Book Summary of Macroeconomics: Theory and Applications
The text uses the aggregate supply/aggregate demand model as a fundamental tool for learning macroeconomics. It achieves the right level of rigor and detail, presenting complicated concepts in a relatively straightforward manner and using timely economic data.
Key Feature
• There is expanded coverage on developing economies (China and India), as well as coverage on outsourcing.
• The book provides analysis of human capital's impact on economic growth, including a discussion on minimum wage and household protection.
Table of Contents
Part I: Getting Acquainted with Economics
1. What Is Economics?
2. The Economy: Myth and Reality.
3. The Fundamental Economic Problem: Scarcity and Choice.
4. Supply and Demand: An Initial Look.
Part II: The Macroeconomy: Aggregate Demand and Supply
5. An Introduction to Macroeconomics
6 The Goals of Macroeconomic Policy
7. Economic Growth: Theory and Policy
8. Aggregate Demand and the Powerful Consumer
9. Demand-Side Equilibrium: Unemployment or Inflation?
10. Bringing in the Supply Side: Unemployment and Inflation?
Part III: Fiscal and Monetary Policy
11. Managing Aggregate Demand: Fiscal Policy
12. Money and the Banking System
13. Managing Aggregate Demand: Monetary Policy
14. The Debate Over Monetary and Fiscal Policy
15. Budget Deficits in the Short and Long Run
16. The Trade-off between Inflation and Unemployment
Part IV: The world economy
17. Exchange Rates and the Macroeconomy
18. International Trade and Comparative Advantage
19. The International Monetary System: Order or Disorder?
Index