An Encyclopedia of Macroeconomics by Brian Snowdon

By Brian Snowdon

The Encyclopedia of Macroeconomics is an authoritative and helpful reference resource on macroeconomics which embraces definitions of phrases and ideas, conflicting ideological ways and the contributions of significant thinkers. accomplished in scope, it comprises over three hundred brief entries and greater than a hundred specifically commissioned major entries from an across the world well known workforce of students.

The alphabetically ordered entries might be worthy either as a uncomplicated reference resource and a provocative stimulus for additional interpreting. The Encyclopedia will quickly be validated as a number one reference resource on macroeconomics that might either enlighten scholars and be hugely valued by way of students and academics of economics.

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Extra resources for An Encyclopedia of Macroeconomics

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These unrealistic assumptions are dropped as soon as possible. Nonetheless, the concept of equilibrium in the goods market and the assets market under stable prices is a useful starting point to explain how output and interest rates are determined in the short run. Consumption accounts for about two-thirds of GDP and, in the long run, consumer demand drives the economy, so the consumption function is first examined in chapter 4. Chapter 5 presents the functions for fixed investment, plus a brief introduction to the determinants of net exports.

Another major setback to Keynesian economics occurred in the late 1960s, when the tradeoff between inflation and unemployment disintegrated because both inflation and unemployment rose at the same time. Milton Friedman and Edmund Phelps had both predicted the demise of the Phillips curve ahead of time, so once it actually occurred, their theories received greater acceptance. That led to the reinstatement of monetary policy as one of the principal determinants of the economy. Friedman’s comments, which were given as his Presidential Address to the American Economic Association (AEA) annual meetings at the end of 1967, are still read and discussed vigorously.

H) President decides to implement a new economic program that includes (a) personal income tax cuts, (b) corporate income tax cuts, (c) excise tax cuts, (d) increase in government spending, (e) devaluation of the dollar, (f) directive to FOMC to hold interest rates at below-equilibrium levels, and (g) wage and price controls. ) Appendix: thumbnail sketch of the development of macroeconomics One hallmark of all important disciplines is that they are constantly changing, adapting to new information that encourages practitioners to examine historical information in a different light and correct past errors.

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