Contrary to common belief, macroeconomics is not merely a theory of aggregates, and cannot be constructed from individual behaviour. Both nationally and internationally, there are economic laws that are logically independent of economic agents’ behaviour. These are the macroeconomic foundations of macroeconomics.

Presenting cutting-edge material, Alvaro Cencini explores these foundations, and shows that the introduction of money entails economics being interpreted conceptually not mathematically.  His innovative book provides the elements for a new approach by applying the most recent results of monetary analysis to the study of national and international economics. It covers recent progress in monetary theory, provides the reader with a greater understanding of the subject, and will be essential reading for economic students as well as a valuable resource for economists.

chapter |23 pages


part |66 pages

Macroeconomics versus Microeconomics

part |86 pages

The Macroeconomic Analysis of National Economics

part |97 pages

The Macroeconomic Analysis of International Economics

chapter |24 pages


A Macroeconomic Occurrence

chapter |26 pages

External Debt Servicing

A Striking Example of Macroeconomic Disorder

part |59 pages

Conclusions and Prospects

chapter |21 pages

The Laws of Macroeconomics

chapter |17 pages

Positive and Normative Analysis

The National Level

chapter |19 pages

Positive and Normative Analysis

The International Level