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Macroeconomics: History, Evolution, Perspectives
on January 3, 2012
This is a great summary of the evolution of macroeconomic thought since Keynes, as well as a good explantion of their fundamentals and issues.
All major schools are impartially approached in a textbook fasion, followed by well-conducted interviews with leading economists of each school, such as Tobin (orthodox keynesians), Friedman (monetarists), Lucas (new classicals), Prescott (RBC), just to mention a few. Some schools out of the mainstream are also approached, with lower bright though (austrians and post-keynesians).
The book is a great companion for intermediate undergrads: in addition to provide a historical perspective, it equips readers of intermedate popular textbooks to shed different lights on issues and models presented as 'official truths' - such books rarely leave room for alternative approaches, debates, or criticisms between schools (Froyen's is a great exception, along with Mankiw to a minor extent).
The only flaw is the shallow coverage of schools not-aligned with mainstram, such as those aforementioned ones, or full omission of some (such as evolutionary / neo-schumpeterian and other hetherodoxes). PKs and Austrians deserved shorter texts, though presented by iminent shcholars from those schools, but had no interview - therefore restricting a better comprehension, as such 'live talks' with prominent authorities of each is what 'gives soul' to their claims (it works like a diligent defense of their approaches, persuasively enriching the reading, as they explain, criticize, support, compare, etc).
In sum, a book like no other in account for the richness of macroeconomic thought, to be extended for alternative approaches - if split in two volumes as it will become almost encyclopedical, the expense of further costs will certainly pay off the broader and eccletic coverage to be provided.