Keynesian Macroeconomics Beyond the IS-LM Model
by Chandana Ghosh (Author), Ambar Nath Ghosh (Author)

About the Author
Dr. Chandana Ghosh is an Assistant Professor in the Economic Research Unit, Indian Statistical Institute, Kolkata. She has written four books (coauthored with Ambar Nath Ghosh) all published by Prentice Hall of India: “Economics of the Public Sector” (2008), “Public Finance”, 2nd ed. (2014), “Macroeconomics” (2011) and “Indian Economy: A Macro-Theoretic Analysis” (2016). All of these books are frequently used at many prominent universities and colleges throughout India.
Dr. Ambar Nath Ghosh is a Professor at the Department of Economics, Jadavpur University, Kolkata. In addition to the books mentioned above that her has co-authored with Chandana Ghosh, he has also co-edited (with Asim Karmakar) the book “Analytical Issues in Trade, Development and Finance,” published by Springer in 2014.

About this book
This book makes an original and significant contribution to Keynesian macroeconomics. The IS-LM model is a basic workhorse of Keynesian macroeconomics. However, its financial aspects are extremely rudimentary and the link between the real and the financial sector is extremely tenuous. Hence, neither the IS-LM model nor IS-LM-based models can be applied to the major economic issues facing today’s world. This book develops alternative models in the Keynesian tradition that incorporate financial institutions and make explicit the intimate link between the processes of generation of income, saving, credit and expenditure. It subsequently uses these models to address the major current macroeconomic issues that India and the rest of the world are confronted with.
In the Indian context, it focuses on the issues of unemployment, growth, recession, bank performance, banking sector reforms and corruption. It also seeks to identify the causes of economic crises in Greece and the US. The analysis reveals a common trend in the economies considered here: the policy framework within which they function is recessionary, exploitative and fosters unemployment, inequality and poverty. Further, this framework is leading these economies farther away from the goal that every civilized society should strive to achieve, namely, providing all citizens with suitably gainful jobs and adequate access to quality food, clothing, shelter, education and health care. The book seeks to identify the cause of this malady, and puts forward policies to remedy it. It thus contains takeaways for academia, think tanks as well as policy makers.

Brief contents
1. Introduction
Part I. Beyond the IS-LM Model
2. Interaction Between the Real Sector and the Financial Sector: An Alternative to the IS-LM Model
3. An Alternative to the IS-LM Model: Extension to the Case of Perfect Capital Mobility
4. An Alternative to the IS-LM Model: Extension to the Case of Imperfect Capital Mobility
Part II. Capitalism at Work: India, Greece and the USA
5. Democracy, Dependence, and Neo-Imperialism: The Case of India
6. Macroeconomics of Non-performing Assets of Banks in India
7. Democracy and Corruption in a Capitalist Economy
8. The Greek Crisis
9. The Crisis in the US Economy

Pages: 258 pages
Publisher: Springer; 1st ed. 2019 edition (August 1, 2019)
Language: English
ISBN-10: 9811378878
ISBN-13: 978-9811378874

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