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  • Cited by 5
Cambridge University Press
Online publication date:
June 2021
Print publication year:
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Book description

Macroeconomics: An Introduction, provides a lucid and novel introduction to macroeconomic issues. It introduces the reader to an alternative approach of understanding macroeconomics, which is inspired by the works of Adam Smith, David Ricardo, Karl Marx, John Maynard Keynes, and Piero Sraffa. It also presents the reader with a critical account of mainstream marginalist macroeconomics. The book begins with a brief history of economic theories and then takes the reader through three different ways of conceptualizing the macroeconomy. Subsequently, the theories of money and interest rates, output and employment levels, and economic growth are discussed. The book ends by providing a policy template for addressing the macroeconomic concerns of unemployment and inflation. The conceptual discussion in Macroeconomics is situated within the context of the Indian economy. Besides using publicly available data, the contextual description is instantiated using excerpts from works of fiction by Indian authors.


‘This is a most unusual textbook on macroeconomics: it is highly original … in both content and exposition … It is very well written and also very scholarly.

John King Source: Œconomia - Histoire/Epistémologie/Philosophie

'This book is clearly different for good and I really hope that it would bring in winds of change in the pedagogy of Macroeconomics …'

Mohit Arora Source: Developing Economics

'It is very unusual for a Macroeconomics textbook to cite quotations from Saadat Hasan Manto or Hansda Sowvendra Shekhar. But there it is—life, literature and Economics intricately linked together. Following the same logic came the emphases on gender, caste and social realities of India … The value of this book lies in presenting Economics as a social science. This book is going to be of enormous help for beginners. The author deserves all our praise for undertaking this laudable venture.'

Debarshi Das Source: Indian Journal of Human Development

'The primary thrust of this book is to make students aware that alternatives to the mainstream do exist … Thomas’s book demonstrates how the modern student of economics must learn to integrate context and concept … the use of specifically Indian literature is a vital contribution to the global project of decolonizing economic pedagogy.

Rahul Menon Source: Economic & Political Weekly

‘… a safe and reliable source of information when taking the first steps in the study of modern macroeconomics.'

Santiago J. Gahn Source: Review of Keynesian Economics

‘… a welcomed, invigorating study of macroeconomics principles … Thomas’s book inspires economics educators to pursue a reflective and pluralist approach to macroeconomics, founded in the principles of open-mindedness, realism and social purpose, without losing on the technical rigour or policy applicability.’

Danielle Guizzo Source: Review of Political Economy

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