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New Macroeconomics by Apek Mulay

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CHAPTER 6

The Wage-Productivity Gap

A Unified Theory of Macroeconomics

6.1 Introduction

The previous five chapters analyzed some conventional and new macroeconomic theories. The conventional theories have been around for a few centuries, but many new theories have come up since 2007, when the Great Recession led economists and financial writers to question their old models that had failed to see the recession and its severity. There is now a great focus on the effects of income and wealth inequality on macroeconomic performance; some economists look at the effects of environmental pollution on macroeconomic policy, and some others have paid attention to the role of the stock market in macro policy, especially monetary policy.

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