by David G. Tuerck (Author)
This book brings these theories together under one methodological roof, where the choices made by economic agents depend on their varying perceptions of the economic constraints they face, combining new classical principles, under which the economy operates at full employment, with theories that allow for extended periods of underemployment brought about by mixed signals from workers and employers.
The task of macroeconomics is to provide the tools for understanding the performance of the aggregate economy, as measured by production, employment, inflation, and other economic indicators. Most books on this topic compare different theories of macroeconomic performance, under alternative assumptions about how individual consumers, workers and investors adjust to the economic environment in which they find themselves.
This book brings these theories together under one methodological roof, where the choices made by economic agents depend on their varying perceptions of the economic constraints they face, combining new classical principles, under which the economy operates at full employment, with theories that allow for extended periods of underemployment brought about by mixed signals from workers and employers. The book takes up modern monetary theory and its bearing on the massive deficits run up the federal government over the ongoing 'corona contraction' and the earlier 'great contraction'. The author also reviews the policy interventions undertaken by the federal government during these contractions, with a view toward assessing their effectiveness.
Author Biography
David G. Tuerck received his PhD from the University of Virginia. He is president of the Beacon Hill Institute, a Massachusetts economic research organization that specializes in modeling tax law changes. He served on the economics faculty at Suffolk University in Boston for 38 years before his retirement in August 2020. Before joining Suffolk, he worked as a consultant to the U.S. Treasury on modeling the Reagan tax policy proposals. He has published in the academic literature and testified before Congress and state legislatures on numerous public policy issues.