is possible in a presentation that ignores the history of macroeconomics.
Macroeconomics is in disarray. No one approach is dominant,
and an increasing divide between theory and empirics is evident.
This book presents both a critique of mainstream macroeconomics from a structuralist perspective and an exposition of modern structuralist approaches.
The fundamental assumption of structuralism is that it is impossible to understand a macroeconomy without understanding its major institutions and distributive relationships across productive sectors and social groups.
Lance Taylor focuses his critique on mainstream monetarist, new classical, new Keynesian, and growth models.
He examines them from a historical perspective, tracing monetarism from its eighteenth-century roots and comparing current monetarist and new classical models with those of the post-Wicksellian, pre-Keynesian generation of macroeconomists.
He contrasts the new Keynesian vision with Keynes's General Theory,
and analyzes contemporary growth theories against long traditions
of thought about economic development and structural change.
Product Details:
Hardcover: 456 pages
Publisher: Harvard University Press
March 22, 2004
ISBN: 0674010736