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New Macroeconomics by Apek Mulay

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Foreword

It is with great pleasure that I write this foreword on New Macroeconomics by Mr. Apek Mulay. Rarely have I seen a book that meets the needs of the times. The major economic crisis that shook the United States and the globe in 2007 also shook the field of economics. By then, most economists had come to accept the idea that business cycles were a thing of the past. Macroeconomists, essentially bored with their own subject, had busied themselves with microeconomic foundations. There had been no serious slump since the early 1980s. There were indeed several stock market bubbles and crashes rivaling the crash of 1929 that spawned the Great Depression. However, nothing like the slump of the 1930s had occurred since World War II.

Even the ...

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