Macro topic mind map

Macro topic mind map

1. Section A

   • Macroeconomic history
   • Seminar 1:
     • Financial globalisation andits issues
     • The key theoretical divide between Keynesiam and orhodoxy
     • The current conjuncture between keynesiam and orthodoxy characterised by the dominance of international flow and the subordination of certain aspects of domestic policy sovereignty
   • Seminar 2:
     • Deeper historical issues 1970s and 1980s
     • Demise of Bretton Woods and Rise of Policy orthodoxy
     • Contrasts to the modern consensus (represented by Goodfriend) with a brauder and deeper approach (Arrighi)

2. Section B

   • Aggregate Supply: Technology, capital and socio-political factors in the Long Run
   • Seminar 3
     • The process of Long Run growth and Economic development
     • Historical case study of USA catching up and forging ahead
     • patterns of uneven development in 19th and 20th century
     • Are countries best interests best served by embracing liberal economic and political principles? If this is the case, is ‘uneven development’ a matter of fate, exacerbated by bad policy. Or do countries need to take their fates into their own hands and actively adopt more ‘developmental policies’?
   • Seminar 4
     • Keynes I and Keynes II: ISLM and Beyond
   • Seminar 5
     • Keynesian Regulationist approach vs the New Consenus

3. Section C

   • Applications (Seminar 6-8)
     • Decade prior to the financial crisis, orthodox macro presented itself as:
       • having achieved a new consensus regarding the most important issues
       • deserving at least some credit for what came to be called the ‘Great Moderation’ (see Goodfriend, 2007; Bernanke and Mishkin, 1997).
     • Sense of achievement and consensus emerged in developing countries such as SA
       • Pursuit of low infaltion
     • Sem 6: renew the critique of the monetary consensus
       • Inflation targeting
     • Sem 7&8: Hetrodox extensions
       • Basis of keynes I and his writing in 1920s
     • Sem 7: Emerging literature on the macro economics of the developmental state
     • Sem 8:
       • Europe and constest the idea that the Eurozon crisis reflects the failure of social democracy