Macroeconomics is concerned with the economy as a whole. In macroeconomics, we develop an overall view of the economic system and we study total (or aggregate) economic behaviour. The emphasis is on topics such as total production, income and expenditure, economic growth, aggregate unemployment, the general price level, inflation and the balance of payments. Macroeconomics is therefore the world of totals. Understanding macroeconomics is a comprehensive introduction to macroeconomics, set against a contemporary South African background. The easy style and many practical examples make the content extremely accessible. The book covers all the material usually prescribed for introductory courses, and it lays a solid foundation for intermediate and advanced studies in economics. The emphasis is on the application of economic theory. A wealth of relevant information about the South African economy is also provided. A companion to this book, Understanding microeconomics, is also available.
Chapter 1 Basic concepts, relationships and issues
Chapter 2 Measuring the performance of the economy
Chapter 3 A simple Keynesian model of the economy
Chapter 4 The government and fiscal policy
Chapter 5 The foreign sector
Chapter 6 Money and monetary policy
Chapter 7 More on macroeconomic theory and policy
Chapter 8 Inflation
Chapter 9 Unemployment and the Phillips curve
Chapter 10 Economic growth and business cycles
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