ABSTRACT
This introduction presents an overview of the key concepts discussed in the subsequent chapters of this book. The book discusses the complex conceptual differences between macroeconomic measurements and neoclassical macroeconomic theory. The theoreticians assume that the neoclassical microeconomic utility formula which defines their homo economicus also applies to society as a whole. Micro-founded is, by many an economist, still understood as a phrase which harkens back to theoretical neoclassical micro-economics. On the side of theory the government was also was increasingly included in the neoclassical models. The book focuses on the monetary nature of transactions, money and debt, labor and unemployment, land and capital, consumption, investment and household purchases of cars, (un)real production as well as Unit labour cost, RULC and Nominal Unit Labor Cost. Economists use a few ‘meta-formulas’ which structure economic discourse. The same holds for macroeconomic statistics.
