This introductory text simplifies Keynesian and neoclassical macroeconomics, and the authors aim to show that competing theories are logical constructs based on different premises using simple
algebra and graphs rather than complicated math, and to detail the intellectual origins of key concepts and provide Indian examples. They describe the Indian national accounts; the neoclassical
general equilibrium model; Keynesian economics and the simple Keynesian model of income determination; the relationship between investment and the interest rate; how the real and financial
sectors can be brought together in the same IS-LM model as a tool for discussing the impact of fiscal and monetary policies; discussion of the labor market through the AS-AD model and the
relationship between unemployment and inflation, as well as related issues in the Indian economy; the application of the conventional Keynesian framework to the open economy and the role of
prices, exchange rates, and interest rates in this context, and the proclivity of capitalism to financial crisis; and the insights of Hyman Minsky and Joseph Schumpeter. Annotation ©2014
Ringgold, Inc., Portland, OR (protoview.com)
