Macroeconomics in Context: A European Perspective

Macroeconomics in Context: A European Perspective

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Macroeconomics in Context: A European Perspective lays out the principles of macroeconomics in a manner that is thorough, up to date, and relevant to students. With a clear presentation of economic theory throughout, this latest addition to the bestselling "In Context" set of textbooks is written with a specific focus on European data, institutions, and historical events, offering engaging treatment of high-interest topics, including sustainability, Brexit, the euro crisis, and rising inequality. Policy issues are presented in context (historical, institutional, social, political, and ethical), and always with reference to human well-being.

This book is divided into four parts, covering the following key issues:

  • The context of economic analysis, including basic macroeconomic statistics and tools;
  • The basics of macroeconomic measurements, including GDP, inflation, and unemployment, as well as alternative measures of well-being, and the particular structures of the European economies;
  • Methods for analyzing monetary and fiscal policy, including an in-depth coverage of the instruments and approaches of the European central bank and some coverage of an open economy;
  • The application of the tools learnt to selected macroeconomic issues, such as the euro crisis, the global financial crisis, public debt, global development, and environmental sustainability.

Far more than any other existing macroeconomic textbook, this book combines real-world relevance of the topics covered with a strong focus on European institutions and structures within an approach that explains multiple economic paradigms. This combination helps to raise students’ interest in macroeconomics as well as enhance their understanding of the power and limitation of macroeconomic analysis.

Visit for online resources for both lecturers and students.


A video of a panel discussion about the book can be found at

Product Details

ISBN-13: 9781317289654
Publisher: Taylor & Francis
Publication date: 08/23/2017
Sold by: Barnes & Noble
Format: NOOK Book
Pages: 688
File size: 12 MB
Note: This product may take a few minutes to download.

About the Author

Sebastian Dullien is Professor for International Economics at HTW Berlin, University of Applied Sciences, and Senior Policy Fellow at the European Council on Foreign Relations. Prior to his appointment to the university in 2007, he worked in several positions, including economics editor for the Financial Times Deutschland, the German-language edition of the Financial Times. He has advised a number of ministries, members of the German and European Parliament, and several organizations of the United Nations.

Neva Goodwin is Co-Director of the Global Development and Environment Institute (GDAE) at Tufts University, where she is the director of the electronic Social Science Library: Frontier Thinking in Sustainable Development and Human Well-Being. Goodwin works toward a contextual economics theory that will have more relevance to contemporary real-world social and ecological concerns than the dominant economic paradigm does.

Jonathan M. Harris is Director of the Theory and Education Program at the Tufts University Global Development and Environment Institute, USA. His current research focuses on the implications of large-scale environmental problems, especially global climate change, for macroeconomic theory and policy.

Julie A. Nelson is Professor of Economics at the University of Massachusetts Boston and Senior Research Fellow at the Global Development and Environment Institute at Tufts University, USA. Many of her books and articles critique economic methodology from a feminist perspective. She has published in journals ranging from Econometrica and the Journal of Political Economy to Hypatia: Journal of Feminist Philosophy and Ecological Economics.

Brian Roach is Senior Research Associate at the Tufts University Global Development and Environment Institute and a lecturer at Tufts and Brandeis University, USA. He has published numerous articles on nonmarket valuation of natural resources, including drinking water quality, water-based recreation, and wildlife.

Mariano Torras teaches economics at Adelphi University in Garden City, New York, USA. A heterodox economist who specializes in ecological and development economics, Torras’s recent research has been in the areas of institutional economics and economic methodology; particular attention has been on approaches to addressing climate change.

Table of Contents


Sample Course Outlines


PART I The Context for Economic Analysis

0. Macroeconomics and Well-Being

1. Economic Activity in Context

2. Useful Tools and Concepts

3. What Economies Do

4. Supply and Demand


PART II Macroeconomic Basics

5. Macroeconomic Measurement: The Current Approach

6. Macroeconomic Measurement: Environmental and Social Dimensions

7. The Structure of the European Economy

8. Employment, Unemployment, and Wages


PART III Macroeconomic Theory and Policy

9. Aggregate Demand and Economic Fluctuations

10. Fiscal Policy

11. Money, Banking, and Finance

12. The European Central Bank and Monetary Policy

13. Aggregate Supply, Aggregate Demand, and Inflation: Putting It All Together

14. International Linkages and Economic Policy


PART IV Macroeconomic Issues and Applications

15. The Financial Crisis and the Great Recession

16. Deficits and Debt

17. The Euro Crisis

18. How Economies Grow and Develop

19. Growth and Sustainability in the Twenty-First Century

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