Macroeconomics / Edition 1

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MACROECONOMICS is a well-written, flexible introduction to macroeconomic theory and policy. It covers the Classical and Keynesian approaches, as well as newer dynamic models of debt, deficits, growth, unemployment, and inflation. In 17 chapters, it presents a complete survey of modern macroeconomic thinking, and is the first text to bring the modern theories of macroeconomic dynamics to the undergraduate intermediate market. It has a unique emphasis on data and testing macro theories against macro facts.
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Editorial Reviews

A textbook for an undergraduate introductory course. Farmer (economics U. of California-Los Angeles) bucks the academic trend by teaching undergraduates the same principles, models, and tools that graduates are taught and that practitioners use in the real world, but that journalists and policy makers have not heard of yet. Reflecting the growing consensus that classical general equilibrium theory is the correct model and language to analyze the economy, he covers measurement, the classical and some modern approaches to aggregate demand and supply, and dynamic models. He also provides a glossary without pronunciation. Annotation c. Book News, Inc., Portland, OR (
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Product Details

  • ISBN-13: 9780538845816
  • Publisher: International Thomson Publishing Company
  • Publication date: 8/28/1998
  • Series: HB - Economics Series
  • Edition description: Older Edition
  • Edition number: 1
  • Pages: 386

Table of Contents

PART I: INTRODUCTION AND MEASUREMENT. 1. What this Book is About. 2. Measuring the Economy. 3. Macroeconomic Facts. PART II: THE CLASSICAL APPROACH TO AGGREGATE DEMAND AND SUPPLY. 4. The Theory of Aggregate Supply. 5. Inflation and Aggregate Demand. 6. Saving and Investment. PART III: THE MODERN APPROACH TO AGGREGATE DEMAND AND SUPPLY. 7. Unemployment and Labor Market Frictions. 8. The Demand for Money. 9. The Supply of Money. 10. The IS-LM Model and Aggregate Demand. 11. The Open Economy. PART IV: DYNAMIC MACROECONOMICS. 12. Debt, Deficits, and Economic Dynamics. 13. The Neoclassical Theory of Growth. 14. The Endogenous Theory of Growth. 15. Unemployment, Inflation, and Growth. 16. Expectations and Macroeconomics. PART V: CONCLUSION. 17. What We Know and What We Don’t Know.
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Customer Reviews

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  • Anonymous

    Posted August 3, 2001

    The Best Attempt at Minimizing the Inconsistency Inherent in Intermediate Macroeconomics

    There is a inherent problem in writing an Intermediate Textbook in Macroeconomics. In the typical Intermediate Course in a specialty of Economics the objectives are to present a guide to the important insights used by practioners that also gives a nontechnical overview of the state of the literature of the subject. Until relatively recently the Economics of Greenspan and forecasters/practioners and the Economics of the published literaure in Macro were not in the same page or even the same world. Progress in making stylized macro models realistic and the increasing interest by practioners in growth economics have narrowed the gap. Farmer's second edition, reflecting some of his own work, narrows the gap. The major shortcoming of his book is that he fails to recognize the gaps--which are still substantial. One needs a good Microeconomic background and some facility in Calculus to work through this text. Of all the major texts this book does the best, given a very knowledgeable professor and well prepared students. Most of his competitors are either excessively long-winded and/or lack basic knowledge about the real macroeconomy.

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