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The unit provides an introduction to heterodox approaches to macroeconomics. This entails a fundamental departure from mainstream (i.e. marginalist) theoretical foundations. Lectures begin with the implications of a modern classical/Sraffian perpectives for the theory of value and distribution, including the explanation of the real wage and the rate of interest. This necessarily points to the celebrated capital-theoretic critique of traditional approaches to the theory of output and employment. Lectures proceed to alternative (demand-led) perspectives on growth, including discussion of modern Kaleckian and multi-commodity models, as well as heterodox views on macroeconomic policy.
Study level | Undergraduate |
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Academic unit | Economics |
Credit points | 6 |
Prerequisites:
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(ECOS2001 or ECOS2901) and (ECOS2002 or ECOS2902 ) |
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Corequisites:
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None |
Prohibitions:
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None |
Assumed knowledge:
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None |
At the completion of this unit, you should be able to:
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