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This text conveys the principles of macroeconomics in a superb conversational style that engages students in the material unlike any other text. By appealing to students' interests and language; using familiar stories, illustrations, and scenarios and a direct-to-student writing style; and a narrative built on questions, the distance is lessened between the student and the unfamiliar concepts of economics. The book also maintains a focus on presenting basic concepts in depth and developing economic analysis step-by-step, rather than covering hundreds of topics superficially. With this book, students are discouraged from simply memorizing facts and are engaged in active learning.
Fred M. Gottheil is a professor of economics at the University of Illinois in Urbana-Champaign. He came to Illinois in 1960, planning to spend one year before returning to his native Canada. But he fell in love with the campus, the community, and the Midwest, and has been at Illinois ever since. He earned his undergraduate degree at McGill University in Montreal, Canada and his Ph.D. at Duke University. His primary teaching is the principles of economics, and on occasion, he has taught the history of economic thought, Marxian economics, and the economics of the Middle East. He is the author of "Marx's Economic Predictions" and numerous articles that have appeared in scholarly journals, among them the "American Economic Review", the "Canadian Journal of Economics", the "Journal of Post-Keynesian Economics" and the "Middle East Reviews." Although he enjoys research, his labor of love is teaching the principles course. His classes have been as large as 1,800 students. He has won a plethora of teaching from the university, the college, and department of economics. Aside from his research and publications as a professor of economics, Professor Gottheil is also on the university's medical faculty, co-teaching the College of Medicine's course on medicine and society. As well, he is director of the University of Illinois's Center of Economic Education. In this capacity, he organizes and team-teaches minicourses and workshops on the principles of economics. He was a White House consultant on the Middle East during the Carter Administration and offered expert testimony to several congressional committees. Professor Gottheil was a visiting professor at Northwestern University and at Hebrew University in Jerusalem, Israel. He has lectured at many universities in the United States, Canada, and abroad, including universities in Syria, Egypt, Israel, and Jordan.
PART I. THE BASICS OF ECONOMIC ANALYSIS. 1. Introduction. 2. Production Possibilities and Opportunity Costs. 3. Demand and Supply. PART II. EMPLOYMENT, INFLATION, AND FISCAL POLICY. 4. Aggregate Demand and Aggregate Supply. 5. Gross Domestic Product Accounting. 6. Consumption and Investment. 7. Equilibrium National Income. 8. Fiscal Policy: Coping with Inflation and Unemployment. 9. Economic Growth, Business Cycles, and Countercyclical Fiscal Policy. PART III. MONEY, BANKING, AND MONETARY POLICY. 10. Money. 11. Money Creation and the Banking System. 12. The Federal Reserve System and Monetary Policy. PART IV. GOVERNMENT AND THE MACROECONOMY. 13. Can Government Really Stabilize the Economy? 14. Government Spending. 15. Financing Government: Taxes and Debt. PART V. THE WORLD ECONOMY. 16. International Trade. 17. Exchange Rates, Balance of Payments, and International Debt. 18. Economic Problems of Less-Developed Economics.