By Brian Snowdon
The Encyclopedia of Macroeconomics is an authoritative and precious reference resource on macroeconomics which embraces definitions of phrases and ideas, conflicting ideological techniques and the contributions of significant thinkers. finished in scope, it comprises over three hundred brief entries and greater than a hundred especially commissioned major entries from an the world over well known team of students.
The alphabetically ordered entries might be necessary either as a uncomplicated reference resource and a provocative stimulus for additional studying. The Encyclopedia will quickly be validated as a number one reference resource on macroeconomics that might either enlighten scholars and be hugely valued through students and academics of economics.
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Additional resources for An Encyclopedia of Macroeconomics
EMU is puzzling because superficially it looks like a natural candidate for successful spillover’ (Haas, 1976: 195). However, he also concluded that EMU failed ‘because France and Germany disagreed fundamentally on the respective merits and priorities of monetary and economic policy as methods of management. Furthermore, Britain wanted neither’ (Haas, 1976: 195). More recently, however, some writers have again recognized the merit of neo-functionalism (Burley and Mattli, 1993; Feld and Mahant, 1986; George, 1991; Pijpers, 1994).
H. Wallace, 1990). During the recent revival of neo-functionalism the theory had been adopted with some adaptations and/or supplements. Attention is once again drawn to the concept of spill-over. Borrowing from George (1985) Tranholm-Mikkelsen adopts three categories of spill-over (although the third category was renamed): functional, political and cultivated spillover. Functional spill-over is used to describe the process of successful integration in one policy area causing integration in other policy areas.
First, in the late 1960s, the 1970s and the early 1980s its predictions concerning integration seemed not to have been supported by reality (cf. Taylor, 1983). Second, it did not take the external conditions into account. Third, it underestimated national sentiments related to sovereignty and national identity. Intergovernmentalists such as Stanley Hoffmann responded to the last two elements. Intergovernmentalism Hoffmann (1966) stressed that the nation state would remain the most logical unit in the international system for three reasons, which he Economic and Political Theories of Integration 35 labelled ‘national consciousness’, ‘national situation’ and ‘nationalism’, the latter term referring mainly to a national doctrine or ideology (Hoffmann, 1966: 867–8).
An Encyclopedia of Macroeconomics by Brian Snowdon