Macroeconomics
The purpose of this topic is to look at the nature and purpose of the science of economics. The methodology is studied. A distinction is made between positive (or descriptive) economics and normative (or political) economics. Different branches of economics are classified. Some pitfalls of economic analysis are mentioned.
John Petroff
Professional Education, Testing and Certification Organization International
Textbooks
Macroeconomics: Theory through Applications
Russell Cooper and Andrew John have written an economics text aimed directly at students from its very inception. You’re thinking, ”Yeah, sure. I’ve heard that before.“ This textbook, Macroeconomics: Theory Through Applications, centers around student needs and expectations through two premises: … Students are motivated to study economics if they see that it relates to their own lives. … Students learn best from an inductive approach, in which they are first confronted with a problem, and then led through the process of solving that problem. Many books claim to present economics in a way that is digestible for students; Russell and Andrew have truly created one from scratch. This textbook will assist you in increasing students’ economic literacy both by developing their aptitude for economic thinking and by presenting key insights about economics that every educated individual should know. How? Russell and Andrew have done three things in this text to accomplish that goal: 1. Applications Ahead of Theory: They present all the theory that is standard in Principles books. But by beginning with applications, students get to learn why this theory is needed. The authors take the kind of material that other authors put in ”applications boxes“ and place it at the heart of their book. Each chapter is built around a particular business or policy application, such as social security, globalization, and the wealth and poverty of nations. Why take this approach? Traditional courses focus too much on abstract theory relative to the interests and capabilities of the average undergraduate. Students are rarely engaged and the formal theory is never integrated into the way students think about economic issues. And traditional books are organized around theoretical constructs that mean nothing to students. The authors’ applications-first approach ensures that students will not see chapters with titles like ”Cost Functions“ or ”Short-Run Fluctuations“. They introduce tools and ideas as and when they are needed. Each chapter is designed with two goals. First, the application upon which the chapter is built provides a ”hook“ that gets students’ attention. Second, the application is a suitable vehicle a vehicle for teaching the principles of economics. 2. Learning through Repetition: Important tools appear over and over again, allowing students to learn from repetition and to see how one framework can be useful in many different contexts. Each piece of economic theory in this text is first introduced and explained in the context of a specific application. Most are re-used in other chapters, so students see them in action on multiple occasions. As students progress through the book, they accumulate a set of techniques and ideas. These are collected separately in a ”toolkit“ that provides students with an easy reference and also gives them a condensed summary of economic principles for examination preparation. 3. A Student’s Table of Contents vs. An Instructor’s Table of Contents: There is no further proof that Russell and Andrew have created a book aimed specifically at educating students about economics than their two tables of contents. The Student’s Table of Contents speaks to students, piquing their interest to involve them in the economics, and a Instructor’s Table of Contents with the economics to better help you organize your teaching—and frankly, you don’t need to get excited by economics, you already are.
Russell Cooper
Andrew John
Saylor Foundation
Economics
Principles of Macroeconomics
Welcome to Principles of Macroeconomics, an OpenStax College 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.
OpenStax College
Rice University
Textbook
Principles of MACROECONOMICS an Open Text
MACROECONOMICS
Principles of Macroeconomics provides complete, concise coverage of introductory macroeconomic theory and policy. It examines the Canadian economy as an economic system, and embeds current Canadian institutions and approaches to monetary policy and fiscal policy within that system. Particular attention is given to the recent structure, performance, and evolution of the Canadian economy, and to the current targets and instruments of Canadian monetary and fiscal policy. These are exciting and challenging times in which to study macroeconomics. We focus on shortrun macroeconomic performance, analysis, and policy motivated by the recessions of the early 1980s and 1990s, the financial crisis and recession of 2008-2009, and the prolonged recovery that is still incomplete in several industrial countries in 2017.
Douglas Curtis and Ian Irvine
Lyryx Learning .com