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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.
A concise but clear introduction to economics in general and microeconomics in particular, within a South African context. Aimed at first-year students of economics at universities and universities of technology. Contents include the following: What economics is all about; important concepts, issues and relationships; demand, supply and prices; demand and supply in action; elasticity; the theory of demand: the utility approach; the theory of demand: the indifference approach; background to supply: production and cost; market structure 1: Overview and perfect competition; market structure 2: Monopoly and imperfect competition; the labour market.
This book presents a unified and global view of macroeconomics, enabling students to see the connections between the short-run, medium-run, and long-run. The book is organised in a flexible manner around two central parts: A core and a set of three major extensions. The core provides students with a unified view of macroeconomics; The extensions offers increased depth on the subject matter; and current macroeconomic events are integrated into each chapter of the book within the text and detailed boxes. Each box shows students how they can use what they've learned to get an understanding of economics in the real-world. It offers an underlying model that draws the implications of equilibrium in three sets of markets: the goods market, the financial markets and the labour market. Features two chapters, "The crisis" and "Monetary policy" provide updated information. Focus boxes convey the life of macroeconomics today and reinforce the lessons from the models, making them more concrete and easier to grasp. South African data, examples and terminology are meaningfully integrated throughout the text. The chapter on exchange rates provides an accessible treatment of the topic, reinforcing an understanding of the concepts with South Africa in mind. Content on inflation, activity and nominal money growth from the 5th edition has been integrated into chapter 8.
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.
From Nobel Prize-winning economist and bestselling author Joseph Stiglitz, this account of the dangers of free market fundamentalism reveals what has gone so wrong, but also shows us a way out.
We all have the sense that our economy tilts toward big business, but as Joseph E. Stiglitz explains in People, Power and Profits, a few corporations have come to dominate entire sectors, contributing to skyrocketing inequality and slow growth. This is how the financial industry has managed to write its own regulations, tech companies have accumulated reams of personal data with little oversight, and government has negotiated trade deals that fail to represent the best interests of workers. Too many have made their wealth through exploitation of others rather than through wealth creation. If something isn't done, new technologies may make matters worse, increasing inequality and unemployment.
Stiglitz identifies the true sources of wealth and increases in standards of living, based on learning, advances in science and technology, and the rule of law. He shows that the assault on the judiciary, universities, and the media undermines the very institutions that have long been the foundation of economic prosperity and democracy. Helpless though we may feel today, we are far from powerless. In fact, the economic solutions are often quite clear. We need to exploit the benefits of markets while taming their excesses, making sure that markets work for people and not the other way around. If enough rally behind this agenda for change, we can create a progressive capitalism that will recreate a shared prosperity.
Stiglitz shows how a decent middle-class life can once again be attainable by all.
More than $2 trillion is traded in the foreign exchange every day, and many experts believe this figure will double in the next five years. Fortunately for spot currency traders, the high-volume periods in this market are predictably moved by information released from government and informational agencies, typically on Wednesdays and Fridays at 8:30 a.m. Knowing this gives the Forex trader tremendous analytical advantage, and in "Forex Shockwave Analysis," veteran online spot currency trader James Bickford offers reliable techniques and know-how to capitalize on the violent disruptions that happen at these times.
When a severe breakout up or down occurs in an otherwise well-behaved time series, it's called a shockwave, and "Forex Shockwave Analysis" offers unprecedented focus on identifying, analyzing, and categorizing this unique pattern in the foreign exchange market. It not only helps independent investors isolate and recognize recurring shockwave personality traits, but it also gives insight into the reactive phase immediately following the shockwave. Fundamental analysis is covered to provide complete coverage, but playing this market's action can be most highly profitable when the streaming data available today is used to reveal critical properties and characteristics about the underlying currency pair. This book equips you with the four most important methods of technical analysis: Pattern recognition Econometric models Crossover trading systems Wave theory
"Forex Shockwave Analysis" is packed with practical information for mastering shockwave trading, including a refined minimum reversal algorithm that converts raw security data (OHLC quotes) to swing data, numerous charts and diagnoses based on activity, range, and interaction, as well as fifteen case studies demonstrating how covered material works in the real world. This highly visual book is also outstandingly designed to serve as a computer-side reference that equips you with eleven appendices filled with all the tools you need to gain a distinct advantage while working online in your currency trading platform.
Shockwaves occur over the course of a few minutes, and with "Forex Shockwave Analysis," you can effectively profit off them for a lifetime.
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.
Financial Crisis, penned by Adrian Buckley, offers a fascinating close-up analysis of the causes of the 2007/8 financial crisis and its consequences placing the world of finance under the microscope, bringing together evidence of the involvement of banks, governments and regulators. It questions some of its most dangerous and dubious practices, witnessed while searching for the answer to the question: What really caused the financial crisis?
Economics for Business and Managementoffers an exciting introduction to the principles and applications of microeconomics and macroeconomics to the global business problems faced by today's decision makers: * What are the characteristics for successful entry into new international markets? * How can 'sustainability' affect decision making within businesses? * Why are today's global investors so concerned about national debt issues? * In what ways does an awareness of cultural differences improve decision making by international marketing and human resource strategists? * What strategies can companies such as BP use to repair damaged global reputations? It is an ideal text for introductory courses in economics with a business and management focus and more general business environment courses with an economic underpinning. Visit the fantastic website at www.pearsoned.co.uk/griffithswall to find extra practice questions, interactive activities, quizzes and exam style practice questions with instant feedback, as well as podcasts, news articles, animated professional power points slides and a testbank of questions.
From Nobel Prize-winning economist and New York Times bestselling author Robert Shiller, a groundbreaking account of how stories help drive economic events-and why financial panics can spread like epidemic viruses Stories people tell-about financial confidence or panic, housing booms, or Bitcoin-can go viral and powerfully affect economies, but such narratives have traditionally been ignored in economics and finance because they seem anecdotal and unscientific. In this groundbreaking book, Robert Shiller explains why we ignore these stories at our peril-and how we can begin to take them seriously. Using a rich array of examples and data, Shiller argues that studying popular stories that influence individual and collective economic behavior-what he calls "narrative economics"-may vastly improve our ability to predict, prepare for, and lessen the damage of financial crises and other major economic events. The result is nothing less than a new way to think about the economy, economic change, and economics. In a new preface, Shiller reflects on some of the challenges facing narrative economics, discusses the connection between disease epidemics and economic epidemics, and suggests why epidemiology may hold lessons for fighting economic contagions.
Economics Today: Macro View-Bringing the Real World to Your Students For a complete multimedia book tour of Miller, Economics Today, 17e, Click Here. For a look at the Supply & Demand Chapter of this title, Click Here. Students learn best when they see concepts applied to examples from their everyday lives. This new edition of Economics Today: Macro View covers leading-edge issues while lowering barriers to student learning. The text relentlessly pursues the fundamental objective of showing students how economics is front and center in their own lives while providing them with many ways to evaluate their understanding of key concepts covered in each chapter. Each chapter begins and ends with an Issues and Applications feature, which introduces a timely issue in the chapter opener and analyzes the issue using the economic tools learned in that chapter at the end. This text is also available with MyEconLab(r), which includes assessment questions that tie to these Issues and Applications, as well as ABC News video clips. With MyEconLab, students can continue working problems online and receive personalized tutorial resources. Visit MyEconLab for more information.
Well-known for its engaging, conversational style, this text makes sophisticated concepts accessible, introducing students to how markets and institutions shape the global financial system and economic policy. Principles of Money, Banking & Financial Markets incorporates current research and data while taking stock of sweeping changes in the international financial landscape produced by financial innovation, deregulation, and geopolitical considerations. It is easy to encourage students to practice with MyEconLab, the online homework and tutorial system. New to the Twelfth Edition, select end-of-chapter exercises from the book are assignable in MyEconLab and preloaded problem sets allow students to practice even if the instructor has not logged in. For more information about how instructors can use MyEconLab, click here.
All specialist economics students, plus students taking a non-specialist module, and social science students taking an economics module will need this book.
Macroeconomics is widely praised for its ability to present theory as a way of evaluating key macro questions, such as why some countries are rich and others are poor. Students have a natural interest in what is happening today and what will happen in the near future. Macroeconomics capitalizes on their interest by beginning with business cycles and monetary-fiscal policy in both closed and open economy. After that, Gordon presents a unique dynamic analysis of demand and supply shocks as causes of inflation and unemployment, followed by a dual approach to economic growth in which theory and real-world examples are used to compare rich and poor countries. MyEconLab New Design is now available for this title! MyEconLab New Design offers: *One Place for All of Your Courses. Improved registration experience and a single point of access for instructors and students who are teaching and learning multiple MyLab/Mastering courses. *A Simplified User Interface. The new user interface offers quick and easy access to Assignments, Study Plan, eText & Results, as well as additional option for course customization. *New Communication Tools. The following new communication tools can be used to foster collaboration, class participation, and group work. *Email: Instructors can send emails to their entire class, to individual students or to instructors who has access to their course. *Discussion Board: The discussion board provides students with a space to respond and react to the discussions you create. These posts can also be separated out into specific topics where students can share their opinions/answers and respond to their fellow classmates' posts. *Chat/ ClassLive: ClassLive is an interactive chat tool that allows instructors and students to communicate in real time. ClassLive can be used with a group of students or one-on-one to share images or PowerPoint presentations, draw or write objects on a whiteboard, or send and received graphed or plotted equations. ClassLive also has additional classroom management tools, including polling and hand-raising. *Enhanced eText. Available within the online course materials and offline via an iPad app, the enhanced eText allows instructors and students to highlight, bookmark, take notes, and share with one another.
Macroeconomics: Understanding the Global Economy, 3rd Edition is to help students and indeed anyone understand contemporary and past economic events that shape the world we live in, and at a sophisticated level. But it does so without focusing on mathematical techniques and models for their own sake. Theory is taken seriously so much so that the authors go to pains to understand the key aspects of theories in a way that will not put people off before they see how theories are useful to analyse issues. The authors believe that theories are essential to better understand the world, thus the book includes a wealth of historic and current episodes and data to both see how theories can help interpret the world and also to judge their validity. Economies today are very inter-connected; what happens in China matters pretty much everywhere; and what happens in one (even small) country in the euro zone has implications for the whole euro area and beyond, consequently Macroeconomics, 3rd Edition adopts a very international focus.
This important new book introduces students to the fundamental ideas of heterodox economics, presented in a clear and accessible way by top heterodox scholars. It offers not only a critique of the dominant approach to economics, but also a positive and constructive alternative. Students interested in an explanation of the real world will find the heterodox approach not only satisfying, but ultimately better able to explain a money-using economy prone to periods of instability and crises. Key features of this textbook include: * A non-conventional understanding of economic analysis on a number of relevant topics * Deep and convincing criticism of orthodox thinking * Discussion of the crucial importance of money, banking and finance today * Analysis of the roots of the 2008 global financial crisis * A presentation of the features of sustainable development. Students of economics at all levels can use this textbook to deepen their understanding of the heterodox approach, the fundamental roots of the 2008 global financial crisis and the need to rethink economics afresh.
Money is the most important human invention after language. It provides tokens for the faith we have in each other and society – but that trust has been violated repeatedly throughout history by the middlemen and authorities we rely upon in order to transact with each other.
Now a new kind of money promises to rescue us from these tyrants and return us to the roots of money, without relying on third-parties. Instead of putting our faith in banks and governments, we can trust math.
Simon Dingle has been working with Bitcoin and other cryptocurrencies since 2011, designing products that make it easier to engage with this new world of money. He is also a broadcaster, writer and speaker who makes complex subjects simple for his audiences. Having led the product team at one of the world’s first Bitcoin exchanges and on other popular fintech products, Simon continues to design and invest in projects that make money more fair, this in addition to his weekly radio show on 5FM that helps people with technology more generally.
In his first book Simon looks at the evolution of human trust that not only explains how cryptocurrencies work and the origins of Bitcoin, but how you can use these networks to take control of your own financial universe. A highly readable account of a complex subject, In Math We Trust is all you need to find out about the future of money.
Now you can truly visualize economics with the most student-friendly economics text on the market: Irvin Tucker's MACROECONOMICS FOR TODAY, 9E. Written by a national award-winning educator, MACROECONOMICS FOR TODAY clearly presents concepts using a writing style that is engaging and clear, no matter what your current level of economic understanding. A unique textual and visual learning system, colorful graphs, and causation chains clarify concepts. The book concisely presents and reinforces core concepts, then gives opportunities to immediately assess your comprehension. You study the latest economic information on economic growth, income distribution, federal deficits, environmental issues, and other developments in economics today with an engaging, easy-to-follow format that applies principles to everyday life. Numerous printed and online study tools, including a companion website, help you further master key principles in economics today.
Since the rational expectations revolution in macroeconomics, the subject has evolved in a major way, adopting the principles behind the revolution and building on them in spectacular fashion. In this thoroughly revised and updated second edition, the authors provide a complete and up-to-date textbook designed to guide students through the mathematical and conceptual maze of modern macroeconomics. The updated second edition includes: * Explanation of the historical development of the subject * Introduction to traditional macro-classical/adaptive expectations * Demonstration of how rational expectations are handled in macro models and in finance * An explanation of the importance of structural, micro-founded models * Key examples of structural models examined in detail, and with extension to the open economy * Discussion of policy implications throughout * Methodology for testing models against macro data behaviour, complete with the latest evidence on these models' success * Coverage of key topics, including the supply-side, unemployment, growth and the open economy. By explaining the basics of each topic, and providing the solid grounding for students to tackle more complex and detailed material, this textbook will be an invaluable resource for both postgraduate and upper level undergraduate students of macroeconomics alike.
Now firmly established as one of the leading economics principles texts in the UK and Europe, this exciting, new fifth edition of Macroeconomics by N. Gregory Mankiw (Harvard University) and Mark P. Taylor (Washington University), has been fully updated. Much revered for its friendly and accessible approach, emphasis on active learning, and unrivalled support resources, this edition also has an improved structure to ensure the text aligns even more closely with the latest courses. The new edition incorporates additional coverage of a number of key topics including the future of the European Union, the post-Financial crisis world, and macroeconomic policy issues. This title is available with MindTap for Economics, a flexible online learning solution that provides students with all the tools they need to succeed including an interactive eReader, engaging multimedia, practice questions, assessment materials, revision aids, and analytics to help you track their progress.
The book provides a thorough but concise exposure to macroeconomics to post school students as well as those studying economics for the first time. Following an introduction that gives an overview of macroeconomics as well as a brief discussion of the main macroeconomic problems that societies face, the book then looks at national income accounting and economic performance. The book looks at the unemployment problem. There is also a discussion of aggregate supply and demand theory, and the role of that theory in explaining the determinants of aggregate economic output and employment. The problem of inflation and is also discussed. The reality that the economies of most countries are interconnected with that of the rest of the world is discussed under open-economy. The book then discusses economic growth in both the short-run and the long run.
This short primer distils Ruchir Sharma's decades of global analytic experience into ten rules for identifying nations that are poised to take off or crash. A wake-up call to economists who failed to foresee every recent crisis, including the cataclysm of 2008, 10 Rules is full of insights on signs of political, economic, and social change. Sharma explains, for example, why autocrats are bad for the economy; robots are a blessing, not a curse; and consumer prices don't tell you all you need to know about inflation. He shows how currency crises begin with the flight of knowledgeable locals, not evil foreigners; how debt crises start in private companies, not government; and why the best news for any country is none at all. Rethinking economics as a practical art, 10 Rules is a must-read for business, political and academic leaders who want to understand the most important forces that shape a nation's future.
Olivier Blanchard, former chief economist of the International Monetary Fund (IMF), is author of one of the most important standard macroeconomics textbooks which is used throughout the world. Endorsed by Blanchard himself, Anti-Blanchard Macroeconomics critically analyses prevailing economic theory and policy in comparison with alternative approaches. This textbook is designed to stand alongside Blanchard's text, or indeed any other standard book on macroeconomics, but it can also be read independently. It provides undergraduate and advanced students with a critical view of the subject, and is also appropriate for scholars interested in a new way of analysing the debate between alternative schools of economic thought. Emiliano Brancaccio and Andrea Califano succinctly explore the relationship between theoretical models and economic policies, providing readers with examples and empirical exercises. The book highlights ways in which simple changes to the initial hypotheses of the dominant models can lead to alternative schemes that overturn the logical relationships and the policy prescriptions of standard macroeconomics. Key features: * It critically assesses the mainstream macroeconomic models * It overcomes the typical contradiction between the opportunity to offer students a preliminary mainstream education and the need to nurture their critical spirit * It helps students to understand that economics is not a discipline that changes in a smooth, linear manner but, on the contrary, represents a field of research that develops through intense theoretical debates, continual empirical testing and resultant disputes about economic policy * It critically analyses Blanchard's new approach to macroeconomics inspired by the 2008 global financial crisis.
The epic successor to one of the most important books of the century: at once a retelling of global history, a scathing critique of contemporary politics, and a bold proposal for a new and fairer economic system.
Thomas Piketty’s bestselling Capital in the Twenty-First Century galvanized global debate about inequality. In this audacious follow-up, Piketty challenges us to revolutionize how we think about politics, ideology, and history. He exposes the ideas that have sustained inequality for the past millennium, reveals why the shallow politics of right and left are failing us today, and outlines the structure of a fairer economic system.
Our economy, Piketty observes, is not a natural fact. Markets, profits, and capital are all historical constructs that depend on choices. Piketty explores the material and ideological interactions of conflicting social groups that have given us slavery, serfdom, colonialism, communism, and hypercapitalism, shaping the lives of billions. He concludes that the great driver of human progress over the centuries has been the struggle for equality and education and not, as often argued, the assertion of property rights or the pursuit of stability. The new era of extreme inequality that has derailed that progress since the 1980s, he shows, is partly a reaction against communism, but it is also the fruit of ignorance, intellectual specialization, and our drift toward the dead-end politics of identity.
Once we understand this, we can begin to envision a more balanced approach to economics and politics. Piketty argues for a new “participatory” socialism, a system founded on an ideology of equality, social property, education, and the sharing of knowledge and power. Capital and Ideology is destined to be one of the indispensable books of our time, a work that will not only help us understand the world, but that will change it.
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