Principles of Macroeconomics by Howard J. Sherman and Michael A. Meeropol differs from other texts in that this book stresses far more the inherent instability of the macro-economy. The details of the business cycle come early and are integrated throughout the core of usual macro topics (C, I, G, X). The book puts inflation into its proper perspective by recognising that unemployment is the much greater threat to the economic well being of the vast majority of the people. Instead unemployment and its human toll are given far greater emphasis than other texts. The Keynesian model is fully developed; so is the statistical analysis of Wesley Mitchell. The neoclassical model is covered in both its historical evolution and in its implications for current policy debates. Finally, there is strong coverage of the Euro-zone crisis and its linkages to the United States.
Howard Sherman Professor Emeritus of Economics, University of California, Riverside, and Visiting Scholar in Political Science, University of California, Los Angeles, USA. Michael Meeropol, Professor Emeritus of Economics, Western New England University, USA.
Part I: Basic Issues of Macroeconomics 1. What Is Macroeconomics? 2. Evolution of Capitalism 3. The Classical View of the Macro-Economy 4. The Keynesian Revolution 5. National Income Accounting 6. Classical and Keynesian Graphical Analysis 7. Introduction to Economic Growth 8. Introduction to Business Cycles Part II: Growth and Instability 9. Investment and Profit 10. The Multiplier 11. Employee Income and Profit 12. Consumer Spending 13. Credit and Interest 14. Housing Bubble and Financial Crisis 15. Government Spending, Taxes, and Deficits 16. The Trade Gap 17. Business Cycles Part III: The Global Macro-Economy 18. Globalization and the Spread of Instability 19. The Euro Zone and Currency Issues Part IV: Finance and Monetary Policy 20. Inflation 21. Monetary Policy and Financial Regulation 22. Debates over Monetary Policy Part V: Fiscal Policy and Full Employment 23. Fiscal Policy: How to Stimulate an Economy 24. Fiscal Policy: Austerians and Deficit Hawks vs. Stimulus 25. A Road to Full Employment