Macroeconomic Essentials, Second Edition

Macroeconomic Essentials, Second Edition

Understanding Economics in the News

By Peter E. Kennedy

This book offers a clear exposition of introductory macroeconomic theory along with more than 600 one- or two-sentence "news clips" that serve as illustrations and exercises.

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Summary

This book offers a clear exposition of introductory macroeconomic theory along with more than 600 one- or two-sentence "news clips" that serve as illustrations and exercises.

What do we want our students to be able to do upon completing an introductory course in macroeconomics—shift curves on diagrams or interpret media commentary on the economy? This book, an effort to lead students in the latter direction, offers a clear exposition of introductory macroeconomic theory along with more than 600 one- or two-sentence "news clips" that serve as illustrations and exercises. The author calls this approach "media economics" to distinguish it from the encyclopedic character of traditional texts. The book provides a guide to what the author calls the "really important" ideas of macroeconomics, with a strong connection to the real world. Thus many instructors will find the book suitable for use in courses enrolling business students. The method of presentation allows room for topics that are crucial for the interpretation of news commentary, but given inadequate coverage in traditional macroeconomics texts. Examples include the many roles of nominal versus real interest rates, and international phenomena such as purchasing power parity. Despite its nontechnical presentation, the material in the book is quite challenging for students; to answer questions based on the news clips, students must truly understand the economic concepts and apply problem-solving skills rather than rote learning. This text, unlike other economic texts, provides the student with a practical yet sophisticated grasp of the macroeconomic principles necessary to interpret media commentary. The second edition has been revised and updated throughout.

Hardcover

Out of Print ISBN: 9780262112512 432 pp. | 8 in x 9 in

Paperback

Out of Print ISBN: 9780262611503 432 pp. | 8 in x 9 in

Endorsements

  • Dr. Kennedy has written a second edition which embodies the essential principles of effective teaching. He focuses on the key topics that students need to know in order to be discerning media consumers, but he does not compromise the level at which he writes. He also provides plenty of examples and applications from the media that enable students to hone their skills.

    Philip K. Way

    Director, University Honors Scholars Program, University of Cincinnati

  • Kennedy offers an imaginative and creative approach for serious students to learn and understand macroeconomics. Rather than setting abstract theory as the purpose of learning, he uses short stories as they might appear in the day's news to teach how economic variables are affected by events. This is the book if you want a proven appraoch which invites active student participation to understand macroeconomic behavior as it enfolds day after day.

    Hirschel Kasper

    Professor of Economics, Oberlin College

  • This new edition exhibits the regular hallmarks of all of Peter Kennedy's instructional materials: direct, nontechnical language and presentations that are intellectually demanding; a careful focus on fundamental and enduring concepts, issues and applications; and a belief in, and systematic reliance on, intellectual curiosity and common-sense intuition as the bases for effective learning and teaching.

    Michael Watts

    Purdue University

  • Kennedy offers an imaginative and creative approach to helping serious students learn and understand macroeconomics. Instead of asking students to learn abstract theories, he offers short stories as they might appear in the day's news to teach how economic variables are affected by events. If you want a proven appraoch which invites active student participation in understanding macroeconomic behavior as it unfolds day by day, this is the book.

    Hirschel Kasper

    Professor of Economics, Oberlin College

  • This macroeconomics textbook reads as easily as a novel. The lucid text is backed-up with lively examples from the news, provocative discussion questions, and helpful exercises. No need to buy a seperate study guide.

    Charles R. Nelson

    Department of Economics, University of Washington

  • Kennedy's fresh, media-based appraoch to macroeconomics is a bell-ringer! His second edition emphasizes again, in example, how macroeconomics can be used to help interpret the often baffling changes in economic conditions and understand how these changes are reported in the media.

    W. Lee Hansen

    Professor Emeritus, Economics, University of Wisconsin-Madison