====== Tables of Contents ======
 --- //[[books:Macroeconomics Has No Clothes]]//
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**Foreword**

<wrap indent>A Fresh Eye On Economics, Guided By Innate Curiosity</wrap>
  
**Preface**

<wrap indent>[[:books:macroeconomics has no clothes:preface]]</wrap>

**Contents**


++++ Chapter 1. National Income Accounting |

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  * 1.1 Why Measure Total Output by Value
  * 1.2 The Strict Definition of GDP and Its Measurement
  * 1.3 Be Wary of Pseudo-GDP
  * 1.4 Debunking the Broken Window Fallacy
  * 1.5 A Wrong But Enlightening Way to Explain Price Index
  * 1.6 GDP Deflator and Real GDP
  * 1.7 Better Rich Than Not: Defending GDP Pursuit
</WRAP>


++++ 
++++ Chapter 2. Money Theory |

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  * 2.1 The Origin of Money 
  * 2.2 The Functions of Money 
  * 2.3 Free-market Money Triumphs Over Fiat Money 
  * 2.4 Does Marginal Utility of Money Diminish 
  * 2.5 Will Bitcoin Become Money 
  * 2.6 Creation and Endogeneity of Money 
  * 2.7 Is the Quantity Theory of Money Still Valid 
  * 2.8 Cantillon Effect and Real Balance Effect 
</WRAP>


++++ 
++++ Chapter 3. Economic Cycle: Keynesianism |

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  * 3.1 Keynes’ Unemployment and Fluctuation
  * 3.2 Multiplier Effect: Keynes’ “Marvelous” Logic
  * 3.3 The Monetary Policy Keynes Overlooked
  * 3.4 Misapplication of the Three Psychological Laws
  * 3.5 A Wealthier Government Harms the Economy
  * 3.6 Can Perfect Counterfeit Money Stimulate Economy 100
  * 3.7 Keynesian Economics is Flawed Even in Short-Run 
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++++ 
++++ Chapter 4. Inflation |

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  * 5.1 Inflation Solely Driven by Monetary Expansion
  * 5.2 Can Currency Appreciation Curb Inflation
  * 5.3 The Harms of Inflation
  * 5.4 Inflation Mismeasurement and Its Consequences
  * 5.5 How Does Individual Measure Inflation
  * 5.6 Taking Sides: Inflation or Deflation
  * 5.7 Interest Rates: Nominal, Real, and Time Value
</WRAP>

++++ 
++++ Chapter 5. Economic Cycle: Supply-Side Perspectives |

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  * 4.1 Demand: Seeing Supply Beyond Money
  * 4.2 Supply-side Perspective: Multiplier Effect Revisit
  * 4.3 Supply-side Perspective: Why Economy Fluctuates 
  * 4.4 Has the State Ironed Out Economic Cycles
  * 4.5 The Logic Behind Unemployment
  * 4.6 Govenment Intervention: Source of Economic Crises 133
  * 4.7 No Model of Supply and Demand in Macroeconomics
  * 4.8 Microeconomics Shapes the Macro
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++++ 
++++ Chapter 6. Broader Monetary Considerations |

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  * 6.1 Excessive Money Supply: From Rate Hike to Credit Crunch
  * 6.2 Policy U-Turn: From Easing to Rate Surge
  * 6.3 MMT: When Phenomenon Masquerades as Theory 
  * 6.4 Is Fiat Currency a Central Bank Liability
  * 6.5 Why Fiat Currency Requires Monetary Policy
  * 6.6 Do Not Dance to the Tune of Macroeconomic policies 
  * 6.7 Not a Market Failure: the Wenzhou Crisis
</WRAP>

++++ 
++++ Chapter 7. Growth and Distribution |

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  * 7.1 Market and Growth
  * 7.2 Freedom and Growth
  * 7.3 More Wealth, Faster Growth
  * 7.4 Only Investment Drives Economic Growth
  * 7.5 Economic Growth is Easy
  * 7.6 Economic Growth Hinges on Luck Too
  * 7.7 The Logic of China’s Economic Growth
  * 7.8 Growing Income Gap: Repercussion of Market Distortions
  * 7.9 Beyond Equality: Measuring Fairness Through Consumption
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++++ 
++++ Chapter 8. Open Economy |

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  * 8.1 Comparative Advantage
  * 8.2 What Determines Exchange Rates
  * 8.3 What Determines the Trade Balance
  * 8.4 The Optimal Tariff is Zero
  * 8.5 Why Trade Protectionism Persists
  * 8.6 Terms of Trade Is a Useless Term
  * 8.7 Sound Economics Rejects the Impossible Trinity
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++++ 
++++ Chapter 9. Exchange Rates: A Unique Price |

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  * 9.1 Do Not Intervene in Prices
  * 9.2 Should We Intervene in Exchange Rates
  * 9.3 The Core Issue of Exchange Rates
  * 9.4 Exchange Rate Regimes and the Spillover
  * 9.5 Exchange Rate, Terms of Trade and Gains from Trade
  * 9.6 Fixed Exchange Rate Is a Monetary Discipline
  * 9.7 Addressing Economies Diverging from Classical Assumptions
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++++ 

**Bibliography**

**List of Figures**

**List of Tables**