Hardback
The Supermultiplier
A Cornerstone of the New Macroeconomics
9781800889545 Edward Elgar Publishing
This timely book presents a nuanced investigation into the idiosyncrasies of the supermultiplier model, examining its application to residential investment, exports and fiscal policy. It offers an accessible introduction to this growth model, hypothesizing that it is one of the cornerstones of modern macroeconomics.
More Information
Critical Acclaim
Contents
More Information
This timely book presents a nuanced investigation into the idiosyncrasies of the supermultiplier model, examining its application to residential investment, exports and fiscal policy. It offers an accessible introduction to this growth model, hypothesising that it is one of the cornerstones of modern macroeconomics.
By highlighting what this unique model adds to other heterodox systems that share common elements, such as structural growth models, this insightful book strengthens the current theoretical understanding of the new macroeconomics. Utilising important case studies such as open and decarbonised economies to encapsulate key messages gained from the study of this model, it fully acknowledges that the supermultiplier is still a work in progress and may be developed further.
The Supermultiplier will be hugely influential for finance and economics graduate students focusing on an alternative macroeconomics approach. It will also appeal to academics within the same fields searching for a model that permits direct application within spreadsheets.
By highlighting what this unique model adds to other heterodox systems that share common elements, such as structural growth models, this insightful book strengthens the current theoretical understanding of the new macroeconomics. Utilising important case studies such as open and decarbonised economies to encapsulate key messages gained from the study of this model, it fully acknowledges that the supermultiplier is still a work in progress and may be developed further.
The Supermultiplier will be hugely influential for finance and economics graduate students focusing on an alternative macroeconomics approach. It will also appeal to academics within the same fields searching for a model that permits direct application within spreadsheets.
Critical Acclaim
‘The Supermultiplier is a wonderful and much-needed book. It is wonderful because it is thoughtful, scholarly and well-written and it is much-needed because it takes the ideas, theories and models of the Post-Keynesian movement in today''s economics and develops their implications for policy and social development, centring the analysis on the idea of the supermultiplier. The result is an excellent piece of economic writing: highly readable, yet deeply thoughtful.’
– Edward J. Nell, The New School, US
‘This is an excellent book that offers a new perspective on macroeconomics by utilising the theoretical tools of modern contributions based on the surplus approach. Dejuán admirably and didactically links various topics around the supermultiplier as a unifying concept to capture the permanent state of things. Therefore, this book is indispensable for understanding the current economy and tackling economic policy.’
– Josep M. Bricall, University of Barcelona, Spain
‘Finally, a thorough discussion on the supermultiplier has arrived. This is an important book that examines many aspects of the supermultiplier. It is a well-researched, well-documented and well-written book, arriving at a time when the topic is gaining prominence across all heterodox approaches. Indeed, all heterodox economists will find much to agree with in this book, which potentially can unite many heterodox voices. It deserves to be in the hands of all those interested in the future development of heterodox economics.’
– Louis-Philippe Rochon, Laurentian University, Canada
– Edward J. Nell, The New School, US
‘This is an excellent book that offers a new perspective on macroeconomics by utilising the theoretical tools of modern contributions based on the surplus approach. Dejuán admirably and didactically links various topics around the supermultiplier as a unifying concept to capture the permanent state of things. Therefore, this book is indispensable for understanding the current economy and tackling economic policy.’
– Josep M. Bricall, University of Barcelona, Spain
‘Finally, a thorough discussion on the supermultiplier has arrived. This is an important book that examines many aspects of the supermultiplier. It is a well-researched, well-documented and well-written book, arriving at a time when the topic is gaining prominence across all heterodox approaches. Indeed, all heterodox economists will find much to agree with in this book, which potentially can unite many heterodox voices. It deserves to be in the hands of all those interested in the future development of heterodox economics.’
– Louis-Philippe Rochon, Laurentian University, Canada
Contents
Contents: 1. Introduction to The Supermultiplier: a cornerstone of the new macroeconomics 2. Demand-constrained systems and the supermultiplier in the history of economic thought 3. The supply side of the SM model: the warranted rate of growth 4. The demand side: the nucleus of the SM model 5. The financial side: endogenous money and the supermultipliercum-finance 6. The public sector: the SM of fiscal and monetary policies 7. The open economy: exports-led growth and balance of payment constraint in the SM model 8. Distribution, inflation, and growth in the SM model 9. Technical change and the structure of production in the SM growth model 10. A disaggregated SM in an input–output setting: application to the decarbonisation process 11. Key ideas and messages from the SM model References Index