Macroeconomics in context /
Macroeconomics in Context lays out the principles of macroeconomics in a manner that is thorough, up to date, and relevant to students. Like its counterpart, Microeconomics in Context, the book is attuned to economic realities--and it has a bargain price. The in Context books offer affordability, en...
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| Format: | Book |
| Language: | English |
| Published: |
Armonk, N.Y. :
M. E. Sharpe,
2014
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| Edition: | 2nd ed. |
| Subjects: |
Table of Contents:
- Pte. 1. The context for economic analysis
- 0. Macroeconomics and well-being
- GDP per capita
- Recent growth rate of GDP per capita
- Net national savings
- Government debt
- Labor productivity
- Average annual hours worked
- Unemployment rate
- Inflation
- Total tax revenue
- Trade balance
- Income inequality
- Absolute poverty
- Foreign aid
- Internet users
- Educational performance
- Life expectancy
- Subjective well-being
- Carbon dioxide emissions per capita
- Local air quality
- 1. Economic activity in context
- What is macroeconomics about?
- Macroeconomic goals
- Macroeconomics in context
- 2. Useful tools and concepts
- Our tools for understanding
- Empirical investigation
- Theoretical investigation
- Historical investigation
- Economic tradeoffs
- The role of markets
- The basic neoclassical model
- 3. What economies do
- Introducing the four essential economic activities
- Resource maintenance
- Production
- Distribution
- Consumption
- Resource maintenance : attending to the asset base of the macroeconomy
- Stocks versus flows
- Investment and depreciation
- Renewable resources, non-renewable resources and sustainability
- Distribution : who gets, what, and how?
- Labor and capital incomes
- Transfers and taxes
- The distribution of income
- Measuring inequality
- Income inequality over time
- Wealth inequality
- The three spheres of economic activity
- Supply and demand
- Markets and macroeconomics
- Classical and Keynesian views of markets
- The theory of supply
- The theory of demand
- The theory of market adjustment
- Surplus, shortage, and equilibrium
- Shifts in supply and demand
- Elasticity
- Macroeconomics and the dynamics of real-world markets
- From microeconomics to macroeconomics
- Pte. 2. macroeconomic basics
- 5. Macroeconomic measurement : the current approach
- An overview of national accounting
- Defining gross domestic product
- Measuring gross domestic product Growth, price changes, and real GDP
- Savings, investment, and trade
- Appendix : chained dollar real GDP
- 6. Macroeconomic measurement : environmental and social dimensions
- A broader view of national income accounting
- Why GDP is not a measure of well-being
- Alternative approaches to representing well-being
- The Genuine Progress INdicator (GPI)
- The Better Life Index (BLI)
- The Human Development Index (HDI)
- Measuring household production
- Time-use surveys
- Methods of valuing household production
- Accounting for the environment
- Conclusion : measuring economic well-being
- 7. The structure of the U.S. economy
- The three major productive sectors in an economy
- The primary sector in the United States
- The food system
- Water
- The energy system
- The secondary (industrial) sector in the United States
- Construction and housing
- Manufacturing
- Where have all the manufacturing jobs gone?
- The tertiary (service) sector
- Retail services
- Finance and financialization
- Human services : health
- Human services : education
- 8. Employment, unemployment, and wages
- Employment and unemployment
- The unemployment rate
- A closer look at unemployment
- Theories of employment, unemployment, and wages
- The classical theory
- Alternative perspectives on labor markets
- Longer term issues : productivity, resources, and technology. Pte. 3. Macroeconomic theory and policy
- 9. Aggregate demand and economic fluctuations
- The business cycle
- Macroeconomic modeling and aggregate demand
- Output, income, and aggregate demand
- The problem of leakages
- The Keynesian model
- consumption
- Investment
- The aggregate demand schedule
- The possibility of unintended investment
- Movement to equilibrium in the Keynesian model
- The problem of persistent unemployment
- Fiscal policy
- The role of government spending and taxes
- The Federal Budget
- Policy issues
- Crowding out and crowding in
- Different multiplier effects
- Applying fiscal policy
- Appendix A1. An algebraic approach to the multiplier, with a lump-sum tax
- Appendix A2. An algebraic approach to the multiplier, with a proportional tax
- to the multiplier
- 11. Money, banking, and finance
- Why money?
- What is money?
- The banking system
- Money and finance
- 12. The Federal Reserve and monetary policy
- The Federal Reserve System
- Monetary policy
- How the Fed creates money and credit
- The theory of money, interest rates, and aggregate demand
- The Federal Funds Rate and other interest rates
- Interest rates and investment
- Monetary policy and aggregate demand
- Monetary policies in practice
- The Fed and investment, 2000-2012
- The liquidity trap and credit rationing
- The theory of money, prices, and inflation
- The Quantity Equation
- Complications and policy controversies
- Appendix A1. Bond prices and interest rates
- Appendix A2. Short- versus long-run and real versus nominal interest rates
- 13. Aggregate supply, aggregate demand, and inflation : putting it all together
- Aggregate demand and inflation
- Aggregate Demand (AD) curve
- Capacity and the aggregate supply (AS) curve
- Putting the AD/AS to work
- An economy in recession
- An overheated economy
- Stagflation
- Inflation
- Technology and globalization
- Competing theories
- Classical macroeconomics
- Keynesian macroeconomics
- Appendix A1. New classical economics
- Appendix A.2. The neoclassical synthesis and new Keynesian macroeconomics
- Appendix A3. Post-Keynesian macroeconomics
- 14. The global economy and policy
- Macroeconomics in a global context
- The trade balance : completing the picture
- International finance
- Macroeconomics in an open economy
- Fiscal policy
- Monetary policy
- Manged versus flexible foreign exchange
- Appendix : an algebraic approach to the multiplier, in a model with trade
- pt, IV. Macroeconomic issues and applications
- 15. The financial crisis and the great recession
- Prelude to a crisis
- The housing bubble
- The subprime crisis
- Economic impacts of the crisis
- Unemployment and the vicious recessionary spiral
- The Great Depression and the great recession compared
- Underlying causes of the financial crisis
- Inequality
- Bank size and deregulation
- Misguided corporate incentive structure
- Globalization and long-term economic trends
- Remedies and ideas for averting future crises
- Fiscal and monetary responses
- The Dodd-Frank Bill
- Political economy of the debt
- The balance budge debate
- Imposed austerity : the case of the European Union
- Deficit projections and potential policy responses
- Budgetary reforms : the Simpson-Bowles Plan
- Budgetary reforms : Congressional Budget Office
- Debt and deficits in context
- 17. How economies grow and develop
- Development and economic growth
- Country growth experiences
- Growth comparison across countries
- Understanding poverty
- GDP growth and poverty reduction
- The Multidimensional Poverty Index
- Growth, inequality, and the Kuznets Curve
- Economic development and human development
- 18. Growth and sustainability in the twenty-first century
- Macroeconomic goals : looking forward
- Macroeconomics and ecological sustainability
- Climate change
- Greenhouse emissions and global temperature change
- Economic growth and the environment
- The Environmental Kuznets Curve Hypothesis
- Policies for sustainable development
- Sustainability and consumption
- sustainability and investment
- Are stabilization and sustainability in conflict?
- Concluding thoughts
- Appendix : demographic challenges
- Appendix A1. Basic demographic terms and history
- Appendix A2. Global population patterns and policies
- Appendix A3. The issue of aging populations
- Appendix A4. Demographic challenges ahead.