Macroeconomics, which along with microeconomics forms one of the two most general fields of studies in economics, deals with an economy as a whole-national, regional and global. This textbook on macroeconomics in its second edition makes significant contribution to teaching and learning of the subject. Macroeconomics texts that are available present mathematical models and theories without using mathematics. Hence, students find it difficult to get a clear idea of the theories presented. Using elementary tools of school level mathematics, this book presents the theories mathematically and illustrates them diagrammatically. The purpose is to give the students a clear vision of the theories presented. Meanings of every equation, every expression and intuition of every result are clearly explained. Every mathematical step involved in the derivation of the results is fully explained. Upon reading this book, a student will learn how to construct a macroeconomic model mathematically, how to illustrate the solution of the model diagrammatically and how to carry out stability analysis and comparative static exercises mathematically and diagrammatically. The book presents both Keynesian and neoclassical macroeconomic theories lucidly, evaluates them in the light of real life experiences and makes a comparative assessment of the two schools of thought in macroeconomics. In this respect also, this book constitutes a unique contribution as a textbook of macroeconomics. KEY FEATURES Explains the concepts in an easy-to-understand language. Includes numerous exercises within the text as well as at the end of each chapter. Illustrates the concepts with the help of examples, figures and tables. NEW TO THE EDITION Chapters 3, 9 and 10 have been revised thoroughly to add new insights into the theories presented there. Some of the other chapters have also been revised to improve their quality and coverage. The data tables have also been updated to illustrate the applications of the theories using recent data. Solution hints have been added to most of the difficult problems. This book is intended mainly as a text for undergraduate and postgraduate students of Economics for their courses in Macroeconomics. Besides, students of management will also find the book immensely useful in acquiring fundamental knowledge of macroeconomics, which is crucial for making business decisions. TARGET AUDIENCE BA/B.Sc.-Economics on Macroeconomics. MA/M.Sc.-Economics on Macroeconomics. MBA-Most B-schools have a paper on Macroeconomics in their MBA programme. Preface PART I SUBSTANTIVE MACROECONOMICS 1. Introduction 2. National Income Accounting 3. Aggregate Demand and Determination of GDP 4. The Financial Sector, Money Supply and Interest Rates 5. IS-LM Model 6. Classical Theory 7. Complete Keynesian Model 8. The Real Sector and the Financial Sector 9. Consumption Function 10. Theories of Investment 11. Demand for Money PART II MACROECONOMICS GONE ASTRAY 12. New Classical and New Keynesian Theories 13. Modern Theories of Growth: A Critique Index About the Author CHANDANA GHOSH, Ph.D., is Assistant Professor at the Economic Research Unit, Indian Statistical Institute, Kolkata|AMBAR GHOSH, Ph.D., is Professor in the Economics Department of Jadavpur University, Kolkata. Formerly, he was Professor and Head of the Economics Department in both Presidency College and Presidency University, Kolkata. Besides, he has taught in many other institutions such as University of Calcutta, Indian Institute of Management Calcutta, as guest faculty. They have also jointly written books on Keynesian Macroeconomics beyond the IS-LM Model and An Introduction to Economics: Economic Theory and Society. For other books written by them jointly for PHI Learning, visit the 'Books by the same Author' section.
