The economist must be "a mathematician, a historian, a statesman, a philosopher, to some degree… distant and impartial like an artist, but sometimes as pragmatic as a politician." This comment was made by John Maynard Keynes, the great British economist who could be called the father of macroeconomics. No opinion summarizes so succinctly what it means to be an economist.
As T. M. Keynes implies, students studying Economics must cultivate many and varied talents. The effort required to help students develop these talents falls on the professors and authors of academic textbooks.
My aim, when writing this macroeconomic theory manual, was to make macroeconomics as understandable, interesting, and (believe it or not) fun. Those of us who chose to become macroeconomists did so because this field fascinated us. More importantly, however, we believe that macroeconomics can greatly illuminate the world, and that the knowledge we gain, if applied correctly, can make the world a better place.
I hope this book will convey not only the wisdom of this science but also the enthusiasm and breadth of its goals.
Contents:
- Media and sources from Worth Publishers
- Foreword: Celebrating the tenth edition
- Preface
- The science of macroeconomics
- The statistical data of macroeconomics
- National income: Where it comes from and where it goes
- The monetary system: What it is and how it works
- Inflation: Causes, effects, and social costs
- The open economy
- Unemployment and the labor market
- Economic growth I: Capital accumulation and population growth
- Economic growth II: Technology, empirical evidence, and economic policy
- Introduction to economic fluctuations
- Aggregate demand I: The construction of the IS-LM model
- Aggregate demand II: The application of the IS-LM model
- Revisiting the open economy: The Mundell-Fleming model and the exchange rate regime
- Aggregate supply and short-run trade-off between inflation and unemployment
- A dynamic model of economic fluctuations
- Alternative views on stabilization policy
- Public debt and fiscal deficits
- The financial system: Opportunities and risks
- The microeconomic foundations of consumption and investment
- What we know and what we don’t know
- Glossary
- Index
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