I am delighted the book is selling well. I am also delighted that Bloomberg is giving attention to the book that it deserves. The author of the Bloomberg article, however, left out some of my comments:
“I have read different parts of the book, but not in its entirety. I have skimmed the book in its entirety. am planning to use it in the Fall. I find the book highly readable, theories are presented clearly, the assumptions are explicit. Moreover, the book presents both mainstream and heterodox views. It also provides a brief historical view of the evolution of capitalism.
This is a revolutionary book in that it breaks new ground. Most macro texts copy each other. Bernanke’s book is abysmal. Sachs and Larrain is good, but dated and also very biased, biased too in that the assumptions are hidden so students accept as fact what is a highly ideological treatise. It is also limited in that it takes an intertemporal approach to macroeconomics, ignoring other approaches. The treatment of Keynes is simply abysmal (as is Bernanke’s treatment). Other texts imply that if only we could get rid of government, social welfare would be increased—as though you could get rid of government (can’t recall the author of that book).
I have been teaching macro theory for over 30 years, at both the undergraduate and graduate levels. I have been disappointed at the irrelevance of much of the theory and the total “bastardization” (Joan Robinson’s term) of Keynes. I am very familiar with The General Theory of Employment, Interest, and Money. Aside perhaps from Marx, there is no other economist more misinterpreted than Keynes. Macroeconomics by Mitchell, Wray, and Watts present a clear, concise, and honest presentation of Keynes’ ideas. Further, no other book provides a more clear presentation of Hyman Minsky’s financial instability hypothesis, which better described the financial crisis years before it occurred.
Finally, this book aspires to explain many phenomena that we find today, phenomena that are ignored by mainstream texts: financial crises, endogenous money, changes in the balance sheet, government deficits, and so on. This is clearly the best presentation of macro theory that I know of. It is pioneering in its approach, and will become, or certainly should be, the standard. Thoughtful, well written, interesting, concise, and more importantly, relevant to the world we live in today.”
apropos the textbook see the Bloomberg article with nice quote from John Watkins. And what a glorious picture!
The unorthodox doctrine, which says governments have spare capacity to borrow and spend, has won on Wall Street and (as well as a few friends) in Washington. Now, it’s trying to break into academia. And it’s off to a good start.
L. Randall Wray
Senior Scholar, Levy Economics Institute
Co-editor Journal of Post Keynesian Economics
ISSN 0160-3477 (Print), 1557-7821 (Online)
New Book: Why Minsky Matters: An Introduction to the work of a maverick economist, Princeton University Press http://press.princeton.edu/titles/10575.html
New Book: Modern Money Theory: a primer on macroeconomics for sovereign monetary systems, Palgrave Macmillan http://www.palgrave.com/page/detail/modern-money-theory-l-randall-wray/?isb=9781137539908
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