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.

What do you need to know about financial innovation, financial liberalisation and deregulation? Do you know what purpose monetary policy serves in the economy? What is the role of interest rates? The second edition of Monetary Economics will look into these matters and other topical issues such as the subprime crisis. The text uses a step-by-step approach to technical areas such as formulae and graphs. The book takes a look at South African as a developing country within the wider global arena. Monetary Economics is written in a concise and accessible level for Economics students at senior undergraduate and Honours level.

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.

Supporting the economy, paying for healthcare, creating new jobs, preventing a climate apocalypse: how can we pay for it all?

Leading economic thinker Stephanie Kelton, shows how misguided that question is, and how a radical new approach can maximise our potential as a society. Everything that we've been led to believe about deficits and the role of money and government spending is wrong.

Rather than asking the self-defeating question of how to pay for the crucial improvements our society needs, Kelton guides us to ask: which deficits actually matter?

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.

Economics has the power to make the world a better, happier and safer place: this book shows you how.

Our world is in a mess. The challenges of climate change, inequality, hunger and a global pandemic mean our way of life seems more imperilled and society more divided than ever; but economics can help!

From parenting to organ donation, housing to anti-social behaviour, economics provides the tools we need to fix the biggest issues of today. Far from being a means to predict the stock market or enrich the elite, economics provides a lens through which we can better understand how things work, design clever solutions and create the conditions in which we can all flourish.

With a healthy dose of optimism, and packed with stories of economics in everyday situations, Erik Angner demonstrates the methods he and his fellow economists use to help improve our lives and the society in which we live. He shows us that economics can be a powerful force for good, awakening the possibility of a happier, more just and more sustainable world.

Empty shelves, petrol station queues and energy shortages: crises more familiar to those who lived through the 1960s and 1970s have now become a reality for many as global shipping times are squeezed, containers lie unopened at docks and supply shortages push up inflation, increasing the cost of consumer goods from milk to cars to building materials. In Sold Out, James Rickards explains why the shelves are empty, who broke the supply chain and why shortages will persist.

He breaks down the history and structure of business around the world to offer readers a behind-the-scenes look at what's really going on, and what they can do to mitigate the worst of what's to come.

Drawing on his financial expertise, he explains that consumers and investors need to be nimble to come through this unprecedented turn of events in good shape. Luckily, Rickards is on hand to provide the tools readers need to look ahead, monitor key trends and insulate against risks.

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.

Modern Principles means modern content and modern delivery and Tyler Cowen and Alex Tabarrok deliver with a knack for revealing the 'invisible hand' of economics at work and a unique combination of vivid writing, up-to-date relevant examples and unparalleled online resources, perfect for your principles of economics course. Modern Principles of Macroeconomics places an emphasis on the power of incentives which underscores how economics helps us understand why we do what we do (in other words, the decisions we make in the face of incentives in the real world). These are brought to life via examples including a discussion of housing prices and the elasticity of supply, the declining labor force participation rate of young men, the platform economics of free goods like Facebook and Twitter, monetary policy in a pandemic and the politics and economics of trade in the Trump era. Modern Principles of Macroeconomics is supported by Achieve, our integrated, online learning system which allows you to engage every student with powerful multimedia resources, an integrated e-Book, robust homework, and a wealth of interactives, creating an extraordinary new learning resource for students. Key features include: - 170+ Marginal Revolution University videos have been deeply integrated into the text and pedagogy, providing valuable tools for both instructors and students - Animated pre-lecture tutorials reinforce in-class learning - Access to an eBook for easy reading and searching - LearningCurve adaptive quizzing offers practice questions and feedback - Step-by-Step graphs and Discovering data activities help students develop their economic thinking

When it comes to explaining fundamental economic principles by drawing on current economic issues and events, there is no one more effective than Nobel laureate and New York Times columnist Paul Krugman and co-author, Robin Wells. In this best-selling introductory textbook, Krugman and Wells' signature storytelling style and uncanny eye for revealing examples will help you understand how economic concepts play out in our world. The new edition has been revised and enhanced throughout, including incisive new looks at long-run growth and at market power, and extensive coverage of the economic impacts and policy responses to the coronavirus pandemic. Macroeconomics is supported by Achieve, which includes: - Animated pre-lecture tutorials and bridge questions will help you to understand core economic topics before going to class - Access to an eBook for easy reading and searching - LearningCurve adaptive quizzing offers practice questions to check your understanding and provides feedback to ensure you have grasped the concepts - Step-by-Step graphs and Work It Out activities allow you to work step-by-step through scenarios so that you can see economic principles in action

Help your students navigate the realities of the global economy - the theories, the data, the policies and their impact. Emphasizing the use of data and empirics to link cutting-edge economic theory to current world events, this book was developed in the classroom by two of the most prominent researchers in the field who saw a need for a text with fresh theories and perspectives. Seamlessly blending theory and data with real-world policies, events, and evidence, Feenstra and Taylor's International Macroeconomics provides engaging, balanced coverage and applications of key concepts. International Macroeconomics is supported by Achieve, our integrated, online learning system which allows you to engage every student with powerful multimedia resources, an integrated e-Book, robust homework, and a wealth of interactives, creating an extraordinary new learning resource for students. Key features include: - Access to an eBook for easy reading and searching - LearningCurve adaptive quizzing offers practice questions to check your understanding and provides feedback to ensure you have grasped the concepts - Discovering Data and Work It Out problems give you the opportunity to locate, analyze, and interpret real-world data, related to topics in the book - Curated multi-step questions and graphing problems are paired with rich feedback to guide you through the process of problem solving and developing your analytical thinking

Students in economics are ever more distressed by the disconnect between mainstream economics and the real world. This book shows how post-Keynesian economics constitutes a coherent heterodox alternative, based on realistic assumptions and the integration of the financial and real sides of the economy, with an emphasis on the many paradoxes that arise in a truly macroeconomic analysis. The book is a considerably revised and updated version of the widely used and frequently cited 2014 edition. It provides a comprehensive account of post-Keynesian theory and policy. Topics covered include its methodological foundations, consumer theory and choice under fundamental uncertainty, firms and pricing, money and credit, effective demand and employment, growth theory, open-economy issues, inflation theory. It also links with ecological economics. Scholars of economics, particularly post-Keynesian and heterodox economists, will find this comprehensive look at the field a necessary addition to their libraries, while students and instructors will find it a perfect text for any class on post-Keynesian economics.

The Research Handbook of Financial Markets carefully discusses the histories and current states of the most important financial markets and institutions, as well as explicitly underscoring open questions that need study. By describing the institutional structure of different markets and highlighting recent changes within them, it accurately highlights their evolving nature. Taking the perspective that finance and macroeconomics are intertwined, this illuminating Research Handbook brings together prominent experts to investigate key market interactions. Chapters act as self-contained case studies of particular markets, allowing for a thorough individual examination of each. Ultimately, they offer a holistic understanding of financial markets and the current state of research. Academics and researchers in economics and finance curious about developments within financial regulation and banking will find this comprehensive Handbook to be hugely valuable. Market participants will additionally find it to be a useful reference, along with regulators seeking to mitigate financial instability.

This timely book explores the measurement and consequences of financialisation, as well as its driving forces, to take a fresh look at reconciling the twin concepts of financialisation and financial development. Imad Moosa provides a critical review of these two separate strands – the individual measures of economic development and financialisation – on the grounds that they are inadequate to represent a multi-dimensional process. Introducing a new composite measure encompassing the means of payment and asset ownership as well as conventional indicators, Moosa expertly investigates the economic, political and social consequences of financialisation. Identifying the driving forces of financialisation, he concludes that there is a requirement to reverse the current trend using more than just legislation and regulation to secure a sound and stable economy. This innovative book will be a fascinating and informative read for academics and research students of financial economics, regulation and economic sociology. Policy makers and politicians engaged in financial regulation will find the suggested insights into achieving future financial stability thought-provoking.

This Encyclopedia is an invaluable reference book for post-Keynesian and heterodox economics. It consists of 300 entries, written by 180 different authors. The volume includes entries on key concepts of interest to post-Keynesians as well as descriptions of some of the seminal books in the post-Keynesian tradition. It will interest both students and scholars of heterodox economics, as well as policy makers around the world looking for a better alternative to mainstream economic policies at national and international levels in the aftermath of the global financial crisis that burst in 2008 and the COVID-19 pandemic crisis that began in 2020. Key Features: Offers a non-conventional understanding of economic analysis on a number of key economic topics Provides a deep and convincing criticism of orthodox thinking Explains how money, banking and finance are crucial elements of economics today Addresses the roots of the 2008 global financial crisis Points out the importance of sound economic policies Presents the essence of the subject matter concisely This comprehensive reference work will be a key tool to students, scholars, policy makers and anyone else seeking to understand the world economy through the important lens of post-Keynesian thought.

This title is a Pearson Global Edition. The Editorial team at Pearson has worked closely with educators around the world to include content which is especially relevant to students outside the United States. This package includes MyLab. For intermediate courses in economics. A unified view of the latest macroeconomic events In Macroeconomics, Blanchard presents an integrated, global view of macroeconomics, enabling students to see the connections between goods markets, financial markets, and labor markets worldwide. Organized into two parts, the text contains a core section that focuses on short-, medium-, and long-run markets and two major extensions that offer more in-depth coverage of the issues at hand. From the major economic crisis that engulfed the world in the late 2000s, to monetary policy in the US, to the problems of the Euro area, and growth in China, the text helps students make sense not only of current macroeconomic events but also of those that may unfold in the future. Integrated, detailed boxes in the 8th Edition have been updated to convey the life of macroeconomics today, reinforce lessons from the models, and help students employ and develop their analytical and evaluative skills. Reach every student by pairing this text with Pearson MyLab Economics MyLab (TM) is the teaching and learning platform that empowers you to reach every student. By combining trusted author content with digital tools and a flexible platform, MyLab personalizes the learning experience and improves results for each student. Pearson MyLab Economics should only be purchased when required by an instructor. Please be sure you have the correct ISBN and Course ID. Instructors, contact your Pearson representative for more information.

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 analyzes prevailing economic theory and policy in comparison with alternative approaches. This thoroughly revised edition represents a field of research that has developed through intense theoretical debates, continual empirical testing and the resultant disputes about economic policy. Emiliano Brancaccio and Andrea Califano succinctly explore the relationship between theoretical models and economic policies, providing readers with examples and empirical exercises, and showing how the conclusions of different theories can be empirically tested. This updated second edition examines the links between the issues at the core of macroeconomic debate, including economic growth, economic crises, labour market reforms, government debt sustainability, the behaviour of central banks and the stock market, among many others. Key features: Contains an analysis of the economic policies, consequences and theories surrounding the Covid-19 pandemic Examines the connection between contemporary issues in world politics, economic theory and policymaking It overcomes the typical contradiction between the opportunity to offer students a preliminary mainstream education and the need to nurture rather than crush 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 dynamic field of research that develops through intense theoretical debate and continual empirical testing, and is shaped by the resultant disputes concerning economic policy Includes the typescript of a lively and informative debate between Emiliano Brancaccio and Olivier Blanchard, together with comparative economic policy examples.

Explanations for inflation had for a long time been ceded to the purview of economists. The acceleration in rates of inflation within advanced economies during the 1960s and 1970s, however, prompted sociologists and political scientists to attempt their own accounts for this phenomenon.

There are two major competing explanations of the postwar inflation. One, most commonly held by economists, is that inflation has been produced by governments through a combination of policy errors and cynical manipulation of policy for electoral purposes. The other, often advanced by sociologists and political scientists as an alternative, is that inflation has been an outcome of class conflict. In his study that ranges widely over the literature in the relevant disciplines, Smith examines the strengths and weaknesses of each account, with particular attention to the evidence presented in support of class-conflict explanations. He concludes that, on balance, the policy-error/cynical-manipulation explanation is better supported than its class-conflict rival.

The clarity with which Smith presents these rival accounts and the critical rigor of his scrutiny make this a work of interest to advanced students in macroeconomic theory and to policy makers.

COVID-19 and other recent crises have proved the need to review the state-of-play and implement robust institutional frameworks in the complex, heterogenous and decentralised European supervisory architecture. This insightful book outlines what can be done to innovate the current set-up in the face of pressing issues such as climate change, BigTech and crypto assets. Revisiting the debate on financial sector oversight in Europe, a range of highly acclaimed international academics and influential policymakers discuss the scope of institutional arrangements. Chapters examine how the architecture of European financial supervision currently works, analysing the trends in banking supervision design and the influence that recent financial and economic crises have exerted. Providing a rare insight into the role that central banks play in the supervisory set-up, their accountability and democratic legitimacy, the book also considers the ways that macro- and micro-prudential and monetary policies interact. Gleaning lessons from the FinTech revolution and the COVID-19 crisis, the book ultimately concludes by seeking a path for optimal architecture for European financial supervision. With invaluable industry insights, this cutting-edge book will prove vital to academics in the field of financial economics and financial regulation, alongside policymakers looking to transform their current supervisory architecture.

Presenting a wide range of topics and written 150 years since Carl Menger’s Principles of Economics was published, this timely book reviews Menger’s life and theories and explains how his insights on the creation of money are still inspiring and relevant today.   Highlighting state-of-the-art results on Menger’s methodology and economic theory, the book expertly analyses key topics such as the debt theory of money, capital wealth and the gender wage gap. Chapters also cover up-to-date topics such as Bitcoin and technological progress reinvigorating the study of Menger’s philosophies and their application for future work in economics and the history of economic thought.   Comprehensive in its approach, this book will provide an excellent addition to the mainstream literature for scholars and students of economics, Austrian economics and the philosophy of economics. Researchers interested in economic development and other areas such as Bitcoin will find this an excellent resource for their research.

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.

Elgar Advanced Introductions are stimulating and thoughtful introductions to major fields in the social sciences, business and law, expertly written by the world's leading scholars. Designed to be accessible yet rigorous, they offer concise and lucid surveys of the substantive and policy issues associated with discrete subject areas. Written by two expert economists, this comprehensive Advanced Introduction provides a thorough and up-to-date analysis of central banks and monetary policy, analysing the ways in which views about monetary policy have developed and changed. Key Features: Provides a historical overview of the gestation of the Bank of England, the Federal Reserve, and the European Central Bank Analyses the processes involved in monetary policymaking, including strategy reviews, policy instruments, and central bank communication, whilst considering financial stability and crisis management Concludes with a look towards the future challenges faced by central banks, including the low interest rate environment and the greening of central bank policies Accessible and informative, this Advanced Introduction will prove a vital resource to students and scholars of economics and finance. It will also prove invaluable to practitioners and policymakers interested in financial sector supervision and regulation in central banks.

It is widely believed that central banks have grown (the Bank of England) or were established (the Federal Reserve) to pursue the twin objectives of monetary and price stability. But why should they? Central bankers are people, too, whose behavior is presumably determined, like the rest of us, by their incentives and the information available to them. The author explores this question. Two sets of data confirm the reservations. Central banks have often worsened, even initiated, monetary instabilities by bailing out the risk-takers and their effects on prices, which depending on the quantities of money created by central banks, have often been catastrophic. The evidence suggests that central bankers have really been in business to support the politically powerful upon whose favors they depend, particularly high-spending governments and needy financial institutions. The book consists of several examples of this behavior and its consistency during wars and financial crises in the UK and US over the course of the last two centuries. Professors and students of finance will find A Comparative History of Central Bank Behavior to be a compelling and thoughtful exploration of how central banks have historically responded to and influenced financial markets.

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.