Heterodox Challenges in Economics

This book discloses the economic foundations of European fiscal and monetary policies by introducing readers to an array of alternative approaches in economics. It presents various heterodox theories put forward by classical economists, Marx, Sraffa and Keynes, as a coherent challenge to neo-classical theory. The book underscores and critically assesses the analytical inconsistencies of European economic policy and the conservative nature of the current European governance. In this light, it examines the political obstacles to proposals to reform the European monetary union, as well as those originating in the neo-mercantilist German model. Given its scope and format, the book offers a valuable asset for researchers and members of the general public alike.

• Heterodox economics
• Classical, Marxian, Sraffian and Keynesian theories
• Criticism to neoclassical economic theory and policy
• Endogenous money
• Balance of payments and the foreign constraint
• Core-Periphery imbalances and mercantilism in the EU
• Eurozone crisis and monetary policy

“I never thought that I would describe an economics book as ‘a delightful read’, but ‘Heterodox Challenges in Economics’ by Sergio Cesaratto is exactly that. It is well written, often entertaining and humorous, and explains a great deal about political economy … . The book is accessible and useful for a broad audience, reaching from the layperson interested in politics and economics to students of economics in their bachelor and master studies. … this is your opportunity, so grasp it.” (Mathew D. Rose, braveneweurope.com, February 24, 2021)

“Cesaratto’s book provides an accessible and engaging introduction to major approaches in heterodox economics. Especially the engaging aspect of the book deserves emphasis. Cesaratto put much work into making this book a fun read … . Heterodox Challenges in Economics constitutes a welcome alternative textbook on economics that demonstrates the realism and relevance of heterodox approaches to aspiring economists. It deserves a wide readership.” (Karsten Kohler, Review of Keynesian Economics, Vol. 9 (3), 2021)

• Department of Political Economy and Statistics, University of Siena, Siena, Italy

  Sergio Cesaratto

Sergio Cesaratto is a Professor of European Monetary and Fiscal Policy at the University of Siena, Italy. He has published articles in many heterodox journals, and is a well-known participant in the European public debate over the Eurozone. His research interests include the history of economic thought, growth and income distribution, as well as monetary economics.

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