Macroeconomics, which along with microeconomics forms one of the two most general fields of economics, deals with the entire economy—national, regional and global economy. As macroeconomics encompasses the performance, structure, behaviour, and decision making of the whole economy, it impinges on the lives of all the people in a country and the world in general. This comprehensive and well-organized text strives to dwell on the multidimensional aspects of macroeconomics in such a fashion that the concepts are explained with great precision and clarity. The authors, Dr. Ambar Ghosh and Dr. Chandana Ghosh, with their expertise and their wealth of experience in teaching the subject, try to strike a balance in treatment of the subject. That is to say, the text is neither too heavily mathematical nor entirely bereft of mathematics—indeed, it gives the right mix of mathematics and theory.
The book discusses in detail Keynesian economics, which focuses on aggregate demand to explain levels of unemployment and the business cycle, as well as New Keynesian economics which is based on rational expectations and efficient markets. Under these two broad categories, the book covers such topics as national income accounting, aggregate demand and determination of GDP, and the IS-LM model. Besides, the text analyzes the Classical Theory dealing with aggregate supply, money market; the complete Keynesian model; and the consumption and investment functions. The book clearly explains and rejects new Classical and new Keynesian theories. The book concludes with a critique and rejection of modern theories of growth and the implications of growth for the economy.
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.
This book is intended mainly as a text for undergraduate and postgraduate students of Economics for their course in Macroeconomics. Besides, all those who wish to delve deeper into the complex yet fascinating subject of Macro-economics should find reading the book useful and rewarding.About the AuthorCHANDANA GHOSH, PhD, is Assistant Professor at the Economic Research Unit, Indian Statistical Institute, Kolkata. She has 22 years of teaching and research experience. Her areas of interest are Theory of Growth and Inequality, New Keynesian Economics, and Macro Problems of Indian Economy.|AMBAR GHOSH, PhD, is Professor of Economics, Jadavpur University, Kolkata. Earlier, he was Professor of Economics at Presidency College, Kolkata. Besides, he has taught at many other institutions such as University of Calcutta, Indian Institute of Management Calcutta, as guest faculty.
