EC6012 Lecture 2 Review of Intermediate Macroeconomic Concepts
Introduction
Macroeconomics is the study of fluctuations in the economy as a whole. The key to understanding fluctuations is the accounting matrix. This lecture is about connecting the macroeconomic concepts you would have seen in an intermediate economics class using a textbook like Leddin and Walsh or “Macroeconomics (4th Edition)” (Olivier Blanchard), and the approach of Godley and Lavoie.
We’ll use the example of the multiplier to make the connections crystal clear. Before that, we’ll take a brief tour through James Tobin’s Nobel lecture, highlighting passages which guides and gives a methodological definition to the structuralist approach.
Aim
To bridge the orthodox macroeconomic treatment of the multiplier, with the structuralist treatment employed by Godley and Lavoie.
Length: 1.4 hours
Click the link below to access slides, handouts, and get links to further reading.
Slides
Handouts
Right click the images below to download the handouts
Further Reading
James Tobin, Nobel Lecture
Leddin & Walsh, Chapters 1 and 2
“The Macroeconomy of the Eurozone: An Irish Perspective” (Anthony J. Leddin, Brendan M. Walsh)
Godley & Lavoie Chapter 2
