Book Description

In writing this textbook, Mankiw has tried to put himself in the position of someone seeing economics for the first time. The author's conversational writing style is superb for presenting the politics and science of economic theories to tomorrow's decision-makers.Because Mankiw wrote it for the students, the book stands out among all other principles texts by intriguing students to apply an economic way of thinking in their daily lives.Receiving such a praise as "perhaps the best ever" textbook in economic principles, it's no wonder Mankiw's prize project has quickly become one of the most successful books ever to be published in the college marketplace. ... Read more

Reviews (1)

Principles of Macroeconomics
Mankiw (economics, Harvard U.) presents an introduction to macroeconomics that is more devoted to applications and policy than to formal economic theory. Chapters cover international trade, measuring gross domestic product, the cost of living, production and growth, the financial system, the natural rate of unemployment, inflation, and short run economic fluctuations. As is common with many economics textbooks there is little recognition of controversy within the field. ... Read more

Reviews (5)

This is not a good book for beginners.
This is the textbook required by my professor. When I read it, I just felt that the author wastes a lot of words on some very simple and straightforward points. But as to those very confusing concepts and complicated procedure about how the economy adjusts, he uses as few words as possible. For example, when talking about the adjustment of inflation expectation, the author doesn't explain why and how the new equilibrium point appears at point E2 in figure 8-2. And I think this is very important to understand the underlying theory. Also, there are many inconsistent points and some critical typos in this book.

Just fine
I gotta buy this book for my class. I have some troubles with the topics inside. I agree that this is a good book but I gotta read from other sources to get more details. The author didn't make clear in many points. However, he covered all of the important topics. If you have some economic background, it would be your wonderful book, but for me it's not.

Good but poorly design
It is a good book. The author ,however, put "Figures and Graph" on the next page so that you have to turn pages back and forth most of the time to make senses. That will slow down your reading. Other than that you will enjoy reading the book.

A very helpfull book
Macroeconomics makes it easier to understand the very complex fundamentals of macroeconomics. It not only describes the different economic principles but also explaines them and examples are used frequently. Most chapters have at least a case study that shows how the ideas of the chapter can be applied to real-world episodes. The book consist of seven parts which cover different areas. The book provides information about unified development of core business cycle theory; new perspective on inflation, unemployment, growth and productivity and much more. What makes this book unique is that not only it deliver theories and concepts but also possible explanations to the central macroeconomic puzzles. I realy recomend this book.

An easy understood book
The book provides informations about business cycle, unemployment, inflation, and economic growth. Not only it describes Cinderella confluence of low unemployment and inflation but actually explains it. The book is easilly understood even by people who don't know anything about economics. The entire presentation is graphic, with simple ninth-grade algebra. Examples are used frequently. The book will equip you with the principles you need to make sense out of the conflicting and contradictory discussions of economic conditions and policies in newspapers and news magazines. I higly recomend this book to people who want to know more about how economi changes influence you. ... Read more

Book Description

In writing this textbook, Mankiw has tried to put himself in the position of someone seeing economics for the first time. The author's conversational writing style is superb for presenting the politics and science of economic theories to tomorrow's decision-makers.Because Mankiw wrote it for the students, the book stands out among all other principles texts by intriguing students to apply an economic way of thinking in their daily lives.Receiving such a praise as "perhaps the best ever" textbook in economic principles, it's no wonder Mankiw's prize project has quickly become one of the most successful books ever to be published in the college marketplace. ... Read more

Reviews (3)

Does a good job for its objective
The book attempts to teach a reasonable mainstream core of macroeconomics and its basic models. The writing style is very good. For those who are looking for a broad discussion of policy issues, this may not be the book for them. However, the book is intended for first year college economics students and the need for them to understand a few consensus macroeconomic concepts and models so that they can apply those models and concepts to policy issues after they leave the course. A good example of putting the cart before the horse is the comment by a reviewer who thought the book had a liberal bent. Of course, we all now know that N. Gregory Mankiw is the head of President Bush's Council of Economic Advisers (not exactly a recommendation for becoming a card carrying liberal). And that's the danger of reviewing introductory economics textbooks on the basis of an illusory political intent. The books most often ought to be rated on their objective--presenting a few models and techiniques to the student who will most often not take another formal economics course. Don't dismiss the book because it isn't steeped in political pronouncements. Check it out for technical useability and its writing clarity. You might like it.

Don't look at those lib'ruls, children -- move along now
A nice intro, but as noted by another reviewer, very short shrift given to other schools of economic thought. A recommended reading list gives plenty of well-respected conservative writers, with Milton Friedman topping the list, but only Paul Krugman appears representing other thoughts, and he's singled out as a "liberal economist". I think there are somewhat more honest introductions to the subject.

Some good, some poor
Mankiw's book has a good organization -- for what it has. He spends a lot of time laying out some key fundamental topics, such as unemployment, GDP, CPI, DJIA, and so forth.

However, his book is entirely mum on the fact that there are different schools of thought, e.g., Keynesians, Classicals, Monetarists, Austrians, etc. A reader comes away thinking that all economists agree with Mankiw, and that simply is not true. Many other principles-level economics books have specific chapters devoted to these schools of thought.

In my Macro classes, I put Mankiw on "reserve" in the library and suggest that students read the 5 chapters dealing with "The Data of Macroeconomics" and "The Real Economy in the Long Run." However, I use other text books for the rest of the course, since they explain why economists disagree, give better information about actual public policy issues, and help a student understand, e.g., what the federal reserve is doing, or why some politicians like deficit spending and others dislike it, or whether the trade deficit is important or not.

For a reader who merely wants to understand the core issues mentioned above, Mankiw is a good book which I highly recommend. For a reader who wants to understand the nature of the public policy debates over these core issues, Mankiw is a horrible book which I suggest that you avoid like the plague. ... Read more

Reviews (11)

Mediocre learning tool
Olivier Blanchard (M.I.T.) clearly knows his macro stuff, but he has a hard time articulating some of the more basic - and thus fundamental - elements of macro theory. Blanchard's explanation of the key IS-LM relation is very weak, very confusing- Mankiw does a much neater job. This book is full of complicated algebra and thus will be a huge headache for anyone who doesn't love the more tedious realms of math. Reading through the text, the content frequently waffles between inane digressions and examples, and equally useless mathematical derivations. I do give this book credit, 2 stars that is, for being comprehensive; it covers more than any comparable book.

Fine *textbook* but.....
This publication is obviously a quite thought-out textbook and is well-organized in its content. However, I do _not_ recommend it as a review text for those somewhat weak in mathematics. The book is loaded with graphs and equations that might thwart those former students wishing to review their macroeconomics or just desiring a good home reference for same.

For neophytes or those long out of college (30-years-plus in my case), I suggest a good basic "principles of economics" text (and maybe some remedial algebra books and/or classes) before taking on more (relatively) advanced works such as this.

However, the book is nevertheless interesting and actually has quite a few graphs, etc easily understandable by any reasonably intelligent person.

undergrad macro text full of intuitions
Unlike the graduate textbook (Lectures on Macroeconomics), this undergraduate textbook is full of economic intuitions, comparable to microeconomic textbooks of Varian's.
Especially, if you have an interest in Macroeconometic practices (books such as Ray Fair's...), Blanchard's is much better than Mankiw's, I believe.
First edition contained the exciting (but short...) section on identification problem and differentiation between causality and correlation. Those issues are of much more importance than they look when you actually "do" something with the macroeconmic issues.

Good Intermediate Macro Book
This book is an appropriate tool for an intermediate macroeconomics course-guess where I used it! The "Core" of the book is broken up into three sections: the short run (IS/LM), the medium run (IS/LM-AD/AS), and long run (Solow). This is very helpful and provides a natural progression.

Blanchard does skim over some of the more basic stuff, especially, as somebody mentioned, with the IS/LM model. For this reason I think it is very appropriate for an intermediate course where somebody probably has already learned some of the fundamentals in an introductory course. Unfortunately I felt that the Solow model was not in the depth that I would like, especially with respect to mathematics.

On that note, the book doesn't use a high level of mathematics, but the equations are there, and your algebra should definitely be up to par. This also provides a nice transition to those looking to take an advanced micro or macro course, as things tend to involve more and more mathematics as one goes on.

Overall, a good book, lacking in a spot or two, but a good textbook overall.

Look at Mankiw's text
The content of Blanchard (3rd edition) may be all very well, but the layout and typography are such a hodgepodge as to be quite distracting and intimidating. The CD is only Windows-compatible, and judging from the description strikes me as rather more a nuisance than an asset (it might have been put in a pocket iside the cover, but no such luck). For a clearer and altogether more pleasant presentation, take a look at Gregory Mankiw's Macroeconomics, 5th edition. A quick check indicated it was perhaps a bit less thorough (Mankiw doesn't mention the problems with non-performing loans in the Japanese banking system; Blanchard does), but one has to draw the line somewhere, and there is something to be said for allowing the instructor a bit more flexibility to introduce examples. ... Read more

Book Description

Macroeconomics is an integrated knowledge-building tool that is both concise and comprehensive. A 240-minute DVD explains macroeconomics in entertaining, easy-to-follow fashion, while well-designed Web interfaces help you to place the material into the real world. Professionals looking to learn more are shown both sides of each argument, then given the information they need to make informed choices on how macroeconomic factors impact society.

Reviews (5)

Wordy and confusing text not worth the cost
This book was required for my intermediate macroeconomics course at Cornell University. I found the book to be very confusing, especially on the more technical topics such as the Solow growth model. I give Abel and Bernanke credit for trying to develop a unified, balanced approach to macro... which they do; unfortunately, the exposition is not clear and the book is extremely wordy and not concise. I highly recommend N. Gregory Mankiw's Macroeconomics text instead.

Great book from a great professor
I have the good fortune of studying under Prof. Abel at The Wharton School. Of course, we use this book as our required text! The book is excellent, and is very easy to understand. A good introduction for the layperson interested in the macro economy.

People Who Know Economics Choose This Book.
The book is a favorite at the University of Chicago, an institution that has produced 20 Nobel Prize Laureates in Economics. You couldn't ask for a better recommendation.

Brillant and Well Written
This book makes me feel like I am studing macroeconomics. I could not find any book in the library that is as comprehensive and detailed like this publication. An invaluable text for undergraduate economics majors dying to understand the economy and enonomic policies. A marvellous book I will treasure.

Economic Nightmare
This is the worst economics book i have ever come across in my 4 years as a student. The book is not only colorless and boring, but it does not seem to ge the main points across. Worse yet, the homework questions sometimes draw on information not explained in the text. Examples are very few, and the confusion is much. I would advise economic teachers to look elsewhere for a text. ... Read more

Book Description

These two highly-respected authors have revised this best-selling book to include more current, modern subject matter and events, while maintaining those features that have contributed to its great success. It continues to use stories, graphs, and equations and a unified and logical organization that make economic concepts easy-to-understand and relevant to all readers. Users of this book see the connection between growth, trade, comparative advantage the production possibilities frontier. Recent changes in the economy are highlighted so that readers can understand how these events actually affect investment decisions and policy. The 90s boom and the recent bust are examined.New issues such as the movements for and against globalization, trade agreements and barriers, the World Trade Organization, the enviroment, child labor, sovereignty, the impact of AIDs on developing economics are all explored in this new edition. This book continues to provide an excellent foundation in the scope and method of economics; demand, supply, and market equilibrium; measuring national output and national income; long-run and short-run concerns; aggregate expenditure and equilibrium output; the government and fiscal policy; the money supply and the Federal Reserve system; interest rates and output; inflation; the labor market and unemployment; macroeconomic issues and policy; the stock market and the economy; long-run growth; and open-economy macroeconomics.An excellent reference resource for those involved in fiscal decision-making policies, whether in government or in large, international firms. ... Read more

Reviews (5)

Great seller
Thank you.
This seller was very fast as far as delivery and the book was in great condition.

Principles of Macroeconomics
The book was pretty much cleaner than I expected!! All the deals went very smoothly, and I really like purchasing through Amazon.com already! Thanks for all the good deal!

Review of Macroeconomics by Case/Fair
The authors provide an understandable presentation of the dynamics of demand/supply, the price structure, equilibrium and concepts of elasticity. The data employed is current & this version is supported by the publisher in various prior versions , as well as, this successive version. The work has considerable technological support in the form of the CD Rom and various instructional materials.The authors provide a useful "News Analysis" to integrate current events into the text. This is very useful in providing background information for students. The problem sets are topical and challenging. There is a considerable discussion of international economics and transitional economies. Overall, the text can satisfy a wide range of student interests. i.e. Those students having a quantitative orientation will appreciate the considerable graphs throughout the text. Students having a more visual learning experience will enjoy the various news items throughout the text & the extensive discussion of basic definitions. The chapter summaries and WEB exercises are helpful in integrating the material & applying the various concepts using current technologies. This text should be employed for intensive renditions of introductory economics at the collegiate level.There is an appropriate amount of microeconomic coverage in the Principles of Macroeconomics, as well as, the more comprehensive Principles of Economics work. After having read this book, students should have a firm grasp of economics and the various data employed by industry. In addition, students will become more knowledgable on current events applicable to studies in this field. This work would provide very helpful background for further studies in Price Analysis and Econometrics (Mathematical Economics).

excellent economics text for beginners
I am teaching an Economics class at the beginning college level at a private business college. This book is one of the better business textbooks I have encountered. It provides real-life and simplistic examples to help students understand complex issues. I recommend it.

C. Le Fevre

Good integration of microeconomic and macroeconomic theory.
Most macroeconomic textbooks tends to talk mostly about macroeconomic theories only and ignore the microeconomics behind the theories. This book, however, manage to integrate both microeconomic and macroeconomic theories together in its presentation of economic issues. This is a good book since you are essentially learning microeconomics and macroeconomics together since this book treats both of these major areas in economic theory as one integrated area instead of separate areas as in most economic theory textbooks ... Read more

Book Description

This text remains a proven leader in the world of economics. Since introducing the aggregate supply/ aggregate demand model as a fundamental tool for learning economics over two decades ago, in this edition William J. Baumol and Alan S. Blinder continue their long tradition of equipping students with the knowledge and tools they need to apply modern economics to their world.Hallmark features include one of the strongest policy treatments on the market and a careful and in-depth focus on the most important economic tools students should retain after the course is over. ... Read more

Book Description

This modern principles book has a strong foundation in demand and supply—the most important topic in learning principles of economics. Its improved coverage of change in demand vs. change in quantity demanded (also in supply coverage) enables learner to better visualize and truly understand the difference between these two fundamental concepts.A seven-part presentation covers an introduction and key principles; the basic concepts in macroeconomics; the economy in the long run; economic fluctuations; inflation, unemployment, and economic policy; and the international economy.For individuals using the tools of economics to help them grasp the logic of economic reasoning. ... Read more

Reviews (2)

Not perfect, but pretty good
The book is by no means perfect, but it's a darn good book. Its major imperfection is that many important concepts are spread around and not specifically brought to the forefront alone. Otherwise, though, it allows for a great foundation in Macroeconomics for your GECO 200 or equivalent class.

Macroeconomics: Principles & Tools Review
This book gives a great overview of the study of economics. I used it for an Introduction to Global Economics class in college and found it to be easy to read and understand. The information is extremely up-to-date, and is displayed not only through text, but by charts and graphs as well. There also additional materials (practice test questions, a CD rom, and a guide to researching economics on the internet) which accompany the text which are available as well. Overall, a great book for the study of basic economics! ... Read more

Book Description

Robert Barro's Macroeconomics has become the classic textbook presentation of the equilibrium approach to macroeconomics. In its first four editions, this book has shown undergraduates how market-clearing models with strong microeconomic foundations can be used to understand real-world phenomena and to evaluate alternative macroeconomic policies. Moreover, a single, unified framework works as well for short-term business fluctuation as for long-term economic growth.

This latest edition includes the most recent theoretical and empirical developments in economic growth, recent evidence on the macroeconomics of labor markets and public finance, and up-to-date results on the interplay between nominal and real variables. ... Read more

Reviews (4)

Get Paul Krugman's book instead...
If you want "zero government free-market" philosophy, read R.J. Barro's book. As a member of the conservative Hoover Institution he contaminates every single of his books (this is no exception) with his "religious beliefs".

If you want a good book on Macroeconomics, I'd suggest Krugman's instead (or perhaps in addition to this, to compare viewpoints).

Paul Krugman is much more balanced than Mr. Barro. Don't believe me? get both books and judge for yourself. Krugman's book is available at:

http://www.amazon.com/exec/obidos/ASIN/0321033876/

Amending an earlier review: This book is excellent
A few years ago I dashed off a review of Barro's text in a huff; it had failed me in preparing independently for the AP economics exams and therefore was to be condemned. But new evidence must lead one to change one's mind, and now I must recognize Barro's book for the great effort it is. Truly the work of one of the world's best neoclassical macroeconomists, it cannot be evaluated fairly with the meterstick of the Advanced Placement examinations (perhaps if they didn't drill Keynesianism into all of us at such an impressionable age we would emerge a great deal less confused later).

Barro begins with a survey of the United States economy, the history of all the standard macroeconomic variables, and the micro foundations of macro analysis, including such staples as the permanent income hypothesis, labor as a choice between remunerated work and leisure, and utility maximization. From this springboard more complicated phenomena like business cycles, capital markets, money and banking, inflation, and government intervention can be understood. The book culminates with a dressing-down of the Keynesian model's explanation of responses to external shocks and a demonstration of the advantages the neoclassical model has in explaining such shocks.

All the while, Barro takes the time to show how empirical evidence stacks up against theory, with much drawn from his own seminal work. He does not belabor the reader with excessive mathematical formulations; usually some shorthand equations are sufficient to explain which variables are involved, and whether they are related positively or negatively to the result. He is also adept at translating mathematical into diagrammatical analysis--a real boon, since any good economist must be adept at both. Why wait until graduate school for that?

Unfortunately, the book occupies that awkward purgatory between an intro principles book and a rigorous upper-level text replete with explicit theory and mind-numbing equations galore. So it is an excellent "intermediate" macroeconomics text which will hopefully be supplemented in lecture by a responsible professor. Responsible enough, that is, to not be ashamed of neoclassicism (unlike a previous reviewer crying 'ideologue') and to give his students a thorough exposition of the (for better or for worse) leading paradigm in economic analysis.

Low Math Level
If Prof. Barro have time, having a more advanced level book (i.e., with more rigorous math treatment) written would be highly appreciate.

Law Ka Chung

LOVE IT!
I really enjoyed studying intermediate macroeconomics by reading this book. Maybe one additional reason why I enjoyed reading it was that Sala-i-Martin was my profesor, who personally knows Barro (they together wrote "Economic Growth"which I can also highly recommend). ... Read more

Book Description

Written in an informal colloquial style, this student-friendly principles of economics textbook does not sacrifice intellectual depth in its quest for accessibility.The author's primary concern is to instill "economic sensibility" in the student.Colander emphasizes the intellectual and historical context to which the economic models are applied. ... Read more

Reviews (3)

Worst Intro Econ Book in the World!!!
First of all, this is really a poor text for students who are taking Intro Macro course. That guy doesnt explain and clarify those concepts well, and his examples are ambigious and annoying as well! To a college student, a concise text is more appreciated than a massive one, which contains many unnecessary sentences. Plus, his writing is so poor! He just wants to make it interesting, instead is really dry!
I am so mad about my Econ prof who chose to use this text, Mankiw's Econ books are more preferable!

Relatively easy read
For a textbook, I found this book to be entertaining. Not only was the reading easier than most texts, the real world examples were great and really helped to solidify the concepts.

Dreary snooze fest
If you cannot sleep at night, here is the sleeping pill you were looking for. Besides its dreary nature - one who struggles with concepts as they relate to graphing will certainly be frustrated. ... Read more

Book Description

Brad Schiller's text, The Macroeconomy Today, 9/e, is noted for its three great strengths: readability, policy orientation, and pedagogy.His accessible writing style engages students and brings some of the excitement of domestic and global economic news into the classroom.Schiller emphasizes how policymakers must choose between government intervention and market reliance to resolve the core issues of what, how, and for whom to produce.This strategic choice is highlighted throughout the full range of micro, macro, and international issues.Every chapter ends with a policy issue that emphasizes the markets vs. government dilemma.And Schiller packs his chapters with the facts of economic life-real stories, not fables.This is a book that teaches economics in a relevant context and with careful pedagogy.Schiller 9e is for students motivated by real-world policy issues who want to become economically literate.This is a book students actually READ.Schiller is also known for its cutting-edgeand current coverage of today’s issues. ... Read more

Reviews (1)

Macroeconomy Today
This textbook is quite a comprehensive of introductory macroeconomics. Great graphs, well-explained, carefully thought out. The one downside is that it is quite idealistic, as one would expect of a neo-classical economist. The author does not recognize flaws in the theories nor does he acknowledge that the real world is not so cut-and-dry and ordered as we would be led to believe. However, as stated before, this is a wonderful introductory text for anyone who wants to understand the economy today. ... Read more

Book Description

Despite its enormous wealth, the United States leads the industrialized world in poverty.One Nation, Underprivileged unravels this disturbing paradox by offering a unique and radically different understanding of American poverty.It debunks many of our most common myths about the poor, while at the same time provides a powerful new framework for addressing this enormous social and economic problem. Mark Robert Rank vividly shows that the fundamental causes of poverty are to be found in our economic structure and political policy failures, rather than individual shortcomings or attitudes.He establishes for the first time that a significant percentage of Americans will experience poverty during their adult lifetimes, and firmly demonstrates that poverty is an issue of vital national concern. Ultimately, Rank provides us with a new paradigm for understanding poverty, and outlines an innovative set of strategies that will reduce American poverty. One Nation, Underprivileged represents a profound starting point for rekindling a national focus upon America's most vexing social and economic problem. ... Read more

Reviews (5)

Definitely the Book to Read!
What I found so valuable about this book, was that it provided a really innovative framework for understanding American poverty. "One Nation, Underprivileged" lays out in a very compelling way the argument that poverty affects us all, rather than just a small subset of Americans. This is definitely the book to read in terms of beginning to create a positive change to deal with this enormous problem

One Nation, Underprivileged by Mark Robert Rank
Anyone interested in the well being of our country should read this book. It is clearly written, interesting, and compelling. We like to think of our nation as one of the greatest in the world, yet this book clearly shows how we have been a failure at creating a land of opportunity for all of our citizens.

One Nation, Underprivileged illustrates that poverty is not the problem of a small set of people, but it affects us all. Further, it is our responsibility to work to change the structure of our system. The author provides a variety of ways in which each of us, as individuals, can become involved in working for social justice.

I plan to encourage my students, friends, and colleagues to read this book. Any informed citizen should know what it has to say.

Eye-Opening!
I picked up this book last week and could barely put it down. Several of my friends had highly recommended it, and they sure were right. It pulls together so many important pieces in terms of making the argument that poverty impacts us all. But "One Nation, Underprivileged" is also about transforming America into the kind of society we can all be proud of. A society, as the author says, that "melds the best of America - its creativity, freedoms, and energy - within a framework of concern, caring, and cooperation." During this election year, "One Nation, Underprivileged" ought to be mandatory reading for both the electorate and those who are running for office. Eye-opening, provocative, and extremely relevant!

Terrific!
This is a book that every American concerned with the issue of poverty ought to be familiar with. It's extremely readable, yet rock solid in terms of its arguments and research. The author provides a powerful new starting point for challenging the conventional wisdom regarding American poverty. But he also provides us with a strong moral framework for why it is so important to address this issue. It couldn't have come at a more important time. A terrific book!

A Must-Read
Fabulous! Clear and thoughtful. Highly recommend it--I'm recommending it to all my friends and colleagues! ... Read more

Book Description

This book traces the history of macroeconomics, the evolution of macroeconomic thought, and the resulting theory and policy. The book places the various macroeconomic theories in the order in which they developed chronologically, and illustrates the similarities and differences of the models. Starting with classical economics and the Keynesian revolution, this book explores the macroeconomic theory after Keynes, open economy macroeconomics, economic policy, and sectoral functions. Financial officers and professionals making pecuniary decisions and analyses.

Reviews (2)

Good Book!
The book was in new condition and I got it at a great price.I can't ask for more.Thanks!

Review of Macroeconomics: Theories and Policies
Overall, a good book for students and business people who wish to gain more knowledge of macroeconomic theory.Very good examples of real life situations, and excellent descriptions of how the theorems work.I wouldrecommend this to economic students wishing to excel in class and businesspeople with the need for economic theory in relation to commoditypurchases. ... Read more

Book Description

Lectures on Macroeconomics provides the first comprehensive description and evaluation of macroeconomic theory in many years. While the authors' perspective is broad, they clearly state their assessment of what is important and what is not as they present the essence of macroeconomic theory today.

The main purpose of Lectures on Macroeconomics is to characterize and explain fluctuations in output, unemployment and movement in prices. The most important fact of modern economic history is persistent long term growth, but as the book makes clear, this growth is far from steady. The authors analyze and explore these fluctuations.

Topics include consumption and investment; the Overlapping Generations Model; money; multiple equilibria, bubbles, and stability; the role of nominal rigidities; competitive equilibrium business cycles, nominal rigidities and economic fluctuations, goods, labor and credit markets; and monetary and fiscal policy issues. Each of chapters 2 through 9 discusses models appropriate to the topic. Chapter 10 then draws on the previous chapters, asks which models are the workhorses of macroeconomics, and sets the models out in convenient form. A concluding chapter analyzes the goals of economic policy, monetary policy, fiscal policy, and dynamic inconsistency.

Written as a text for graduate students with some background in macroeconomics, statistics, and econometrics, Lectures on Macroeconomics also presents topics in a self contained way that makes it a suitable reference for professional economists.

Olivier Jean Blanchard and Stanley Fischer are both Professors of Economics at MIT. ... Read more

Reviews (8)

Worst Book on Economics
Some people seem to mistake bad writing for brilliance in content. The reason that many reviews seem to have trouble understanding some of the contents in the book should be an argument against the book, not an argument for its technical difficulties derived from some people's own uncertainty about their skills in maths.
I thoroughly advise people not to waste time looking into this book, let alone buy it which will be a waste of money as well.
I have not found a perfect macroeconomics textbook yet. But David Romer's Advanced Macroeconomics is much better than this one in every way.

Broad macro theory at your hands!
I loved this book since I first read it. It's a complete book in terms of modern macroeconomic theory topics covered and in the treatment of them. The authors have focused in modern development in the field and have tried to gather a significant collection of models and theories which explain several aspects of the macroeconomic analysis (just check the index to find out all that you can read here!).
A drawback of this book is that it's kinda specialized in modern macro development and its methods: it assumes that the reader knows about basic macro theory, macro models, has strong mathematical foundations (calculus, systems of equations, optimum control theory, etc.) AND is used to the kind of relationship economists do between models and real life. This is NOT a book of macroeconomic policies, like how to manage a nation's deficit in the public budget, or so; but researches could find here the basis for developing more specific recommendations and policies to address such problems.

Three stars with a caution
While this book is certainly a standard in graduate programs as a survey of modern theory, most people do not want a survey of modern theory from this perspective. This book has garnered itself three stars because of the difficulty of covering the spectrum of macro theory. Even for a graduate student in economics I am not ashamed to say that this book gave me a lot of trouble because of its prose style. This is a book that truly assumes familiarity not with economics but with macro theory, that is the systems of equations and methods. For some one wanting a self-teaching guide for macroeconomics I would recommend trying to find a general audience book, but for a survey of macroeconomics past the undergraduate level I recommend David Romer's Advanced Macroeconomics. Not that AM is ideal either but it is easier to follow.

Serena, 1988
Brilliant book, the bit in the front from Serena, 1988 is by far the easiest.

Excellent book for grad students
I used this book while in grad school and loved it. Other PhD students will probably appreciate it while others are likely to find it too difficult. ... Read more

Book Description

Rare is the opportunity to see, much less own, an original. Economics by Paul Samuelson is the classic texbook that gave birth to modern economics, and sold millions of copies in more than 40 languages. Now, in this unique and carefully crafted reproduction edition, Samuelson's original words, text, and layout are recreated from the original classic edition. More than just a historical curiosity, however, this book's power to explain economics to both the expert and the novice shines on every page. As fascinating now as when they were first published in 1948, the wisdom and applicability of Samuelson's words remain vital in today's turbulent economic world. ... Read more

Reviews (3)

Liberal economics
Mr. Samuelson is most undeniably a great economist, and a great liberal, but from the distant past. As a textbook writer I find him very poor; even irrelevant. He has a way of presenting the subject in a technical/mathmatical way that leaves the reader no better off at all at understanding and discussing the basic economic issues of the day. Besides that he was a remarkably biased teacher/textbook writer. He will perhaps go down in history as the man who said that Russia was a great example of how well a planned economy can perform (even though it really just impoverished its citizens) and that Milton Freidman's work was mistaken (even though it finally became intellectually dominant and was used by the Fed to create the current economic miracle). If you had a choice to spend two semesters plowing through Samuelson or a weekend reading "Capitalism and Freedom" or "Understanding The Difference Between Democrats and Republicans" you'd be wise to pick the later. You'd learn 10 times as much in a fraction the time.

Highly recommended to haters of this dreary subject.
Absolutely easy to read and understand! I never thought I could actually "enjoy" reading about the subject before I came across this book.

The original edition is much better than the one I studied.
I was amazed to discover how good the original edition of Samuelson's classic economics text is. Virtually everything in it is just as relevant today as it was in 1948. Of special interest to me was chapter 10, Personal Finance and Social Security, for the light it sheds on the current debate about retirement income security. I think Samuelson ECONOMICS 1 ed. would be my textbook of choice for a course in introductory economics. ... Read more

Book Description

FROM THE BESTSELLING AUTHOR OF THE INTELLIGENT ASSET ALLOCATOR

Praise for The Birth of Plenty:

"Bill Bernstein has given us a compact and immensely readable economic, political, military, and institutional history of our civilization that is a tour de force.Put everything else down.Take a deep breath.Open The Birth of Plenty.And prepare to be amazed.

--John C. Bogle, Founder and Former CEO, The Vanguard Group

"The Birth of Plenty is a brilliantly written, whirlwind account of how the modern world was formed.It is a hugely enjoyable read, full of vigor and liveliness, and a book every American should possess--at least those who treasure our abundant life and care about our future."

--William Schultheis, Author, The Coffeehouse Investor

"Put simply, this is my favorite economic history book. It gathers what is interesting about economic history to draw important lessons."
--Ed Tower,Professor of Economics, Duke University

"William Bernstein scrutinizes the research literature, distills it with originality and insight, then shares the results with classic Bernstein clarity and wit. Ideologues on both political wings should prepare to have their assumptions challenged."

--Bernard Sherman, Host, Talk of Iowa - Focus on Finance radio show

A daring look at the development of human prosperity--how it was created, and where it's headed

In the breakthrough spirit of Against the Gods, William Bernstein's The Birth of Plenty has the topical uniqueness and storytelling panache to literally create its own category and reader. Based upon the premise that mankind experienced virtually zero economic growth from the dawn of time until 1820, this provocative, bigpicture book identifies the four conditions necessary for sustained economic progress--property rights, scientific rationalism, capital markets, and communications and transportation technology-- and then analyzes their gradual appearance and impact throughout every corner of the globe. Filled with bestselling author William Bernstein's trademark meticulous research and page-turning writing style, The Birth of Plenty explores:

• Where the world economy could be headed next
• Implications of the book's thesis for today's society
• How the absence of one or more of the conditions continues to threaten beleaguered regions

Rare is the book that proposes an entirely new premise, validates that premise with inarguable research and analysis, and then explains beyond question both the relevance and the implications of its premise to the reader and the world at large. The Birth of Plenty is just such a book. From its unique, topical subject matter to its tremendous review potential, this insightful book will be one of the most talked-about volumes of the publishing season.

Reviews (14)

Amazing research; easy read *** highly recommended ***
I really enjoyed this book. Bernstein takes you through four, well-written and succinct "histories of": property rights, scientific rationalism, capital markets and communication/transportation. These summaries are full of detail, yet crisply presented, and alone are worth the price of the book. Bernstein then looks at these factors at work during history and in various countries and makes a very compelling case that they are the key to economic growth, prosperity and democracy. This is an amazing research effort in time and scope. But rest assured it is written in Bernstein's usual, easy-to-read and intelligent style.
John Scordo www.research-finance.com

Say What?
The previous reviewer and I seem not to have read the same book. Nowhere does Bernstein state that all four factors had their origins around 1820-his history of property rights, which dates back to prehistoric times, is very simply the best that I have read anywhere. Nor do I know of any economic authority who doubts that the improvements in property rights in Northern Europe were a major cause of its prosperity, not the other way around. The reviewer, who touts his historical expertise, also seems unaware that Da Gama's most celebrated voyage of discovery took place during the fifteenth century, not the sixteenth.

Both the general reader, as well as historians and economists, will find Bernstein's four-factor paradigm invaluable in understanding how the world arrived in its present state. His prose is lively, and given the weight of the subject, goes down like fine claret. You don't even have to take my word for it-according to the April 5 edition of Publishers Weekly, "Packed with information and ideas, Bernstein's book is an authoritative economic history, accessible and thoroughly entertaining."

So much info, so easy to read, a rare combination!
William Bernstein is an excellent economics and business writer. I have read several of his other books, including "Against the Gods: The Remarkable Story of Risk." He is also a very savvy writer on investment theory. Bernstein has the ability to teach and write about technical concepts in the most accessible way. "The Birth of Plenty" is no exception. This book covers such a breadth of subjects regarding economics, political science, history from the antiquity to nowadays.

His theory is not unique. The countries who prosper are the ones who give their citizen the right to own their property, to communicate freely with each other, to practice the scientific method to replace outdated traditional knowledge, and to take business risk with other people's money. In summary, the countries who prosper are the ones who allow individuals to reap the fruits of their risk-taking efforts. These are not new and original ideas.

After all, there is a long list of economics writers who pretty much said the same thing starting with Adam Smith back in 1776 in the "Wealth of Nations." More recently, Hernando de Soto wrote about the exact same subject in "The Mystery of Capital: Why Capitalism triumphs in the West and fails everywhere else." Also, David Landes' book "The Wealth and Poverty of Nations: Why Some are So Rich and Some So Poor" adopts the exact same theory as Bernstein's. My list could go on an on. This is because it is a subject that fascinates and never gets exhausted.

Even though all the above books are excellent and some are true classics in comparative international economics, Bernstein's book shines because it is so much more readable, accessible, and entertaining to read. While the others come across as dull economics professors, Bernstein comes across as an incredibly lively journalist. He turns his treaty on economics history into a real page turner giving David Browne's "Da Vinci Code" a run for his money [in the page turning department]. Thus, by reading this book you will learn just as much if not more than the other books I have mentioned, and you will have so much more fun.

Worth the read of developmental economics
Read this book and you have about 3/4 the content for a developmental economics class. However there is no mention of welfare economics which is about 1/4 the remaining content of a development economics class. There is also no mention of "micro-lending"-lending small amounts of money to poor third-world people, which have remarkable results for lifting poor third world people above poverty. I'm not about to disclose the thesis of this book because only the individual can decide is a book is efficacious. With that said, my opinion is that this book is a good worthwhile read. While I am fairly well read in economics and I learned a few things reading "Birth of Plenty". The mind set of 18th century Europe makes one wonder what were those royals thinking? They were way off their thinking about how to grow the wealth of their nations. Also the there is now new data that William Berstein shares with us with new insight.

The book is well written, the structure of the book is clear, the author has a point and it is clear.

Wonderful blend of history and macroeconomics
Bernstein does a very good job of tracing macroeconomic trends through a historical prism. He makes great use of long-term, hard data and annecdotes to illustrate his points. This book would serve well as the basis for a graduate business course on global economic history. Bernstein provides just the right amount of depth in each section so that you have enough hostorical context to make the economic background interesting and alive. ... Read more

Book Description

David Romer’s Advanced Macroeconomics, 2e is the standard text and the starting point for graduate macro courses and helps lay the groundwork for students to begin doing research in macroeconomics and monetary economics.A series of formal models are used to present and analyze important macroeconomic theories.The theories are supplemented by examples of relevant empirical work, which illustrate the ways that theories can be applied and tested.This well-respected and well-known text is virtually unique in the marketplace. ... Read more

Reviews (12)

The best of its kind
There can be no question that Romer's text-book is an outstanding tome. However, I'm sure most reviewers would agree with me when I say that economists tend to have a love/hate relationship with this book. We love this book because of the breadth of topics covered and the quality of Romer's analysis and exposition. His discussion of dynamic inconsistency is the best I've seen, and the opening chapter on the Neo-classical growth model sets the standard to this day.

A fellow reviewer observed that complaints concerning Romer's penchant for "trivial" mathematics were misplaced because the technicality of modern macroeconomics precludes the possibility of discussing the issues in any other way. I agree. But I think a fairer assessment would be that there are instances where Romer could develop the mathematical underpinnings in a more consise way. The best example is the second chapter on the Ramsey growth model. The easiest way to understand this model is by using optimal control/dynamic programming techniques - which is how it is taught on most graduate courses. Romer's decision not to follow this route is probably borne of a desire to make the book more accessible to undergraduates - who are unlikely to come across these methods. Whatever the intention, the result is an exposition that confuses more than enlightens. Would it not have been better to include a good coverage of optimal control techniques in the appendix?

Nevertheless, an excellent book.

disappointment
I regret to say that this is not a good accompaniment for my graduate macroeconomics class. I thought I could somehow get some mileage out of this book, but as I read it I found out that its lack of technical details and rigor make my lecture notes look superior. I was misled to think that this is a great textbook through the early positive reviews below, that's why I bought it. Nevertheless, the empirical content is more than enough to satisfy one's curiosity, but I think it is not worthwhile to study advanced macroeconomics without learning fully the necessary theories and the accompanying mathematical techniques. This textbook must not be the choice for a core graduate level macroeconomics class; it's wordiness is comparable to the undergraduate textbook "Intermediate Microeconomics" text by Varian. It is readable of course, when you want to pass the time, but it won't do for a graduate level text. I'm disappointed because this is the second edition already but still the author stuck to the same way of presentation. Perhaps the only differences between the first and the second edition are the empirical data sets and a new chapter and nothing else. The first three chapters and chapter 7 of Obstfeld and Rogoff's treatise, "Foundations of International Macroeconomics," Barro and Sala-i-Martin's, "Economic Growth," and the chapters 2,3 and 4 of Blanchard and Fischer's, "Lectures in Macroeconomics," provide a more comprehensive view of modern acroeconomics.

Simplistic
This has to be the world's most overused textbook. I have used it in no less than four semester-length courses, two undergraduate and two graduate. So obviously I am sick to death of this book, but I hated it the first time anyway. The book's title is completely misleading; its treatment of all subjects is extremely simplistic. This text might be appropriate for second-year undergraduates, but that's all. The mathematical content is pathetic. For instance, the concept of intertemporal optimization plays a key role throughout the text, but there is virtually no treatment of the calculus of variations, and no treatment of stochastic dynamic programming whatsoever. Thus, the core of this theory is gutted, and we only get a dumbed down version that is palatable enough for Romer's text to sell well with math-averse undergrads. I thought the Stokey-Lucas text was great for its use of recursive methods as a unifying concept. Well, the only unifying concept in Romer's book is the formula for a geometric sum; this will get you through about half of the problems. The scope of Romer's text is not just new classical macro, though; he also surveys Keynesian macro and other topics. (Actually the best thing about this book is that Romer is a relatively unbiased author, plus he surveys a lot of empirical evidence.) Once again his treatment of Keynes is ultra-simplistic - he takes the usual "sticky-prices" interpretation which misses the subtleties in the GTEIM. This time it is not the absence of mathematical rigor that lets Romer down, but simply his failure to address the important issues. Any reading of the GTEIM and related literature will verify this. My view is that any graduate course on macro should use one of the serious texts on new classical macro in conjunction with readings from original books/papers on other macro paradigms, and not use Romer.

Could be better
This textbook had too much discussion and not enough equations, but that's probably the fault of economics professors in general, not Romer.

The best graduate macroeconomics textbook
This book (2nd edition) is fine. It covers all important macroeconomics topics (economic growth, business cycles, aggregate demand -consumption and investment-, labor markets and economic policy -monetary and fiscal policy-). It is up-to-date and its math is not very difficult to follow. In a nutshell, it is a must for a thorough understanding of modern macroeconomics. By the way, the 1st edition was translated to French, Japanese, Chinese, Greek, and Polish. ... Read more

Product Description

Description: The guide features chapter reviews, key terms, quizzes, problems, and application exercises. Used With: 0618372520, Boyes, Economics , 6/e 0618372547, Boyes, Macroeconomics , 6/e ... Read more

Book Description

Recursive methods offer a powerful approach for characterizing and solving complicated problems in dynamic macroeconomics. Recursive Macroeconomic Theory provides both an introduction to recursive methods and advanced material, mixing tools and sample applications. The second edition contains substantial revisions to about half the original material, and extensive additional coverage appears in seven chapters new to this edition. The updated and added material covers exciting new topics that further illustrate the power and pervasiveness of recursive methods.

Significant improvements to original chapters include a better treatment of the existence of recursive equilibria, an enhanced account of the supermartingale convergence theorem, and an extended treatment of an optimal taxation problem in an economy in which there are incomplete markets. Completely new coverage in the second edition includes an introductory chapter, which gives an overview of the themes uniting the diverse topics treated throughout the book. Two new chapters offer a self-contained account of the optimal growth model and some of its basic applications in macroeconomics and public finance. Other new chapters cover such topics as how to formulate and compute Stackelberg or Ramsey plans in linear economies, sustainable risk-sharing equilibria without commitment, and the application of recursive contracts to topics in international trade. Most chapters conclude with exercises and the book includes two technical appendixes covering functional analysis and control and filtering. ... Read more

Reviews (7)

get it free
This is a great book. But you can download the second addition free on Sargent's website, so I wouldn't recommend buying it.

Perfect book
This is a perfect book for three reasons; i) it is perfect for those who wish to learn modern macroeconomics. The book develops necessary knowledge and tools to be applied to dynamic economics, ii) Sargent is one of most prominent and leading macroeconomists of the world, and he should be Nobel prize winner in Economics, iii) the book is published by MIT.

Not for beginners
When I recently left my job as cryer in a grim, north-eastern town, I was made the head of recursive macroeconomic theory at a major international bank. I could have done with a simpler introduction than this, to be honest, as my knowledge of RMT was limited. But now I hold my own in meetings simply by spouting a few long words from this book (mainly "macroeconomic" and "recursive" - theory doesn't seem to impress as much) and delegating to underlings.

Not the first book in Dynamic Macro, but excellent afterward
The first time i read the book, i'm sure this should not be the first text book for Dynamic Macroeconomics everyone should read. It's better to read somewhere else as an introduction to the idea of dynamic macroeconomics. Romer 'Advanced Macroeconomics' and Stokey, Lucas, Prescott 'Recursive Methods' are more appropriate to start. After gainning some similarity with Dynamic Methods, it would be much better to study models about macroeconomics presented in the book.

This book is the presentations of various models using Dynamic / Recursive Macroeconomics. It makes them easier and time-saving to study many kinds of model in a semester. It's GOOD & HELPFUL IN THIS SENSE. However, it might not be a good book for study in depth. You are better to study from the original papers for the same topics.

I think, this book is similar to Tirole 'Theory of Industrial Organization' in spirit, but different in content. They both show the simplified version of various models in the fields.

If you think you like this style, you would like to have it. But if you don't, it might be better just to skim (from the library) and read the original papers.

Hope this comment would be helpful for you to make a decision