Principles of macroeconomics.
Welcome to Principles of Macroeconomics, an OpenStax resource. This textbook has been created with several goals in mind: accessibility, customization, and student engagement—all while encouraging students toward high levels of academic scholarship. Instructors and students alike will find that th...
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| Format: | Book |
| Language: | English |
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Rice University
2020
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| Subjects: | |
| Online Access: | http://dspace.uniten.edu.my/jspui/handle/123456789/15328 |
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| Summary: | Welcome to Principles of Macroeconomics, an OpenStax resource. This textbook has been created with several goals
in mind: accessibility, customization, and student engagement—all while encouraging students toward high levels
of academic scholarship. Instructors and students alike will find that this textbook offers a strong foundation in
macroeconomics in an accessible format.
About OpenStax
OpenStax is a non-profit organization committed to improving student access to quality learning materials. Our free
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from science educators, and they are available free or for minimal cost.
Customization
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Principles of Macroeconomics can be easily customized using our online platform (http://cnx.org/content/col11626/).
Simply select the content most relevant to your current semester and create a textbook that speaks directly to the needs
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and enhanced through localized examples or to incorporate a specific theme of your course. This customization
feature will ensure that your textbook truly reflects the goals of your course.
Curation
To broaden access and encourage community curation, Principles of Macroeconomics is “open source” licensed
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Cost
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About Principles of Macroeconomics
Principles of Macroeconomics has been developed to meet the scope and sequence of most introductory
macroeconomics courses. At the same time, the book includes a number of innovative features designed to enhance
student learning. Instructors can also customize the book, adapting it to the approach that works best in their
classroom.
Coverage and Scope
To develop Principles of Macroeconomics, we acquired the rights to Timothy Taylor’s second edition of Principles of
Economics and solicited ideas from economics instructors at all levels of higher education, from community colleges to Ph.D.-granting universities. They told us about their courses, students, challenges, resources, and how a textbook
can best meet their and their students’ needs.
The result is a book that covers the breadth of economics topics and also provides the necessary depth to ensure the
course is manageable for instructors and students alike. And to make it more applied, we have incorporated many
current topics. We hope students will be interested to know just how far-reaching the recent recession was (and still
is). The housing bubble and housing crisis, Zimbabwe’s hyperinflation, global unemployment, and the appointment
of the United States’ first female Federal Reserve chair, Janet Yellen, are just a few of the other important topics
covered.
The pedagogical choices, chapter arrangements, and learning objective fulfillment were developed and vetted with
feedback from educators dedicated to the project. They thoroughly read the material and offered critical and detailed
commentary. The outcome is a balanced approach to macroeconomics, to both Keynesian and classical views, and
to the theory and application of economics concepts. New 2015 data are incorporated for topics, such as the average
U.S. household consumption in Chapter 2. Current events are treated in a politically-balanced way as well.
The book is organized into seven main parts:
What is Economics? The first two chapters introduce students to the study of economics with a focus on
making choices in a world of scarce resources.
Supply and Demand, Chapters 3 and 4, introduces and explains the first analytical model in economics:
supply, demand, and equilibrium, before showing applications in the markets for labor and finance.
Elasticity and Price, Chapter 5, introduces and explains elasticity and price, two key concepts in economics.
The Macroeconomic Perspective and Goals, Chapters 6 through 10, introduces a number of key concepts in
macro: economic growth, unemployment and inflation, and international trade and capital flows.
A Framework for Macroeconomic Analysis, Chapters 11 through 13, introduces the principal analytic
model in macro, namely the Aggregate Demand/Aggregate Supply Model. The model is then applied to the
Keynesian and Neoclassical perspectives. The Expenditure/Output model is fully explained in a stand-alone
appendix.
Monetary and Fiscal Policy, Chapters 14 through 18, explains the role of money and the banking system,
as well as monetary policy and financial regulation. Then the discussion switches to government deficits and
fiscal policy.
International Economics, Chapters 19 through 21, the final part of the text, introduces the international
dimensions of economics, including international trade and protectionism. |
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