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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.

Reconstructing Macroeconomics is a stunning intellectual achievement. It surveys an astonishing range of macroeconomic problems and approaches in a compact, coherent critical framework with unfailing depth, wit, and subtlety. Lance Taylor's pathbreaking work in structural macroeconomics and econometrics sets challenging standards of rigor, realism, and insight for the field.

Taylor shows why the structuralist and Keynesian insistence on putting accounting consistency, income distribution, and aggregate demand at the center of macroeconomic analysis is indispensable to understanding real-world macroeconomic events in both developing and developed economies. The book is full of new results, modeling techniques, and shrewd suggestions for further research.


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Taylor's scrupulous and balanced appraisal of the whole range of macroeconomic schools of thought will be a source of new perspectives to macroeconomists of every persuasion. Foley, New School University Lance Taylor has produced a masterful and comprehensive critical survey of existing macro models, both mainstream and structuralist, which breaks considerable new ground.

The pace is brisk, the level is high, and the writing is entertaining.

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The author's sense of humor and literary references enliven the discussion of otherwise arcane and technical, but extremely important, issues in macro theory. This book is sure to become a standard reference that future generations of macroeconomists will refer to for decades to come.

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Robert Blecker, American University 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.

Amitava Dutt, University of Notre Dame. Would you like to tell us about a lower price? Neoclassical Cost-Based Prices 4. Mark-up Pricing in the Product Market 6. Efficiency Wages for Labor 7. New Keynesian Crosses and Methodological Reservations 8. First Looks at Inflation 3. Money, Interest, and Inflation 1. Money and Credit 2. Diverse Interest Theories 3. Interest Rate Cost-Push 4. Real Interest Rate Theory 5. The Ramsey Model 6. Dynamics on a Flying Trapeze 7. The Overlapping Generations Growth Model 8. Wicksell's Cumulative Process Inflation Model 9. More on Inflation Taxes 4.

The Commodity Market 2.

Reconstructing Macroeconomics : Structuralist Proposals and Critiques of the Mainstream

Liquidity Preference and Marginal Efficiency of Capital 5. The System as a Whole 7. Keynes and Friends on Financial Markets 9. Financial Markets and Investment Consumption and Saving 11 "Disequilibrium" Macroeconomics A Structuralist Synopsis 5. Model "Closures" in the Short Run 2. Graphical Representations and Supply-Driven Growth 3. Harrod, Robinson, and Related Stories 4.

More Stable Demand-Determined Growth 6. A Chicago Monetarist Model 3. A Cleaner Version of Monetarism 4. New Classical Spins 5.


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Dynamics of Government Debt 6. The Business Cycle Conundrum 8. Cycles from the Supply Side 9. Optimal Behavior under Risk More on Modigliani-Miller Effective Demand and the Distributive Curve 1. Inflation, Productivity Growth, and Distribution 3. Absorbing Productivity Growth 4. Effects of Expansionary Policy 5.

development economics and structuralist macroeconomics essays in honor of

Dynamics of the System 7. Open Economy Complications 8. Structuralist Finance and Money 1. Subscribe to receive information about forthcoming books, seasonal catalogs, and more, in newsletters tailored to your interests. March Short pages 7 x 10 inches 64 line illustrations, 29 tables World. A New York Times feature on the entrenched poverty of increasing numbers of American workers highlighted the research of Evelyn Nakano Glenn in Forced to Care , noting the many Americans who work in the service sector for dismally low wages but whose additional, off-the-books service to ailing or aging loved ones goes unrecognized and unsupported.

Reconstructing Macroeconomics — Lance Taylor | Harvard University Press

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We asked Professor Jackson about de Gaulle and his process in writing the book. Why has he been ignored for so long?