MACROECONOMIC THEORY

M. MARIA JOHN KENNEDY

Feb 2011 · PHI Learning Pvt. Ltd.

About this ebook

Macroeconomic theories were designed to cope up with the economic turmoil, such as Great Depression, so as to stabilize the economy. This book comprehensively explains the broad aggregates and their interactions such as national income and output, the unemployment rate, and price inflation, and sub-aggregates like total consumption and investment spending, and their components. Divided into six parts, the textbook elaborates various aspects of macro-economics—circular flow and its effects on national income, monetary theory, business cycle theory and macroeconomic policies—in detail. The book makes clear the difference between three approaches to economics—Keynesian economics, which focuses on demand; New-classical economics, which is based on rational expectations and efficient markets; and Innova-tion economics, which is focused on long run growth through innovation. A prominent feature of this text is the use of simple algebraic expressions and formulations to reinforce analytical expositions of complex macroeconomic theories in students. The book also explicates how macroeconomic models and their forecasts can be utilized by both governments and large corporations to assist in the development and evaluation of economic policy. The chapters are incorporated with real-life examples giving practical insight on the subject. Primarily intended for the undergraduate and postgraduate students of economics, this book can also be beneficial for the students opting for the courses in commerce.

Ratings and reviews

Good book and simple but only precise

About the author

M. MARIA JOHN KENNEDY (PhD) is Associate Professor in Economics, Department of Economics, Arul Anandar College (Autonomous), Karumathur, Madurai, Tamil Nadu. He has more than 25 years of teaching and research experience. Dr. Kennedy has published/presented many papers in national and international journals. He is a member of Indian Economic Association, and Association of Economists of Tamil Nadu and Pondicherry. He is the recipient of the Best Teacher Award in Economics by Malcolm & Elizabeth Adiseshiah Trust, Chennai for 2010–11.