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.
This second edition of Understanding macroeconomics is a comprehensive revision and restructuring of the first edition, but still against a contemporary South African background. The major changes include the following: the chapter on money has been expanded and moved forward, and the material on the Keynesian model has been consolidated in two separate chapters, instead of being spread over different chapters. There is also a greater emphasis on the role of monetary and fiscal policy.
New topics include the role of the ratings agencies and the notion of “radical economic transformation”. As in the first edition, the easy style and practical examples make the content extremely accessible. A wealth of relevant information about the South African economy is also provided.
A companion to this book, Understanding microeconomics, is also available.
Philip Mohr is a retired professor of economics.
Cecilia van Zyl is a senior lecturer in economics at the University of South Africa.
Anmar Pretorius is an associate professor of economics at North West University.
Chapter 1 Basic concepts, relationships and issues
Chapter 2 Money and monetary policy
Chapter 3 The government and fiscal policy
Chapter 4 The foreign sector
Chapter 5 Measuring the performance of the economy
Chapter 6 A simple Keynesian model of the economy
Chapter 7 The Keynesian model with a government and a foreign sector
Chapter 8 Fiscal and monetary policy in the Keynesian model
Chapter 9 More on macroeconomic theory and policy
Chapter 10 Inflation
Chapter 11 Unemployment and the Phillips curve
Chapter 12 Economic growth and business cycles
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