Major Trends in Contemporary Macroeconomics

The main goal of the course is to enhance Ph.D. students' understanding of the nature of the prevailing controversies among economists and to explain why and where they disagree. The focus of the course is both on the competing schools within the mainstream macroeconomics (such as monetarism, new classical economics, new Keynesian school and post-keynesianism) and on the core propositions and underlying ideas of selected heterodox economic schools, and in particular new institutional economics, economic sociology, behavioral economics and comparative capitalism. The module of the course is aimed at addressing the most recent challenges facing the economic science and asking questions that economics has failed to answer so far.

The course has been designed with a view to upgrade the knowledge and skills of Ph.D. students regarding the major schools in contemporary macroeconomics as well as the new frontiers of economic debate.

Literatura podstawowa:

1. Snowdon, B. and H. R. Vane (2005), Modern Macroeconomics. Its Origins, Development and Current State, Cheltenham: Edward Elgar.

2. Hendrik Van den Berg (2017), International Economics. A Heterodox Approach, Third Edition, Routledge.

Literatura uzupełniająca:

1. Akerlof, G. (2002), Behavioral Macroeconomics and Macroeconomic Behavior. American Economic Review, 92(3), 411-433.

2. Amable, B. (2003), The Diversity of Modern Capitalism. Oxford: Oxford University Press.

3. Blanchard, O. (2009), Macroeconomics, Upper Saddle River: Pearson Prentice Hall.

4. Boettke, P.J.(1998) The Elgar companion to Austrian economics, Cheltenham Northampton, Edward Elgar (selected chapters).

5. Cochrane, J. (2009), How did Paul Krugman get it so wrong?, September 11th.

http://modeledbehavior.com/2009/09/11/john-cochrane-responds-to-paul-krugman-full-text/

6. De Soto, H. (2000), The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else, Basic Books, Chicago: Fijor Publishing 2002.

7. Groenewegen, J., Spithoven, A., van den Berg, A. (2010) Institutional economics: an introduction, Basingstoke, Palgrave Macmillan (selected chapters).

8. Klein, P. (1998), New Institutional Economics, Social Science Research Network (http://papers.ssrn.com/sol3/papers.cfm?abstract_id=115811).

9. Krugman, P. (2009), How Did Economists Get It So Wrong?, The New York Times, 2 September;

http://www.nytimes.com/2009/09/06/magazine/06Economic-t.html?pagewanted=8&_r=1

10. Nafziger, E.W. (2012), Economic development, 5th ed., Cambridge, Cambridge University Press, (part I).

11. Reinert E.S., Jayati Ghosh, J. Kattel, R. eds. (2016), Alternative Theories of Economic Development, Edward Elgar, Cheltenham (selected chapters).

12. Romer, D. (1996), Advanced Macroeconomics, New York: McGraw-Hill.

13. Stiglitz, J. E. (2010), Freefall: America, Free Markets, and the Sinking of the World Economy, New York: W. W. Norton & Company.

14. Serra, N. and J.E. Stiglitz [eds.] (2008), The Washington Consensus Reconsidered: Towards a New Global Governance (Initiative for Policy Dialogue), Oxford University Press, USA.

15. The Princeton Encyclopedia of the World Economy, editors: K.A. Reinert, R.S. Rajan, Princeton University Press, 2009.

16. Voigt, S. (2019) Institutional Economics, An Introduction, Cambridge, Cambridge University Press (selected chapters).

Wiedza: To grasp the new frontiers of economic debate.; To know the distinctive features of the major schools of thought in contemporary economics.; To be able to explain contemporary changes in the global economy.; To understand the nature of the prevailing controversies among economists.; To know the methodological framework underlying possible approaches to economic problems.

Umiejętności: To apply the methodological framework learned to interpret core differences among competing economic schools.; To explain why and where contemporary economists disagree.; To distinguish mainstream from the off mainstream (heterodox) economics.; To discuss the most recent challenges facing the economic science.

Kompetencje społeczne: Individual, independent analysis and critical evaluation of economic phenomena in the international context and contemporary economic international relations.; Formulating firm views, which include important social, scientific, and ethical aspects in contemporary economics.; Perceiving the economic problems in a multidimensional and complex way.

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