Macroeconomic modeling, economic policy, and methodology: Economics at the edgeBy Mikael RandrupByrialsen, Hamid Raza, and FinnOlesen (Eds.), New York: Routledge Publishing. 2022. pp. 256. Hardback $160.00. ISBN 978‐1032182117
Year: 2024
Type: book-review
Abstract: Criticism of mainstream modern macroeconomics after the Great Recession underlies the emergence of alternative approaches to macroeconomic modeling, economic policy, and methodology.These alternative approaches stem from the perspective of heterodox economic thinking.This edited volume offers a fresh viewpoint on the problem of macroeconomic modeling issues, particularly from the perspective of heterodox economic thought.In 256 pages, Mikael R. Byrialsen, Hamid Raza, and Finn Olesen, academics from The Aalborg University Business School (AAUBS), skillfully present alternative macroeconomic modeling, economic policies, and methodologies from the perspective of heterodox economic thinking.It advocates for more substantial ethical considerations in macroeconomics and adopts pluralistic strategies to ensure that macroeconomic theory can adapt to real-world problems.In addition, the authors highlight recent trends in empirical stock-flow consistent models and macroeconomic policy issues that mainstream economists largely neglect; the trends include financial (in)stability and macro-imbalances.The edited volume's focus is inconsistent, according to the editor, because it incorporates a lot of concepts from macroeconomic modeling, economic policies, and methodologies from the perspective of heterodox economic thinking.Nevertheless, it can facilitate the coexistence of different and contradictory ideas and conceptions, thus enabling readers to gain a comprehensive understanding of these conflicts and impartial recognition of the complexities associated with macroeconomic modeling, economic strategies, and methodology.Readers have the opportunity to formulate an appropriate approach for themselves through a comprehensive Poverty Public Policy.
Source: Poverty & Public Policy
DOI: 10.1002/pop4.409
Institutions: Institut Agama Islam Negeri Langsa, Universitas Pamulang
Language: English
Topic: Economic Theory and Policy
Domain: Social Sciences
Open Access status: bronze
OpenAlex ID: W4402692979