Macroeconomics is concerned with the economy as a whole. In macroeconomics, we develop an overall view of the economic system and we study total (or aggregate) economic behaviour. The emphasis is on topics such as total production, income and expenditure, economic growth, aggregate unemployment, the general price level, inflation and the balance of payments. Macroeconomics is therefore the world of totals.

This second edition of Understanding macroeconomics is a comprehensive revision and restructuring of the first edition, but still against a contemporary South African background. The major changes include the following: the chapter on money has been expanded and moved forward, and the material on the Keynesian model has been consolidated in two separate chapters, instead of being spread over different chapters . There is also a greater emphasis on the role of monetary and fiscal policy. New topics include the role of the ratings agencies and the notion of "radical economic transformation".

As in the first edition, the easy style and practical examples make the content extremely accessible. A wealth of relevant information about the South African economy is also provided. A companion to this book, Understanding microeconomics, is also available.

This South African edition of Macroeconomics is essential reading for all students taking introductory economics modules on undergraduate courses throughout South Africa. It is also ideal for use with the macroeconomics component of MBA courses.

The text contains updated case studies, set against a South African context to illustrate how the principles of economics relate to your life. The news articles are based on news events in South Africa along with questions to help you apply your knowledge and to build your understanding.

This text is designed to give you the confidence and ability to think like an economist.

How does the South African economy work? Why do macroeconomic variables change? So what if they do? What happens next? How do economic processes and policy institutions really work? Which data must I use? What can policy do? And then the big questions: How can we reduce unemployment and maintain low inflation? What then about poverty, inequality, inclusive growth and development in South Africa?

The answers are found in How to think and reason in Macroeconomics – A South African text, a popular university textbook with very positive feedback from students, lecturers and practitioners. This fifth edition is completely up-to-date and comprehensive. It combines well-informed intuitive understanding with solid economic theory plus a concrete understanding of South African economic issues, processes, institutions and data. In this way it prepares you to analyse macroeconomic events and policies in a globalised and development context – and understand different perspectives in policy and political-economic debates.

Key features:

• Accessible analysis, theory and diagrams, combining intuitive understanding and sophisticated analysis.
• A choice of learning routes with different levels of difficulty and mathematics.
• Real-world economic reasoning skills, not dry theory.
• Online animations that provide unique insights into macroeconomic fluctuations and shocks.
• Explicit continuous focus on South Africa as an open economy in an African and global context shaped by China, Trump’s trade wars and Brexit.
• Theoretical and policy analysis of unemployment, inflation, low growth and inclusive growth, as well as the National Development Plan.
• Analytical case studies of the global financial crisis, quantitative easing, the Euro crisis and the Eskom crisis.
• First-hand, freshly updated insights into how South African policy institutions, processes and instruments work.
• Clear guides to access relevant South African data sources, with useful data tips.
• Thorough integration of the structural social and economic realities (notably inequality and poverty) of South Africa as a middle-income country.
• Incorporation of broader considerations such as human development, inclusive growth and sustainable development.

In terms accessible to non-economists, Marcos Jose Mendes describes the ways democracy and inequality produce low growth in the short and medium terms. In the longer term, he argues that Brazil has two paths in front of it. One is to create the conditions necessary to boost economic performance and drive the country toward a high level of development. The other is to fail in untying the political knot that blocks growth, leaving it a middle-income country. The source of his contrasting futures for Brazil is inequality, which he demonstrates is a relevant variable in any discussion of economic growth. Inequality illuminates causes of seemingly-unconnected problems. This book, which includes freely-accessible documents and datasets, is the first in-depth analysis of an issue that promises to become increasingly prominent.

This book provides researchers, students, and practitioners with a methodology to evaluate the impacts of a wide diversity of development projects and policies on local economies. Projects and policies often create spillovers within project areas. LEWIE uses simulation methods to quantify these spillovers. It has become a complement to randomized control trials (RCTs), as governments and donors become interested in documenting impacts beyond the treated, comparing the likely impacts of alternative interventions, and designing complementary interventions to influence program and policy impacts. It is also a tool for impact evaluation where RCTs are not feasible. Chapters 1-4 motivate and present the basics of impact simulation, including how to design a LEWIE model, how to estimate the model, and how to obtain the necessary data. The remaining chapters provide a diversity of interesting real-world applications and extensions of the basic models. The applications include evaluations of the impacts of cash transfers for the poor, ecotourism, global food-price shocks, irrigation projects, migration, and corruption. Each chapter provide readers with the tools they need to conduct their own local economy-wide impact evaluations. All models and data used in this book are available on-line.

This book collects results from ad hoc surveys on firms pricing behavior conducted in 2003 and 2004 by nine National central banks of the Euro area in the context of a joint research project (Eurosystem Inflation Persistence Network). These surveys have proved to be an efficient way to test theories on the pricing strategies of economic agents, documenting, in qualitative terms, the underlying rationale of the observed pricing patterns. The book provides an unprecedented amount of information from more than 11,000 euro area firms, addressing issues such as the relevance of nominal and real rigidities, the information set used by firms in the price setting process, the strategy followed to review prices, the frequency of both price reviews and price changes, the reasons underlying price stickiness, and asymmetries in price adjustment. It also compares results for the euro area to those obtained for other countries by similar studies. Finally, it draws the main implications for theoretical modeling and for monetary policy.

Consumption decisions are crucial determinants of business cycles and growth. Knowledge of how consumers respond to the economic environment and how they react to the risks that they encounter during the life-cycle is therefore important for evaluating stabilization policies and the effectiveness of fiscal packages implemented in response to economic downturns or financial crises. In The Economics of Consumption, Tullio Jappelli and Luigi Pistaferri provide a comprehensive examination of the most important developments in the field of consumption decisions and evaluate economic models against empirical evidence. The first part of the book provides the basic ingredients of economic models of consumption decisions. The central part reviews the empirical literature on the effect of income and wealth changes on consumption and on the relevance of precautionary saving and credit market imperfections. The last chapters extend the basic framework to such important areas as bequests, leisure, lifetime uncertainty, and financial sophistication. Jappelli and Pistaferri shed light on important issues, including how consumption responds to changes in economic resources, how economic circumstances and consumers' characteristics influence behavior, and whether consumption inequality depends on income shocks and their persistence.

This timely book sets out a shrewd and comprehensive policy programme, for both 'microeconomic' supply-side settings of tax and regulatory systems, and 'macroeconomic' policies for fiscal and monetary policies to regulate demand and support the supply-side growth agenda. Explaining the numerous benefits of free trade after Britain's exit from the EU, and challenging the anti-Brexit argument, Patrick Minford builds on his extensive research into economic modelling to quantify the effects of Brexit and propose policies for the aftermath. Laying out an agenda for replacing social interventionist EU regulation with a robust free market framework, Minford proposes a radical tax reform programme to broaden the tax base and flatten marginal rates. This incisive book looks to the future of the UK beyond Brexit, addressing the effects of coronavirus and proposing an avenue of policies for recovery. Featuring key empirical analysis and insightful arguments, this book will be crucial reading for economists and policymakers investigating and overseeing the future of UK economic policy. It will also benefit scholars of economics and political economy, particularly those interested in tax reform programmes.

The Pulitzer Prize-wimming author of The Prize joins a leading expert on the global economy to present an incisive narrative of the risks and opportunities that are emerging as the balance of power shifts around the world between governments and markets -- and the battle over globalization comes front and center. The Commanding Heights is essential for understanding the struggle over the "new rules of the game" for the twenty-first century.

This title should be seen as the first building block of any Economics course. The content is organised in such a manner as to proceed logically towards an understanding of macroeconomics. Having studied the title, the student will know what the repo rate, the CPIX, and core inflation are. The student will understand how government debt originates, how it is financed, what its impact on financial markets is, and much more. This title serves as a reference on which students can fall back in years to come and it will stimulate an interest in economics.

Offering a new and comprehensive overview of important topics and orientations in the anthropological study of economic life, this invigorating third edition of A Handbook of Economic Anthropology addresses key changes in the decade since the previous edition in people's economic lives and environments, as well as in intellectual interest among scholars. The Handbook contains diverse reflections on the economic turmoil of 2008 and the austerity that followed. Containing 35 newly commissioned chapters from important scholars in the field, it covers the nature of work and the changing ways people think about it, as stable jobs give way to short term work and the platform economy, as well as the expansion of the financial sector and efforts to control it. Chapters further explore social reproduction, the maintenance and regeneration of households and social relations over time, as well as the increasing concern with value, morality and ethics, both as things that motivate people and as policy orientations. This will be a critical read for academic anthropologists looking for a state-of-the-art and thorough reference work for this key area of the discipline. Economic sociologists and geographers, as well as heterodox economists will also benefit from the broad range of empirical work and theoretical standpoints explored.

This timely book sets out a shrewd and comprehensive policy programme, for both 'microeconomic' supply-side settings of tax and regulatory systems, and 'macroeconomic' policies for fiscal and monetary policies to regulate demand and support the supply-side growth agenda. Explaining the numerous benefits of free trade after Britain's exit from the EU, and challenging the anti-Brexit argument, Patrick Minford builds on his extensive research into economic modelling to quantify the effects of Brexit and propose policies for the aftermath. Laying out an agenda for replacing social interventionist EU regulation with a robust free market framework, Minford proposes a radical tax reform programme to broaden the tax base and flatten marginal rates. This incisive book looks to the future of the UK beyond Brexit, addressing the effects of coronavirus and proposing an avenue of policies for recovery. Featuring key empirical analysis and insightful arguments, this book will be crucial reading for economists and policymakers investigating and overseeing the future of UK economic policy. It will also benefit scholars of economics and political economy, particularly those interested in tax reform programmes.

A brilliantly reported true-life thriller that goes behind the scenes of the financial crisis on Wall Street and in Washington.
In one of the most gripping financial narratives in decades, Andrew Ross Sorkin-a "New York Times" columnist and one of the country's most respected financial reporters-delivers the first definitive blow- by-blow account of the epochal economic crisis that brought the world to the brink. Through unprecedented access to the players involved, he re-creates all the drama and turmoil of these turbulent days, revealing never-before-disclosed details and recounting how, motivated as often by ego and greed as by fear and self-preservation, the most powerful men and women in finance and politics decided the fate of the world's economy.

Take your first learning steps in the essential Principles of Economics and follow in the footsteps of all leading economists! Economics touches almost every aspect of life: from climate change to terrorism, taxes to house prices, and wages to how much time one spends studying! Economics 11th edition retains the hallmarks of previous editions, providing a detailed overview of the principles of economics, showcasing how economic theories apply to real-world data, recent events, and examples. Specific features such as 'Economics in Action' and 'Economics in the News' incorporate the latest developments in Eurozone and UK policy, including Brexit and the impact of COVID-19 on the economy. The text aims at helping you think like an economist, enabling you to evaluate economic policies, understand human behaviour, develop critical thinking skills and make more informed decisions. Take your first learning steps like all leading economists once did with a course in the principles of economics, and learn to think like an economist with this comprehensive text! Personalise learning with MyLab (R) Economics. By combining trusted author content with digital tools and a flexible platform, MyLab Economics personalises the learning experience and improves results for each student. Parkin, Powell & Matthews, Economics (European), 11th edition PLUS MyLab Economics with eText access card Pack (9781292424767) consists of: 9781292424750 Economics, 11e (print book) 9781292424774 MyLab Economics Instant Access Card 9781292424781 MyLab Economics eText Pearson, the world's learning company. NOTE: Before purchasing, check with your instructor to confirm the correct ISBN. Several versions of the MyLab (R) and Mastering (R) platforms exist for each title, and registrations are not transferable. To register for and use MyLab or Mastering, you may also need a Course ID, which your instructor will provide. If purchasing or renting from companies other than Pearson, the access codes for the MyLab platform may not be included, may be incorrect, or may be previously redeemed. Check with the seller before completing purchase.

This wide-ranging set of papers deals with crucial questions in economic theory, economic policy and economic history. The papers help explain why economic performance deteriorated dramatically in the West over the past three decades as the ''Golden Age'' of capitalism after World War II was replaced by global neoliberal capitalism. They show that theoretical frameworks rooted in the radical and heterodox traditions can explain this evolution and the current global economic and financial crisis, something mainstream theories cannot do. Topics include but are not limited to: methodology: a critique of ''positivism'' is used to explain why mainstream reliance on fairy-tale assumptions should be replaced by realistic assumption sets as argued by Marx and Keynes Marx, Keynes and Minsky on financial market instability versus mainstream theories of ''efficient'' financial markets how Keynes's assumption that the future is unknowable revolutionized not only macro theory but the micro theory of agent choice as well structural causes of the current global financial crisis how innovative theories of competition, globalization, capital investment and financialization inspired by Marx, Keynes and Schumpeter can be used to explain the crisis tendencies of neoliberal capitalism the influence of class conflict on economic policy, including in the current ''austerity'' regimes. The papers in this book should be of interest to most economists and can be used in both graduate and upper level undergraduate courses. Many of these papers are accessible to anyone who reads the business press.

Chad's economy has contracted since 2015, preventing poverty reduction and the improvement of development outcomes. This Systematic Country Diagnostic identifies key constraints on poverty reduction and recommends solutions.

Handbook of Economic Stagnation takes a broad view, including contributions from orthodox and heterodox economists who examine situations in countries and worldwide regions, including Japan and the Euro area. To be sure, stagnation is periodically relieved by short economic bursts usually brought on by unsustainable asset price bubbles. Once the bubbles burst, stagnation returns. This book's fresh, comprehensive approach to the topic makes it the premier source for anyone affected by these cycles.

"Hubbard and Kane synthesize economics, politics, and psychology to develop a new audacious theory of why countries decline. Compulsory reading for anyone who wants to understand the major issues that America now faces" (James Robinson, coauthor of "Why Nations Fail").
From the Ming Dynasty to Ottoman Turkey to imperial Spain, the Great Powers of the world emerged as the supreme economic, political, and military forces of their time--only to collapse into rubble and memory. What is at the root of their demise, and how can the United States stop it from happening again?
A quarter century after Paul Kennedy's "The Rise and Fall of the Great Powers," Glenn Hubbard and Tim Kane present a bold, sweeping account of why powerful nations and civilizations break down under the heavy burden of economic imbalance. Introducing a profound new measure of economic power, "Balance" traces the triumphs and mistakes of imperial Britain, the paradox of superstate California, the long collapse of Rome, and the limits of the Japanese model of growth. Most importantly, Hubbard and Kane compare the twenty-first-century United States to the empires of old and challenge Americans to address the real problems of our country's fiscal imbalance. If there is not a new economics and politics of balance, they portend that inevitable demise is ahead.
This is more than another analysis of our nation's economy; it is a groundbreaking look at the patterns of the past and a "thought-provoking analysis that has compelling relevance for America's future" (Nobel Peace Prize-winner Henry A. Kissinger).

Mainstream textbooks present economics as an objective science, free from value judgements. This book demonstrates this to be a myth - one which serves to make such textbooks not only off-puttingly bland, but also dangerously misleading in their justification of the status quo and neglect of alternatives. In this much-needed companion volume to the popular Microeconomics Anti-Textbook, Tony Myatt reveals how the blind spots and methodological problems present in microeconomics continue to exert their influence in mainstream macroeconomics. From a flawed conception of the labour market, to a Pollyana view of the financial sector, macroeconomic principles as they are set out in conventional undergraduate textbooks consistently fail to set out a realistic, useful, or equitable framework for understanding the world. By summarising and then critically evaluating the major topics found in a typical macroeconomics textbook, the Anti-Textbook lays bare their sins of omission and commission, showing where hidden value judgements are made and when contrary evidence and alternative theories are ignored. The Macroeconomics Anti-Textbook is the student's essential guide to decoding mainstream macroeconomic textbooks, and demonstrating how real-world economics are much more interesting than most economists are willing to let on.

Making Sense of Macroeconomics provides students with a comprehensive introduction to the study and application of economics at the macro level. The book begins with an in-depth overview of macroeconomics, including why we study economics, the government's role in macroeconomics, the requirements of a good economy, and more. In later chapters, students learn about the production of goods, the laws of supply and demand, inflation, employment and unemployment, and various economic theories. Additional chapters address gross domestic product, multipliers, government spending and deficits, banks and other financial institutions, and the supply and demand of money. The text closes with a chapter dedicated to international economics. The second edition features new and updated tables and images throughout the text to clarify key concepts and ensure all macroeconomics data is relevant and up-to-date. Designed to serve as a complete and highly practical guide to the discipline, Making Sense of Macroeconomics is an ideal resource for foundational courses in macroeconomics.

Government is a major player in the development of an economy. Government's public financial operations involving mobilization of revenue, and its spending has considerable implications on the growth, distribution and stability necessitating a careful study to enable informed mid course policy corrections to the macroeconomic developments. A critical review of public expenditure is imperative in ensuring optimal use of public resources for the maximization of welfare. The book provides an empirical understanding of historical trends and composition of public expenditure at the central and the sub national levels; the effectiveness of public expenditure control systems and accountability issues; the political economy of spending decisions; public expenditure reforms undertaken in India and international best options that can guide the corrective process in India. Given the global shift in focus from 'outlays' to 'outcomes' it is important to put in place a sound framework to track the results of government expenditure programs to guide the informed expenditure decision making process. The book documents the features of useful frameworks and steps involved in adopting a robust results framework. Fiscal management of Covid-19 is an important component of the book. The purpose of this volume is to reach out a comprehensive and updated understanding of empirical issues in public expenditure and its management in India to the students of Public Finance.

A Great Leap Forward: Heterodox Economic Policy for the 21st Century investigates economic policy from a heterodox and progressive perspective. Author Randall Wray uses relatively short chapters arranged around several macroeconomic policy themes to present an integrated survey of progressive policy on topics of interest today that are likely to remain topics of interest for many years.

The Economics of Globally Shared and Public Goods responds to an urgent need to consolidate and refine the economic theories and explanations pertinent to globally shared resources. Making a clear distinction between theories and empirical models, it elucidates the problem of global public goods while incorporating insights from behavioral economics. Its comprehensive and technical review of existing theoretical models and their empirical results illuminate those models in practical applications. Relevant for economists and others working on challenges of globally shared goods such as climate change and global catastrophes, The Economics of Globally Shared and Public Goods provides a path toward greater co-operation and shared successes.