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Macroeconomics in Context 4th edition [Pehme köide]

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(Tufts University, USA.), (Tufts Unversity, USA.), (Adelphi University, USA), (Global Development and Environment Institute, Tufts University, USA), (Tufts University, USA.), (University of Massachusetts Boston, USA)
  • Formaat: Paperback / softback, 746 pages, kõrgus x laius: 254x178 mm, kaal: 1640 g, 59 Tables, black and white; 161 Line drawings, color; 29 Line drawings, black and white; 161 Illustrations, color; 29 Illustrations, black and white
  • Ilmumisaeg: 30-Dec-2022
  • Kirjastus: Routledge
  • ISBN-10: 1032170379
  • ISBN-13: 9781032170374
Teised raamatud teemal:
Macroeconomics in Context 4th editionSuurem pilt
  • Formaat: Paperback / softback, 746 pages, kõrgus x laius: 254x178 mm, kaal: 1640 g, 59 Tables, black and white; 161 Line drawings, color; 29 Line drawings, black and white; 161 Illustrations, color; 29 Illustrations, black and white
  • Ilmumisaeg: 30-Dec-2022
  • Kirjastus: Routledge
  • ISBN-10: 1032170379
  • ISBN-13: 9781032170374
Teised raamatud teemal:
Püsilink: https://www.kriso.ee/db/9781032170374.html
Märksõnad:
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 uniquely attuned to economic, social, and environmental realities. The In Context books offer engaging coverage of current topics including policy responses to recession and inflation, inequality, deficits and government debt, economic impacts of the COVID-19 pandemic, and the economics of environmental sustainability.

This fourth edition includes:





Improved and concise discussions of introductory topics, especially on key economic activities, macroeconomic goals, and economic models Further emphasis on inequality, environmental sustainability, financialization, the changing nature of work, and international developments such as the role of transnational corporations and supply chain issues Discussion of the impacts of the COVID-19 pandemic on macroeconomic factors like well-being, inequality, and labor markets Presentation of policy issues in historical, environmental, institutional, social, political, and ethical contexts, including an updated discussion of fiscal policy in relation to the Biden administrations infrastructure and social investment spending Clear explanations of basic economic concepts alongside more in-depth analysis of macroeconomics models and economic activity

This book combines real-world relevance with a thorough grounding in multiple economic paradigms. It is the ideal textbook for modern introductory courses in macroeconomics.

The books companion website is available at: http://www.bu.edu/eci/macro
List of Figures
xv
List of Tables
xxi
Preface xxiii
Acknowledgments xxxv
Sample Course Outlines xxxvii
PART I THE CONTEXT FOR ECONOMIC ANALYSIS
1(134)
Macroeconomics And Well-Being
3(23)
1 Economic Activity In Context
26(36)
1 What Is Macroeconomics About?
26(4)
2 Macroeconomic Goals
30(13)
2.1 Good Living Standards
33(4)
2.2 Stability And Security
37(1)
2.3 Sustainability
38(5)
Discussion Questions
43(1)
3 The Issues That Define Economics
43(8)
3.1 The Four Essential Economic Activities
43(7)
3.2 The Three Basic Economic Questions
50(1)
Discussion Questions
51(1)
4 Macroeconomics In Context
51(11)
4.1 The Classical Period
52(2)
4.2 The Great Depression And Keynes
54(2)
4.3 The Crisis Of The 1970s And Retreat From Keynesian Economics
56(1)
4.4 Macroeconomics For The Twenty-First Century
57(1)
Discussion Questions
58(1)
Review Questions
59(1)
Exercises
59(3)
2 Foundations Of Economic Analysis
62(39)
1 Our Tools For Understanding
62(3)
1.1 Empirical Investigation
62(1)
1.2 Theoretical Investigation
63(1)
Discussion Questions
64(1)
2 Economic Tradeoffs
65(6)
2.1 Society's Production-Possibilities Frontier
65(4)
2.2 Tradeoffs Overtime
69(2)
Discussion Questions
71(1)
3 Different Economic Models
71(13)
3.1 The Basic Neoclassical Model
71(3)
3.2 The Contextual Model
74(9)
Discussion Questions
83(1)
4 The Role Of Markets
84(17)
4.1 The Meaning Of Markets
84(2)
4.2 The Institutional Requirements Of Markets
86(2)
4.3 The Advantages And Limitations Of Markets
88(5)
Discussion Questions
93(1)
Review Questions
93(1)
Exercises
94(2)
Appendix: Graphing Review
96(5)
3 Supply And Demand
101(34)
1 Markets And Macroeconomics
101(3)
1.1 Differing Perspectives On Markets
102(1)
1.2 Characteristics Of Markets
103(1)
Discussion Questions
104(1)
2 The Theory Of Supply
104(5)
2.1 The Supply Schedule And Curve
105(1)
2.2 Changes In Supply
106(2)
Discussion Questions
108(1)
3 The Theory Of Demand
109(4)
3.1 The Demand Schedule And Curve
109(1)
3.2 Changes In Demand
110(3)
Discussion Questions
113(1)
4 The Theory Of Market Adjustment
113(10)
4.1 Surplus, Shortage, And Equilibrium
113(4)
4.2 Shifts In Supply And Demand
117(3)
4.3 Elasticity
120(2)
Discussion Questions
122(1)
5 Macroeconomics And The Dynamics Of Real-World Markets
123(12)
5.1 When Price Adjustments Are Slow
124(1)
5.2 When Prices Swing Too Much: Market Instability
125(3)
5.3 From Microeconomics To Macroeconomics
128(1)
Discussion Questions
128(1)
Review Questions
129(1)
Exercises
129(6)
PART II MACROECONOMIC BASICS
135(162)
4 Macroeconomic Measurement: The Current Approach
137(35)
1 An Overview Of National Accounting
137(5)
1.1 Conventions About National Accounting Sectors
138(1)
1.2 Conventions About Capital Stocks
139(2)
1.3 Conventions About Investment
141(1)
Discussion Questions
142(1)
2 Defining Gross Domestic Product
142(2)
3 Measuring Gross Domestic Product
144(9)
3.1 The Product Approach
145(3)
3.2 The Spending Approach
148(3)
3.3 The Income Approach
151(2)
Discussion Questions
153(1)
4 Growth, Price Changes, And Real Gdp
153(11)
4.1 Nominal Vs. Real GDP
154(1)
4.2 Calculating Real GDP
155(3)
4.3 Price Indexes And Inflation Rates
158(5)
4.4 Calculating Gdp Growth Rates
163(1)
Discussion Questions
164(1)
5 Savings And Investment
164(8)
Discussion Questions
165(1)
Review Questions
165(1)
Exercises
166(2)
Appendix: Chained Dollar Real Gdp
168(4)
5 Macroeconomic Measurement: Environmental And Social Dimensions
172(41)
1 Why Gdp Is Not A Measure Of Well-Being
173(4)
Discussion Questions
176(1)
2 A Broader View Of National Income Accounting
177(17)
2.1 Satellite Accounts
177(2)
2.2 Measuring Well-Being
179(3)
2.3 The Genuine Progress Indicator (GPI)
182(4)
2.4 The Better Life Index (BLI)
186(3)
2.5 The Human Development Index (HDD)
189(2)
2.6 Other National Accounting Alternatives
191(2)
Discussion Questions
193(1)
3 Measuring Household Production
194(5)
3.1 Measuring Household Labor
194(3)
3.2 Methods Of Valuing Household Production
197(1)
Discussion Questions
198(1)
4 Accounting Forthe Environment
199(7)
4.1 Methods of Valuing the Environment
200(4)
4.2 Monetary Valuation of Environmental Factors
204(1)
Discussion Questions
205(1)
5 Conclusion: Measuring Economic Well-Being
206(7)
Discussion Questions
206(1)
Review Questions
206(1)
Exercises
207(6)
6 The Structure Of The United States Economy
213(42)
1 The Three Major Productive Sectors In An Economy
213(6)
1.1 A Quick Review Of Categories
213(2)
1.2 The Relative Size Of The Output Sectors In The United States
215(2)
1.3 Historicaltrends And Global Comparisons
217(2)
Discussion Questions
219(1)
2 The Primary Sector In The United States
219(10)
2.1 The Food System
220(6)
2.2 The Energy System
226(3)
Discussion Questions
229(1)
3 The Secondary (Industrial) Sector In The United States
229(7)
3.1 Manufacturing
230(3)
3.2 Construction
233(2)
3.3 Rising Productivity In The Secondary Sector
235(1)
Discussion Questions
236(1)
4 The Tertiary (Service) Sector
236(13)
4.1 The Growth Of The Tertiary Sector
237(1)
4.2 Analyzing The Tertiary Sector By Sub-Categories
238(2)
4.3 Retail Services
240(1)
4.4 Finance And Financialization
241(4)
4.5 Human Services: Health
245(3)
4.6 HUMAN SERVICES: EDUCATION
248(1)
Discussion Questions
249(1)
5 Concluding Thoughts
249(6)
Review Questions
250(1)
Exercises
250(5)
7 Employment, Unemployment, And Wages
255(42)
1 Employment And Unemployment
255(10)
1.1 Measuring Employment And Unemployment
255(3)
1.2 The Unemployment Rate
258(1)
1.3 Discouraged Workers And Underemployment
259(2)
1.4 Labor Force Participation
261(3)
Discussion Questions
264(1)
2 A Closer Look At Unemployment
265(6)
2.1 Types Of Unemployment
265(4)
2.2 Patterns Of Unemployment
269(2)
Discussion Questions
271(1)
3 Theories Of Employment, Unemployment, And Wages
271(10)
3.1 The Classical Theory
272(3)
3.2 Alternative Theories Of Labor Markets
275(3)
3.3 Policy Responses
278(3)
Discussion Questions
281(1)
4 Special Issues For The Twenty-First Century
281(16)
4.1 Jobs And Technological Change
281(1)
4.2 Some Future Possibilities
282(8)
Discussion Questions
290(1)
Review Questions
290(1)
Exercises
291(6)
PART III MACROECONOMIC THEORY AND POLICY
297(161)
8 Aggregate Demand And Economic Fluctuations
299(41)
1 The Business Cycle
299(7)
1.1 What Happens During The Business Cycle
300(3)
1.2 A Stylized Business Cycle
303(1)
1.3 The Downturn Side Of The Story
304(2)
Discussion Questions
306(1)
2 Macroeconomic Modeling
306(10)
2.1 Simplifying Assumptions
306(1)
2.2 Output, Income, And Aggregate Expenditure
307(3)
2.3 The Problem Of Leakages
310(2)
2.4 The Classical Solution To Leakages
312(4)
Discussion Questions
316(1)
3 The Keynesian Model
316(17)
3.1 Consumption
316(6)
3.2 Investment
322(1)
3.3 The Aggregate Expenditure Schedule
323(2)
3.4 The Possibility Of Unintended Investment
325(2)
3.5 Movementto Equilibrium In The Keynesian Model
327(1)
3.6 The Problem Of Persistent Unemployment
328(3)
3.7 The Multiplier
331(2)
Discussion Questions
333(1)
4 Concluding Thoughts
333(7)
Discussion Questions
334(1)
Review Questions
334(1)
Exercises
335(2)
Appendix: An Algebraic Approach To The Multiplier
337(3)
9 Fiscal Policy
340(39)
1 The Role Of Government Spending And Taxes
342(10)
1.1 A Change In Government Spending
343(2)
1.2 Taxes And Transfer Payments
345(4)
1.3 The Circular Flow With Government Spending And Taxes
349(1)
1.4 Expansionary And Contractionary Fiscal Policy
350(2)
Discussion Questions
352(1)
2 The Federal Budget
352(14)
2.1 Deficits And Surpluses
355(2)
2.2 Automatic Stabilizers
357(3)
2.3 Discretionary Policy
360(6)
Discussion Questions
366(1)
3 Policy Issues
366(13)
3.1 Crowding Out And Crowding In
366(3)
3.2 Infrastructure and Social Investment
369(1)
3.3 Different Multiplier Effects
370(2)
3.4 Applying Fiscal Policy
372(1)
Discussion Questions
372(1)
Review Questions
373(1)
Exercises
373(1)
Appendix: More Algebraic Approaches to the Multiplier
374(1)
A1 An Algebraic Approach To The Multiplier, With A Lump-Sum Tax
374(2)
A2 An Algebraic Approach To The Multiplier, With A Proportional Tax
376(3)
10 Money, Banking, And Finance
379(40)
1 Why Money?
379(6)
1.1 Money And Aggregate Expenditure
380(1)
1.2 "Running The Printing Press"
380(2)
1.3 Deflation And Financial Crises
382(3)
Discussion Questions
385(1)
2 What Is Money?
385(8)
2.1 The Roles Of Money
385(2)
2.2 Types Of Money
387(4)
2.3 Measures Of Money
391(2)
Discussion Questions
393(1)
3 The Banking System
393(7)
3.1 Commercial Banks
394(2)
3.2 Banktypes
396(2)
3.3 How Banks Create Money
398(2)
Discussion Questions
400(1)
4 The Financial System
400(13)
4.1 Functions Of Finance
400(2)
4.2 Non-Bank Financial Institutions
402(5)
4.3 Financialization And Financial Bubbles
407(1)
4.4 Theories Of Financial Instability
408(3)
Discussion Questions
411(1)
Review Questions
411(1)
Exercises
412(1)
Appendix: The 2007--2008 Financial Crisis
413(6)
11 The Federal Reserve And Monetary Policy
419(39)
1 The Federal Reserve System
420(2)
Discussion Questions
422(1)
2 Monetary Policy
422(8)
2.1 How The Fedcreates Money Andcredit
422(5)
2.2 Other Monetary Policytools
427(3)
Discussion Questions
430(1)
3 The Theory Of Money, Interest Rates, And Aggregate Expenditure
430(8)
3.1 The Federal Funds Rate And Other Interest Rates
430(4)
3.2 Interest Rates And Investment
434(2)
3.3 Monetary Policy And Aggregate Expenditure
436(2)
Discussion Questions
438(1)
4 Monetary Policies In Practice
438(4)
4.1 Responding To Inflation
438(1)
4.2 Responding To Recession
439(3)
Discussion Questions
442(1)
5 Theories Of Money, Prices, And Inflation
442(10)
5.1 The Quantity Equation
442(2)
5.2 Competing Theories
444(4)
5.3 Money Supply, Money Demand, And The Liquidity Trap
448(4)
Discussion Questions
452(1)
6 Complications And Policy Controversies
452(6)
6.1 The Fed's Dilemma
453(2)
6.2 Rules Versus Activism
455(1)
Discussion Questions
456(1)
Review Questions
456(1)
Exercises
456(2)
Appendices
458(89)
A1 Bond Prices And Interest Rates
458(3)
A2 Short-Run Versus Long-Run And Real Versus Nominal Interest Rates
461(3)
12 Aggregate Supply, Aggregate Demand, And Inflation Putting It All Together
464(34)
1 Aggregate Demand And Inflation
464(4)
1.1 The Aggregate Demand (Ad) Curve
465(1)
1.2 Shifts Of The Ad Curve: Spending And Taxation
466(1)
1.3 Shifts Of The Ad Curve: Monetary Policy
467(1)
Discussion Questions
468(1)
2 Capacity And The Aggregate Supply Curve
468(6)
2.1 The Aggregate Supply (As) Curve
469(2)
2.2 Shifts Of The As Curve: Inflationary Expectations
471(2)
2.3 Shifts Of The As Curve: Supply Shocks
473(1)
Discussion Questions
474(1)
3 Putting The As/Ad Model To Work
474(12)
3.1 An Economy In Recession
475(4)
3.2 An Overheated Economy
479(1)
3.3 Responding To Inflation
480(4)
3.4 Technology And Globalization
484(2)
Discussion Questions
486(1)
4 Competing Theories
486(12)
4.1 Classical Macroeconomics
486(2)
4.2 Keynesian Macroeconomics
488(2)
Discussion Questions
490(1)
Review Questions
490(1)
Exercises
491(1)
Appendix: More Schools Of Macroeconomics
492(1)
A1 New Classical Economics
492(2)
A2 The Neoclassical Synthesis And New Keynesian Macroeconomics
494(1)
A3 Post-Keynesian Macroeconomics
495(3)
13 The Global Economy And Policy
498(49)
1 Macroeconomics In A Global Context
499(12)
1.1 Global Connections
499(1)
1.2 Major Policy Tools
500(5)
1.3 Patterns Of Trade And Finance
505(4)
1.4 Transnational Corporations And Global Supply Chains
509(1)
Discussion Questions
510(1)
2 The Trade Balance: Completing The Picture
511(6)
2.1 The Circular Flow Revisited
511(2)
2.2 Effects On The Multiplier
513(1)
2.3 Balance Between Savings, Investment, And Net Borrowing
514(3)
Discussion Questions
517(1)
3 International Finance
517(14)
3.1 Exchange Rates
517(5)
3.2 Purchasing Power Parity
522(2)
3.3 The Balance of Payments
524(6)
Discussion Questions
530(1)
4 Macroeconomics In An Open Economy
531(10)
4.1 Fiscal Policy
531(1)
4.2 Monetary Policy
532(1)
4.3 A Special Case: Economic Stimulus In The Pandemic Era
533(2)
4.4 Managed Versus Flexible Foreign Exchange
535(4)
4.5 Developing Country Problems: Balance Of Payments And Debt Crises
539(2)
Discussion Questions
541(1)
5 International Financial Institutions
541(6)
Discussion Questions
543(1)
Review Questions
543(1)
Exercises
544(1)
Appendix: An Algebraic Approach To The Multiplier, In A Model With Trade
545(2)
PART IV MACROECONOMIC ISSUES AND APPLICATIONS
547(160)
14 Inequality: Economic And Social Perspectives
549(1)
1 Defining And Measuring Inequality
549(7)
1.1 Different Perspectives On Inequality
549(2)
1.2 Measuring Inequality
551(4)
Discussion Questions
555(1)
2 Inequality Trends And Issues In The United States
556(9)
2.1 Income Inequality Overtime
556(1)
2.2 Wealth Inequality
557(2)
2.3 Labor Market Discrimination
559(6)
Discussion Questions
565(1)
3 International Data On Inequality
565(5)
3.1 Cross-Country Comparisons
565(2)
3.2 Global Inequality
567(2)
3.3 Inequality And Growth
569(1)
Discussion Questions
570(1)
4 The Creation Of An Unequal Society
570(14)
4.1 Causes Of Rising Income Inequality
572(5)
4.2 Financialization And Inequality
577(2)
4.3 Macroeconomic Policies And Inequality
579(4)
Discussion Questions
583(1)
4 Policies To Promote Greater Equality
584(11)
Discussion Questions
586(1)
Review Questions
587(1)
Exercises
587(8)
15 Deficits And Debt
595(29)
1 Deficits And The National Debt
595(4)
Discussion Questions
599(1)
2 The U.S. National Debt: A Historical Perspective
599(3)
2.1 Two Centuries Of Deficits And Debt
599(1)
2.2 "Supply-Side" Economics
600(1)
2.3 1989 to the Present
600(2)
Discussion Questions
602(1)
3 The Debt And Its Links To Finance
602(6)
3.1 Taxonomy of Debttypes
602(3)
3.2 Federal Government Borrowing: Potential Problems
605(3)
Discussion Questions
608(1)
4 Political Economy of the Debt
608(6)
4.1 Who Owns the Debt?
608(2)
4.2 The Twin Deficits
610(1)
4.3 The Balanced Budget Debate
611(3)
Discussion Questions
614(1)
5 Deficit Projections And Potential Policy Responses
614(10)
5.1 Deficit Projections
614(5)
5.2 Future Policy Choices
619(1)
5.3 Debt And Deficits In Context
620(1)
Discussion Questions
621
Review Questions
334
Exercises
335(289)
16 How Economies Grow And Develop
624(41)
1 Economic Growth And Development
624(11)
1.1 Standard Economic Growth Theory
625(2)
1.2 Experiences of Economic Growth Around the World
627(2)
1.3 Measures And Trends In Poverty
629(4)
1.4 Income And Economic Well-Being
633(1)
Discussion Questions
634(1)
2 Economic Development In the World Today
635(8)
2.1 Early Experiences And Theories Of Development
635(4)
2.2 The Second Wave Of Development Theory
639(3)
Discussion Questions
642(1)
3 Twenty-First Century Reconsiderations Of The Sources Of Economic Growth
643(11)
3.1 Urbanization
644(1)
3.2 Natural Resources
644(1)
3.3 Savings And Investment
645(1)
3.4 Allocation of Investment
646(2)
3.5 Foreign Sources of Financial Capital
648(2)
3.6 Foreign Migration and Remittances
650(1)
3.7 Microfinance and Savings Groups
650(2)
3.8 Cash Transfer Programs
652(1)
3.9 Domestic Demand Vs. Export Orientation
653(1)
3.10 Financial, Legal, and Regulatory Institutions
653(1)
Discussion Questions
654(1)
4 Recent Perspectives And Sustainable Development Goals
654(3)
Discussion Questions
657(1)
5 Different Kinds Of Economies
657(8)
Discussion Questions
659(1)
Review Questions
660(1)
Exercises
660(5)
17 Growth and Sustain Ability in the Twenty-First Century
665(42)
1 Macroeconomics And Sustainability
665(5)
Discussion Questions
669(1)
2 Major Environmental Issues
670(7)
2.1 Global Population
670(1)
2.2 Non-Renewable Resource Availability
671(2)
2.3 Renewable Resources
673(2)
2.4 Pollution And Wastes
675(2)
Discussion Questions
677(1)
3 Climate Change
677(8)
3.1 Climate Change Science, Data, And Impacts
677(2)
3.2 The Economics Of Climate Change
679(3)
3.3 Climate Change Policy
682(2)
Discussion Questions
684(1)
4 Economic Growth and the Environment
685(8)
4.1 The Environmental Kuznets Curve Hypothesis
685(2)
4.2 Does Protecting The Environment Harm Employment And Economic Growth?
687(2)
4.3 Economic Perspectives On The Transition To A Sustainable Economy
689(4)
Discussion Questions
693(1)
5 Policies For Sustainable Development
693(5)
5.1 Rethinking Employment And Production
693(1)
5.2 Reforming Tax And Subsidy Policies
694(2)
5.3 Greening Macroeconomic Policy
696(1)
Discussion Questions
697(1)
6 Concluding Thoughts
698(9)
Discussion Questions
699(1)
Review Questions
699(1)
Exercises
700(7)
Glossary 707(20)
Index 727
Neva Goodwin is a Distinguished Fellow at the Economics in Context Initiative at Boston Universitys Global Development Policy Center and Co-Director of the Global Development and Environment Institute (GDAE) at Tufts University. Her current interests focus on ecological restoration and its potential for improving human health and helping to mitigate climate change.

Jonathan M. Harris is Visiting Scholar at the Global Development and Environment Institute at Tufts University and Senior Research Fellow at the Economics in Context Initiative at Boston Universitys Global Development Policy Center. His current research focuses on the implications of large-scale environmental problems, especially global climate change, for macroeconomic theory and policy.

Julie A. Nelson is Emeritus Professor of Economics at the University of Massachusetts Boston and Senior Research Fellow at the Global Development and Environment Institute at Tufts University. Many of her books and articles critique economic methodology from a feminist perspective. She has published in journals ranging from Econometrica and the Journal of Political Economy to Hypatia: Journal of Feminist Philosophy and Ecological Economics.

Pratistha Joshi Rajkarnikar is Assistant Director of the Economics in Context Initiative at Boston Universitys Global Development Policy Center and a lecturer at Boston University and Brandeis University. Her research covers topics on womens empowerment, economic development, and the impacts of globalization on developing economies.

Brian Roach is Director of the Theory and Education Program at the Tufts University Global Development and Environment Institute and a Senior Research Fellow at the Economics in Context Initiative at Boston University. He is a lecturer at Tufts University and has taught at Brandeis University, Brown University, and the University of Maine. He specializes in environmental economics and is a co-author (with Jonathan Harris) of Environmental and Natural Resource Economics: A Contemporary Approach.

Mariano Torras teaches Economics at Adelphi University in Garden City, New York, and is Chair of the Department of Finance and Economics. A heterodox economist with a background in ecological and development economics, his recent research has been in the areas of institutional economics, climate change, and financialization.