Real World Macro

Real World Macro cover image

Note: If you are a student at UMass-Amherst or Bentley, please order through Collective Copies/Levellers Press (link here). If you order through us, there will likely be significant delays.

Date of publication:
June 2022

Note: This is the table of contents for the latest (39th) edition of Real World Macro. If you are ordering a pdf of an earlier edition of this title, please ask your instructor for that edition's table of contents, and make sure you order your pdf using the URL your instructor gave you.

  • Introduction
  • Chapter 1: Perspectives on Macroeconomic Theory
    • Introduction
    • 1.1 How the Coronavirus Crisis Became an Economic Crisis Alejandro Reuss
    • 1.2 Labor and the Economic Impacts of the Covid-19 Crisis Alejandro Reuss
    • 1.3 What's Wrong with Neoliberalism? Robert Pollin
    • 1.4 Opening Pandora’s Box: The Basics of Marxist Economics Alejandro Reuss
    • 1.5 Sharing the Wealth of the Commons Peter Barnes
  • Chapter 2: Macroeconomic Measurement
    • Introduction
    • 2.1 What Does It Mean to Be "Better Off"? Zoe Sherman
    • 2.2 GDP and Its Discontents Alejandro Reuss
    • 2.3 Measuring Economic Development Alejandro Reuss
    • 2.4 A Care Theory of Value Nancy Folbre
    • 2.5 Undercounting the Poor Jeannette Wicks-Lim
    • 2.6 Traditional Measures of Unemployment Are Missing the Mark Mark Paul
    • 2.7 Corporate Profits Have Contributed Disproportionately to Inflation Josh Bivens
  • Chapter 3: Economic Growth and Business Cycles
    • Introduction
    • 3.1 Dating the Recession John Miller
    • 3.2 Growth, Growth, Growth: What Will Happen? Arthur MacEwan
    • 3.3 A Future for Growth—If We Choose It? Gerald Friedman
    • 3.4 Growing Together, Flying Apart Gerald Friedman
  • Chapter 4: Unemployment and Inflation
    • Introduction
    • 4.1 The Great Resignation and the Labor Shortage John Miller
    • 4.2 The "Natural Rate" of Unemployment Robert Pollin
    • 4.3 The Relation of Unemployment to Inflation Ramaa Vasudevan
    • 4.4 What Would Full Employment Cost? Arthur MacEwan
    • 4.5 The Fight for $20 and a Union Martin J. Bennett
    • 4.6 Keynes, Wage and Price “Stickiness,” and Deflation Alejandro Reuss
    • 4.7 The Price Increases That Matter for the Poor Jayati Ghosh
  • Chapter 5: Wealth, Inequality, and Poverty
    • Introduction
    • 5.1 Pundits Claim Fighting Inequality Is Bad for Low-Wage WorkersJohn Miller
    • 5.2 Geese, Golden Eggs, and Traps: Why Inequality is Bad for the Economy Chris Tilly
    • 5.3 Do People Care About Extreme Inequality? Arthur MacEwan
    • 5.4 Fifty Years After the Kerner Commission Janelle Jones, John Schmitt, and Valerie Wilson
    • 5.8 Inequality, Sunk Costs, and Climate Justice Frank Ackerman
    • 5.9 Rich Jerks In Space Dean Baker
    • 5.10 Current Employment and Wage Conditions Ed Ford
  • Chapter 6: Fiscal Policy, Deficits, and Austerity
    • Introduction
    • 6.1 The Coronavirus Consensus: "Spend, Spend, Spend" Gerald Epstein
    • 6.2 State and Local Austerity Amanda Page-Hoongrajok
    • 6.3 Fiscal Policy and “Crowding Out” Alejandro Reuss
    • 6.4 Police Violence Is Enabled by “Liberal” Politicians’ Massive Spending Sonali Kolhatkar
    • 6.5 Corporate Taxes: Less, Less, and Less Arthur MacEwan
    • 6.6 Reform of Global Taxation Cannot Wait Jayati Ghosh
  • Chapter 7: Money and Monetary Policy
    • Introduction
    • 7.1 The New Tools of the Fed John Miller
    • 7.2 The Fed and the Coronavirus Crisis Gerald Epstein and John Miller
    • 7.3 The Fed and the Racial Wealth Gap John Miller
    • 7.4 It's Time to Ditch "Pay-for" Politics Yeva Nersisyan and L. Randall Wray
    • 7.5 What Is Money? Doug Orr
    • 7.6 Cryptocurrency Will Not Liberate Us Hadas Thier
    • 7.7 Pushing on Strings Gerald Friedman
    • 7.8 Keynes and the Limits of Monetary Policy Alejandro Reuss
    • 7.9 Dollar Dominance Arthur MacEwan
  • Chapter 8: Finance, Savings, and Investment
    • Introduction
    • 8.1 Financialization: A Primer Ramaa Vasudevan
    • 8.2 From “Boring” Banking to “Roaring” Banking An Interview with Gerald Epstein
    • 8.3 Corporate Bankers Wary of Public Banking Rick Girling
    • 8.4 Concentration of Stock Ownership Ed Ford
    • 8.5 Stock Buybacks: Any Positive Outcome? Arthur MacEwan
    • 8.6 Is "Short-Selling" Bad for the Economy? Arthur MacEwan
    • 8.7 Bubble Bubble, Toil and Trouble Alejandro Reuss
    • 8.8 We’re All Minskyites Now Robert Pollin
    • 8.9 Why Is Student Debt Cancelation Such a Big Deal? Arthur MacEwan
  • Chapter 9: The Global Economy
    • Introduction
    • 9.1 The Pandemic and the Global Economy Jayati Ghosh
    • 9.2 Neoliberalism and Neocolonialism Jayati Ghosh
    • 9.3 The Gospel of Free Trade: The New Evangelists Arthur MacEwan
    • 9.4 The Globalization Clock Thomas Palley
    • 9.5 Does U.S. Prosperity Depend on Exploitation? Arthur MacEwan
    • 9.6 Confronting Neoliberalism at Last: Power vs. Policy in Gabriel Boric's Chile James M. Cypher
    • 9.7 Stringent, Stingy, and Severe: The Covid-19 Crisis in Modi's India Smriti Rao
  • Chapter 10: Resistance and Alternatives
    • Introduction
    • 10.1 Solidarity Beyond the Crisis Francisco Pérez and Luis Feliz Leon
    • 10.2 Bigger Than Amazon: Why Nonprofit Worker Unionizing Matters Robert Ovetz
    • 10.3 Leveraging Financial Markets for Social Justice Doug Orr
    • 10.4 Climate Change, Social Justice, and the Green New Deal Arthur MacEwan
    • 10.5 International Labor Standards Arthur MacEwan
    • 10.6 Land Reform: A Precondition for Sustainable Economic Development Jawied Nawabi
    • 10.7 India’s Farmers’ Protests Sirisha Naidu
  • Contributors