Already established as a seminal textbook on macroeconomics, the 20th edition of Macroeconomics continues to take the legacy forward with recent updates. This new edition presents the latest thinking of modern economists and emphasizes the analytical core of economics with particular attention to economic growth and analysis of market economics. The text is designed to cover syllabi requirements of graduates taking up macroeconomics. To enrich the book further for its Indian readers, Indian content has been added at relevant places to relate the concepts more specifically to the Indian context. This edition is a thoroughly updated version, and feedback from readers and academicians have been incorporated. The revised content with new sections and appendices captures the recent happenings in macroeconomics in India as well as globally. Salient Features: 1) Two central approaches of Keynesian economics followed to understand business cycles 2) Special emphasis on Neoclassical growth model for better comprehension of longer-term growth trends 3) Prominence given to advanced topics such as modern financial theory, real business cycles, and global public goods 4) Fresh end-of-chapter questions, with a special accent upon short problems that reinforce major concepts 5) Thoroughly updated Indian economic data across the chaptersAbout the AuthorThe Late PAUL A. SAMUELSON, founder of the renowned MIT graduate department of economics, was trained at the University of Chicago and Harvard. His many scientific writings brought him world fame at a young age, and in 1970 he was the first American to receive a Nobel Prize in economics. One of those rare scientists who could communicate with the lay public, Professor Samuelson wrote an economics column for Newsweek for many years and was economic adviser to President John F. Kennedy. He testified often before Congress and served as academic consultant to the Federal Reserve, the U.S. Treasury, and various private, nonprofit organizations. Professor Samuelson, between researches at MIT and tennis games, was a visiting professor at New York University. His six children (including triplet boys) have contributed 15 grandchildren. WILLIAM D. NORDHAUS is one of America?s eminent economists. Born in Albuquerque, New Mexico, he received his B.A. from Yale and his Ph.D. in economics at MIT. He is Sterling Professor of Economics at Yale University and on the staff of the Cowles Foundation for Research in Economics and the National Bureau of Economic Research. His research has spanned much of economics-including the environment, energy, technological change, economic growth, and trends in profits and productivity. In addition, Professor Nordhaus takes a keen interest in economic policy. He served as a member of President Carter?s Council of Economic Advisers from 1977 to 1979, serves on many government advisory boards and committees, and writes occasionally for The New York Review of Books and other periodicals. He regularly teaches the Principles of Economics course at Yale. Professor Nordhaus lives in New Haven, Connecticut, with his wife, Barbara. When not writing or teaching, he devotes his time to music, travel, skiing, and family. SUDIP CHAUDHURI was Professor of Economics at the Indian Institute of Management, Calcutta and then a Visiting Professor at the Centre for Development Studies, Trivandrum. He received his B.A. from Presidency College, Calcutta, M.A. from Calcutta University, and his Ph.D. from Jawaharlal Nehru University, New Delhi. He has been involved in researches on different aspects of the problems of industrialization of developing countries, particularly India. He did commission studies for various organizations, including the World Health Organization, Geneva, United Nations Development Programme, New York, the United Nations Industrial Development Organization, Vienna, the Reserve Bank of India and the Government of India. He has been