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now includes a new type of problem, identified by this logo
. When you visit the LaunchPad Web site at
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you will find a Work It Out tutorial. These online tutorials guide
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SCAN here for a sample
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M A C R O E C O N O M I C S
this page left intentionally blank
N. GREGORY MANKIW
Harvard University
NINTH EDITION
M A C R O E C O N O M I C S
A Macmillan Education Imprint
New York
Vice President, Content Management: Catherine Woods
Vice President, Editorial, Sciences, and Social Sciences: Charles Linsmeier
Publisher: Shani Fisher
Developmental Editor: Jane E. Tufts
Editorial Assistant: Carlos Marin
Marketing Manager: Thomas Digiano
Marketing Assistant: Alexander Kaufman
Media Editor: Lukia Kliossis
Director, Content Management Enhancement: Tracey Kuehn
Managing Editor: Lisa Kinne
Project Editor: Julio Espin
Photo Editor: Robin Fadool
Director of Design, Content Management: Diana Blume
Cover and Text Designer: Kevin Kall
Senior Production Supervisor: Paul Rohloff
Composition: TSI evolve, Inc.
Printing and Binding: RR Donnelley
Cover Art: Sharon Paster
Library of Congress Control Number: 2015935681
...
This book provides an in-depth treatment of the overlapping generations model in economics incorporating production. It analyzes competitive equilibria and dynamics, optimal allocations, and various policy issues. The first chapter investigates existence, uniqueness, and stability of equilibrium as well as capital dynamics. The second chapter analyzes optimality of allocations using value functions and conditions. Later chapters discuss policy issues like transfers, pensions, spending, and debt sustainability. The book emphasizes global dynamics, general preferences and technologies, and tools for policy analysis involving intergenerational transfers.
Roger LeRoy Miller, Daniel K. Benjamin - The Economics of Macro Issues-Pearso...RiyadhJack
This document provides information about an economics textbook titled "The Economics of Macro Issues" by authors Roger LeRoy Miller and Daniel K. Benjamin. It is the eighth edition of this textbook. The preface indicates that several chapters have been completely revised and updated for this new edition, including chapters on topics like the aging population, the disappearing middle class, the gig economy, cryptocurrencies, the Affordable Care Act, Brexit, and opposition to globalization. The preface explains that while economic facts may change over time, the economic analysis presented in the textbook does not change. It aims to teach readers how to analyze current macroeconomic issues based on predictable individual and business responses to changes in economic incentives and conditions.
Determinants of Economic growth in a panel of Asean and developing countries.pdfHanaTiti
This document provides a theoretical background on economic growth models. It discusses the neoclassical growth model developed by Solow (1956) and Swan (1956), which features diminishing returns to capital. It then discusses the emergence of endogenous growth theory in the 1980s, which treats factors like savings, fertility, and human capital as endogenous. Models by Romer (1986), Lucas (1988), and Rebelo (1991) found increasing returns from human capital accumulation. Later models highlighted the role of trade, institutions, and government policies in affecting long-term growth rates. Overall, the document traces the evolution of economic growth theory from exogenous to endogenous frameworks.
The document provides an introduction and executive summary of a briefing report on the new economics of sustainable development. It discusses:
1) The new economics movement aims to develop new ideas for organizing a sustainable economy in response to signs that continued industrial growth could lead to disaster. It brings a more radical perspective than mainstream views on sustainability.
2) The briefing aims to outline the background, principles, and key policy implications of the new economics, and their connection to sustainable development. It indicates their application to important policy fields and framework policies to promote sustainability.
3) Governments and agencies will face increasing pressure to align their policies with sustainability, through systemic and synergistic policies rather than fragmented approaches. As the new economics perspective
for Mankiw, MACROECONOMICS, Ninth Editionhttpwww.ma.docxAKHIL969626
for Mankiw, MACROECONOMICS, Ninth Edition
http://www.macmillanhighered.com/launchpad/mankiw9e
LaunchPad makes preparing for class and studying for exams
more efficient and effective. Everything you need is right here
in one convenient location—a complete interactive e-Book,
all interactive study tools, and several ways to assess your
understanding of concepts. Surveys* show that LaunchPad
helps students in many ways.
This game-like quizzing system helps you focus your study time
where it’s needed most. Quizzes adapt to correct and incorrect
answers, give you instant feedback, and provide a learning path
unique to your needs, including individualized follow-up quizzes
that help build skills in areas that need more attention.
LaunchPad logo suite 1
*Surveys were conducted by Macmillan Education.
http://www.macmillanhighered.com/launchpad/mankiw9e
Problem-Solving Help: Work It Out Tutorials
The Problems and Applications section in most core chapters
now includes a new type of problem, identified by this logo
. When you visit the LaunchPad Web site at
http://www.macmillanhighered.com/launchpad/mankiw9e
you will find a Work It Out tutorial. These online tutorials guide
you step-by-step through the process of applying economic
analysis to solve a problem similar to the end-of-chapter
problems found in the text. The Work It Out tutorials feature
specific feedback and video explanations to provide you with
interactive assistance. You can then use this knowledge to
complete your homework.
SCAN here for a sample
Work It Out problem
[http://qrs.ly/gp4j3e1]
LaunchPad logo suite 1
and Build Success!
You’ll find LaunchPad even more effective when used with
LearningCurve. Surveyed students overwhelmingly recommend
both, and we encourage you to try them out. Tell us about your
experience using LaunchPad at [email protected]
http://www.macmillanhighered.com/launchpad/mankiw9e
http://bcs.worthpublishers.com/WebPub/Economics/mankiw9e/qr_codes/mankiw9e_wio_sample.html
M A C R O E C O N O M I C S
this page left intentionally blank
N. GREGORY MANKIW
Harvard University
NINTH EDITION
M A C R O E C O N O M I C S
A Macmillan Education Imprint
New York
Vice President, Content Management: Catherine Woods
Vice President, Editorial, Sciences, and Social Sciences: Charles Linsmeier
Publisher: Shani Fisher
Developmental Editor: Jane E. Tufts
Editorial Assistant: Carlos Marin
Marketing Manager: Thomas Digiano
Marketing Assistant: Alexander Kaufman
Media Editor: Lukia Kliossis
Director, Content Management Enhancement: Tracey Kuehn
Managing Editor: Lisa Kinne
Project Editor: Julio Espin
Photo Editor: Robin Fadool
Director of Design, Content Management: Diana Blume
Cover and Text Designer: Kevin Kall
Senior Production Supervisor: Paul Rohloff
Composition: TSI evolve, Inc.
Printing and Binding: RR Donnelley
Cover Art: Sharon Paster
Library of Congress Control Number: 2015935681
...
This book provides an in-depth treatment of the overlapping generations model in economics incorporating production. It analyzes competitive equilibria and dynamics, optimal allocations, and various policy issues. The first chapter investigates existence, uniqueness, and stability of equilibrium as well as capital dynamics. The second chapter analyzes optimality of allocations using value functions and conditions. Later chapters discuss policy issues like transfers, pensions, spending, and debt sustainability. The book emphasizes global dynamics, general preferences and technologies, and tools for policy analysis involving intergenerational transfers.
Roger LeRoy Miller, Daniel K. Benjamin - The Economics of Macro Issues-Pearso...RiyadhJack
This document provides information about an economics textbook titled "The Economics of Macro Issues" by authors Roger LeRoy Miller and Daniel K. Benjamin. It is the eighth edition of this textbook. The preface indicates that several chapters have been completely revised and updated for this new edition, including chapters on topics like the aging population, the disappearing middle class, the gig economy, cryptocurrencies, the Affordable Care Act, Brexit, and opposition to globalization. The preface explains that while economic facts may change over time, the economic analysis presented in the textbook does not change. It aims to teach readers how to analyze current macroeconomic issues based on predictable individual and business responses to changes in economic incentives and conditions.
Determinants of Economic growth in a panel of Asean and developing countries.pdfHanaTiti
This document provides a theoretical background on economic growth models. It discusses the neoclassical growth model developed by Solow (1956) and Swan (1956), which features diminishing returns to capital. It then discusses the emergence of endogenous growth theory in the 1980s, which treats factors like savings, fertility, and human capital as endogenous. Models by Romer (1986), Lucas (1988), and Rebelo (1991) found increasing returns from human capital accumulation. Later models highlighted the role of trade, institutions, and government policies in affecting long-term growth rates. Overall, the document traces the evolution of economic growth theory from exogenous to endogenous frameworks.
The document provides an introduction and executive summary of a briefing report on the new economics of sustainable development. It discusses:
1) The new economics movement aims to develop new ideas for organizing a sustainable economy in response to signs that continued industrial growth could lead to disaster. It brings a more radical perspective than mainstream views on sustainability.
2) The briefing aims to outline the background, principles, and key policy implications of the new economics, and their connection to sustainable development. It indicates their application to important policy fields and framework policies to promote sustainability.
3) Governments and agencies will face increasing pressure to align their policies with sustainability, through systemic and synergistic policies rather than fragmented approaches. As the new economics perspective
Introduction to EconometricsAbelBernankeCrous.docxvrickens
Introduction
to Econometrics
Abel/Bernanke/Croushore
Macroeconomics*
Bade/Parkin
Foundations of Economics*
Berck/Helfand
The Economics of the Environment
Bierman/Fernandez
Game Theory with Economic
Applications
Blanchard
Macroeconomics*
Blau/Ferber/Winkler
The Economics of Women, Men, and
Work
Boardman/Greenberg/Vining/Weimer
Cost-Benefit Analysis
Boyer
Principles of Transportation Economics
Branson
Macroeconomic Theory and Policy
Bruce
Public Finance and the American
Economy
Carlton/Perloff
Modern Industrial Organization
Case/Fair/Oster
Principles of Economics*
Chapman
Environmental Economics: Theory,
Application, and Policy
Cooter/Ulen
Law & Economics
Daniels/VanHoose
International Monetary & Financial
Economics
Downs
An Economic Theory of Democracy
Ehrenberg/Smith
Modern Labor Economics
Farnham
Economics for Managers
Folland/Goodman/Stano
The Economics of Health and
Health Care
Fort
Sports Economics
Froyen
Macroeconomics
Fusfeld
The Age of the Economist
Gerber
International Economics*
González-Rivera
Forecasting for Economics and Business
Gordon
Macroeconomics*
Greene
Econometric Analysis
Gregory
Essentials of Economics
Gregory/Stuart
Russian and Soviet Economic
Performance and Structure
Hartwick/Olewiler
The Economics of Natural Resource Use
Heilbroner/Milberg
The Making of the Economic Society
Heyne/Boettke/Prychitko
The Economic Way of Thinking
Holt
Markets, Games, and Strategic Behavior
Hubbard/O’Brien
Economics*
Money, Banking, and the Financial
System*
Hubbard/O’Brien/Rafferty
Macroeconomics*
Hughes/Cain
American Economic History
Husted/Melvin
International Economics
Jehle/Reny
Advanced Microeconomic Theory
Johnson-Lans
A Health Economics Primer
Keat/Young/Erfle
Managerial Economics
Klein
Mathematical Methods for Economics
Krugman/Obstfeld/Melitz
International Economics: Theory & Policy*
Laidler
The Demand for Money
Leeds/von Allmen
The Economics of Sports
Leeds/von Allmen/Schiming
Economics*
Lynn
Economic Development: Theory and
Practice for a Divided World
Miller
Economics Today*
Understanding Modern Economics
Miller/Benjamin
The Economics of Macro Issues
Miller/Benjamin/North
The Economics of Public Issues
Mills/Hamilton
Urban Economics
Mishkin
The Economics of Money, Banking, and
Financial Markets*
The Economics of Money, Banking, and
Financial Markets, Business School Edition*
Macroeconomics: Policy and Practice*
Murray
Econometrics: A Modern Introduction
O’Sullivan/Sheffrin/Perez
Economics: Principles, Applications, and
Tools*
Parkin
Economics*
Perloff
Microeconomics*
Microeconomics: Theory and
Applications with Calculus*
Perloff/Brander
Managerial Economics and Strategy*
Phelps
Health Economics
Pindyck/Rubinfeld
Microeconomics*
Riddell/Shackelford/
Stamos/Schneider
Economics: A Tool for Critically
Understanding Society
Roberts
The Choice: A Fable of Free Trade and
Protection
Rohlf
Introduction to Economic Reasoning
Roland
Development Ec ...
Corruption and economic development in the Peoples Republic of CCollin Glenn
This document discusses corruption and economic development in China. It provides an overview of China's economic reforms since 1978 that have led to rapid growth. As the economy transitioned, opportunities for corruption increased. Corruption has taken both implicit and explicit forms. Some argue corruption undermines development while others say it can "grease wheels". The paper will analyze the relationship between corruption and economic indicators in China from 1995-2005.
Global problems and the culture of capitalism tharnit1
This document is the table of contents for the 6th edition of the textbook "Global Problems and the Culture of Capitalism" by Richard H. Robbins. It lists the chapter titles and provides a brief overview of the topics and issues covered in each part and chapter of the book, including the construction of consumers and labor, the rise of merchants, industrialists and financiers, the role of the nation-state, and the global impacts of capitalism such as population growth, poverty, the environment and health. The textbook examines these topics from a critical perspective on the economic system of capitalism.
FINAL REFLECTIVE NARRATIVE SUMMARYSTUDENT NAMEEMPLOYER (COM.docxlmelaine
This document is a student's final reflective narrative summary from their practicum experience. It includes the student's name, employer/company, position/title, and a brief job description. The majority of the document consists of questions for the student to reflect on how their experience changed or reinforced their views on course material and how their abilities changed. They are asked to discuss what they learned, what more they want to learn, and how the experience benefited their career or personal goals. The final section includes spaces for the student and supervisor to verify the content and sign off on the document.
Solution Manual for Microeconomics, 17th edition by Christopher T.S. Ragan C...Donc Test
Solution Manual for Microeconomics, 17th edition by Christopher T.S. Ragan Complete Verified Chapter's.docx
Solution Manual for Microeconomics, 17th edition by Christopher T.S. Ragan Complete Verified Chapter's.docx
Solution Manual for Microeconomics, 17th edition by Christopher T.S. Ragan C...mwangimwangi222
Solution Manual for Microeconomics, 17th edition by Christopher T.S. Ragan Complete Verified Chapter's.docx
Solution Manual for Microeconomics, 17th edition by Christopher T.S. Ragan Complete Verified Chapter's.docx
Solution Manual for Microeconomics, 17th edition by Christopher T.S. Ragan Complete Verified Chapter's.docx
Latin America has been strongly affected by the international crisis and recession since late 2008. In comparison to historical experience, how has Latin America coped with the global crisis, which has been the role of different transmission mechanisms, and how have the region's structural and policy conditions affected its sensitivity to foreign shocks? Moreover, what policies can protect the region better from world crises and shocks, and to which extent should it rely on a strategy of close trade and financial integration into a world economy punctuated by shocks and crises? This paper addresses the latter questions in three steps. First, by assessing empirically the sensitivity of growth in the region's seven major economies during 1990-2009 to large number of structural and cyclical factors, based on high-frequency panel-data estimations. Second, by using the latter results to decompose the amplitude of GDP reductions in both recessions according to the individual and combined contribution of the different growth factors. Third, to derive the main implications of the results for the choice of macroeconomic regimes and development strategies.
Authored by: Vittorio Corbo and Klaus Schmidt-Hebbel
Published in 2011
Media Censorship Essay | GEH1061 - Representation and Media - NUS .... Censorship essay (2). Censorship in Media by Terence J. Grant. What is a Censorship Essay? - FreeEducator.com. television censorship essay | Censorship | Obscenity.
This document summarizes a World Bank report on the political economy of policy reform. It discusses how understanding power dynamics and stakeholder interests is important for effective engagement in policy dialogue. It presents a framework that combines diagnostic analysis of the reform context, arena, and process with a typology of actions. The framework aims to help development practitioners navigate complex political economies and translate analytical findings into more sustainable reform processes. The report is based on case studies of World Bank involvement in agricultural liberalization and water/sanitation public-private partnerships in various countries. It seeks to capture lessons learned about navigating political economic risks and facilitating reform with stakeholder commitment.
Today’s economic and political upheavals reflect an ongoing misalignment between business and economies (on the one hand) and acceptable societal outcomes (on the other). There is still time to adjust, if we are willing to reexamine some long-held assumptions.
Networks, Clusters and Ecosystems: Taking Regions to the Next Level with Open...Ed Morrison
This document explores how the Purdue Agile Strategy Lab has developed a portfolio of tools, frameworks and approaches to developing clusters and ecosystems with open innovation.
Networks, Clusters and Ecosystems: Taking Regional Innovation to a New LevelEd Morrison
This document provides an overview of networks, clusters, and ecosystems and how they are important for building shared prosperity. Some key points:
- Networks, clusters, and ecosystems are becoming central to building economies based on shared prosperity as knowledge and collaboration become more important.
- Regions, communities, and companies must "jump the curve" and shift to new ways of thinking, behaving, and working together in networks to prosper in this new environment.
- Ecosystems can be developed to encourage startup companies through initiatives like incubators and accelerators, or support innovation in existing companies through open innovation and transforming internal practices.
This document summarizes two theoretical perspectives - classical political economy and neoclassical marginalism - and how they provide conflicting explanations for accounting information like profit figures. It then describes an empirical case study of a UK mining company in Africa over 46 years divided into three periods. Income statements for each period show changing distributions of income that correlate with changing social and political conditions, supporting the classical view that accounting numbers reflect power relations rather than marginal productivity. The document argues this challenges the marginalist foundations of much accounting theory.
Alternative financing for culture ACTION PLAN 2014-2015Olena Pravylo
This document summarizes a workshop on alternative financing for culture held in Minsk, Belarus in October 2014. It identifies the problem of inefficient cultural financing systems and maps out the causes and effects. The workshop's goal is to create an efficient cultural financing system. Solutions are presented through an objectives tree, including outcomes like increased knowledge, understanding of democratic reality, and legislation fitting social development levels. Next steps include forming a research team to analyze alternative funding models and develop an implementation strategy and action plan by March 2015.
_Classic Theories of Economic Growth and Development .pdfLeandraLeiCaalita
EVERY NATIONS
STRIVE FOR DEVELOPMENT
But economic progress is not the only component
DEVELOPMENT > material and financial
Widespread realization = national context + international economic + social system
Political EconomicApproachesto DevelopmentPolitical Economy Spring 202.docxlarry345678
Political Economic Approaches to Development
Political Economy Spring 2020
What is Development?
How should we define development?
Quality of Life
Urbanization
Level of Manufacturing
GDP
Energy Consumption
Median Household Income
Education
Level of Technology
Why Does Development Matter
The absolute find themselves in conditions degraded by disease, illiteracy, malnutrition, and squalor denying them the basic human necessities.
Robert McNamara
½ the world population l (3 billion) live on less than $2.50/day
1.3 billion live on less than $1.25/day
5 stages of Development WW. Rostow
Is Development Inevitable?
Does development naturally follow:
Efficiency
Specialization
Surplus/Savings/Investment
Increased Productivity/Innovation
Trade
Consumption
Internal Barriers to Development
Inequality in income/wealth, especially when tied to racial, cultural, or other social divisions
Poor Infrastructure
Roads, Ports, Electricity, Water/Sanitation, Communication/Wireless
Quality of Financial Institutions
Availability of Savings, Credit, Investment
Poor Education System
Lack of Security
Lack of Natural Resources
Lack of Political Freedoms
Corruption/patronage
Market Failures
Geography/Bad Neighbors
External Barriers to Development
Multinational or Transnational Corporations (MNC/TNC) control of resources
Bad Deals
International Division of Labor
International Trade Patterns and Practices
WTO
Regional Trade Blocks
EU
TPP
NAFTA/UMCA
Institutional Change and Development
What institutions are needed to manage economic development?
Legal System
Pubic Works/Infrastructure
Public Health
Birth of new Institutions
Financial Sector
Banks
Stock Markets
Insurance Companies
Regulation
What is the Appropriate
Role of the State?
5 stages of Development WW. Rostow
Varieties of Paths to Development – Washington Consensus
Free Market/Free Trade
Low government borrowing. The idea was to discourage developing economies from having high fiscal deficits relative to their GDP.
Diversion of public spending from subsidies to important long-term growth supporting sectors like primary education, primary healthcare, and infrastructure.
Implementing tax reform policies to broaden the tax base and adopt moderate marginal tax rates.
Selecting interest rates that are determined by the market. These interest rates should be positive after taking inflation into account.
Encouraging competitive exchange rates through freely-floating currency exchange.
Adoption of free trade policies. This would result in the liberalization of imports, removing trade barriers such as tariffs and quotas.
Relaxing rules on foreign direct investment.
The privatization of state enterprises. Typically, in developing countries, these industries include railway, oil, and gas.
The eradication of regulations and policies that restrict competition or add unnecessary barriers to entry.
Development of property rights.
Varieties of Paths to Development – Beijing Consensus
Free Market With Chinese Characteristi.
This dissertation examines the relationship between financial deregulation, partisan politics, and economic inequality in the United States from 1914 to 2012. Using time-series regression analysis and process-tracing of legislative debates, it analyzes how deregulation of the financial sector impacted market-based income inequality. It finds that deregulation increased income shares for the top 0.01% and top 5% of earners. Process-tracing shows that both political parties converged in the 1980s-1990s behind neoliberal ideology, supporting deregulation through laws like the Riegle-Neal Act and Gramm-Leach-Bliley Act despite risks of rising inequality. The study aims to better understand how government policy shapes financial markets and economic well-
This document provides an overview of the scope and method of economics. It discusses why economics is studied, including to learn a way of thinking, understand society and global affairs, and be an informed citizen. It outlines the key fields of microeconomics and macroeconomics and various subfields of economics. It also explains the difference between positive and normative economics and how economics uses theories and models to understand relationships between economic variables.
One of the most common used risk management tools is the Incident Re.docxAKHIL969626
One of the most common used risk management tools is the Incident Reporting.
More recently, incident Reporting system incorporated computer technology that will provide information like:
1. Major incident category.
2. Early identification of patterns and trends in the "how" and "why" of untoward events.
3. Code vulnerability inductors.
Discuss the potential benefits to use this technology. There is any Limitation for the system? Explain.
.
One of the first anthropologists to examine religion in Africa was E.docxAKHIL969626
Edward Evans-Pritchard was one of the first anthropologists to study religion in Africa in the early 1900s. He learned about the religious beliefs of the Azande people by studying them in the documentary "Strange Beliefs: Sir Edward Evans-Pritchard". The video shows that the Azande explain unfortunate events as being caused by witchcraft and sorcery, and conduct rituals to counter these influences.
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Solution Manual for Microeconomics, 17th edition by Christopher T.S. Ragan C...Donc Test
Solution Manual for Microeconomics, 17th edition by Christopher T.S. Ragan Complete Verified Chapter's.docx
Solution Manual for Microeconomics, 17th edition by Christopher T.S. Ragan Complete Verified Chapter's.docx
Solution Manual for Microeconomics, 17th edition by Christopher T.S. Ragan C...mwangimwangi222
Solution Manual for Microeconomics, 17th edition by Christopher T.S. Ragan Complete Verified Chapter's.docx
Solution Manual for Microeconomics, 17th edition by Christopher T.S. Ragan Complete Verified Chapter's.docx
Solution Manual for Microeconomics, 17th edition by Christopher T.S. Ragan Complete Verified Chapter's.docx
Latin America has been strongly affected by the international crisis and recession since late 2008. In comparison to historical experience, how has Latin America coped with the global crisis, which has been the role of different transmission mechanisms, and how have the region's structural and policy conditions affected its sensitivity to foreign shocks? Moreover, what policies can protect the region better from world crises and shocks, and to which extent should it rely on a strategy of close trade and financial integration into a world economy punctuated by shocks and crises? This paper addresses the latter questions in three steps. First, by assessing empirically the sensitivity of growth in the region's seven major economies during 1990-2009 to large number of structural and cyclical factors, based on high-frequency panel-data estimations. Second, by using the latter results to decompose the amplitude of GDP reductions in both recessions according to the individual and combined contribution of the different growth factors. Third, to derive the main implications of the results for the choice of macroeconomic regimes and development strategies.
Authored by: Vittorio Corbo and Klaus Schmidt-Hebbel
Published in 2011
Media Censorship Essay | GEH1061 - Representation and Media - NUS .... Censorship essay (2). Censorship in Media by Terence J. Grant. What is a Censorship Essay? - FreeEducator.com. television censorship essay | Censorship | Obscenity.
This document summarizes a World Bank report on the political economy of policy reform. It discusses how understanding power dynamics and stakeholder interests is important for effective engagement in policy dialogue. It presents a framework that combines diagnostic analysis of the reform context, arena, and process with a typology of actions. The framework aims to help development practitioners navigate complex political economies and translate analytical findings into more sustainable reform processes. The report is based on case studies of World Bank involvement in agricultural liberalization and water/sanitation public-private partnerships in various countries. It seeks to capture lessons learned about navigating political economic risks and facilitating reform with stakeholder commitment.
Today’s economic and political upheavals reflect an ongoing misalignment between business and economies (on the one hand) and acceptable societal outcomes (on the other). There is still time to adjust, if we are willing to reexamine some long-held assumptions.
Networks, Clusters and Ecosystems: Taking Regions to the Next Level with Open...Ed Morrison
This document explores how the Purdue Agile Strategy Lab has developed a portfolio of tools, frameworks and approaches to developing clusters and ecosystems with open innovation.
Networks, Clusters and Ecosystems: Taking Regional Innovation to a New LevelEd Morrison
This document provides an overview of networks, clusters, and ecosystems and how they are important for building shared prosperity. Some key points:
- Networks, clusters, and ecosystems are becoming central to building economies based on shared prosperity as knowledge and collaboration become more important.
- Regions, communities, and companies must "jump the curve" and shift to new ways of thinking, behaving, and working together in networks to prosper in this new environment.
- Ecosystems can be developed to encourage startup companies through initiatives like incubators and accelerators, or support innovation in existing companies through open innovation and transforming internal practices.
This document summarizes two theoretical perspectives - classical political economy and neoclassical marginalism - and how they provide conflicting explanations for accounting information like profit figures. It then describes an empirical case study of a UK mining company in Africa over 46 years divided into three periods. Income statements for each period show changing distributions of income that correlate with changing social and political conditions, supporting the classical view that accounting numbers reflect power relations rather than marginal productivity. The document argues this challenges the marginalist foundations of much accounting theory.
Alternative financing for culture ACTION PLAN 2014-2015Olena Pravylo
This document summarizes a workshop on alternative financing for culture held in Minsk, Belarus in October 2014. It identifies the problem of inefficient cultural financing systems and maps out the causes and effects. The workshop's goal is to create an efficient cultural financing system. Solutions are presented through an objectives tree, including outcomes like increased knowledge, understanding of democratic reality, and legislation fitting social development levels. Next steps include forming a research team to analyze alternative funding models and develop an implementation strategy and action plan by March 2015.
_Classic Theories of Economic Growth and Development .pdfLeandraLeiCaalita
EVERY NATIONS
STRIVE FOR DEVELOPMENT
But economic progress is not the only component
DEVELOPMENT > material and financial
Widespread realization = national context + international economic + social system
Political EconomicApproachesto DevelopmentPolitical Economy Spring 202.docxlarry345678
Political Economic Approaches to Development
Political Economy Spring 2020
What is Development?
How should we define development?
Quality of Life
Urbanization
Level of Manufacturing
GDP
Energy Consumption
Median Household Income
Education
Level of Technology
Why Does Development Matter
The absolute find themselves in conditions degraded by disease, illiteracy, malnutrition, and squalor denying them the basic human necessities.
Robert McNamara
½ the world population l (3 billion) live on less than $2.50/day
1.3 billion live on less than $1.25/day
5 stages of Development WW. Rostow
Is Development Inevitable?
Does development naturally follow:
Efficiency
Specialization
Surplus/Savings/Investment
Increased Productivity/Innovation
Trade
Consumption
Internal Barriers to Development
Inequality in income/wealth, especially when tied to racial, cultural, or other social divisions
Poor Infrastructure
Roads, Ports, Electricity, Water/Sanitation, Communication/Wireless
Quality of Financial Institutions
Availability of Savings, Credit, Investment
Poor Education System
Lack of Security
Lack of Natural Resources
Lack of Political Freedoms
Corruption/patronage
Market Failures
Geography/Bad Neighbors
External Barriers to Development
Multinational or Transnational Corporations (MNC/TNC) control of resources
Bad Deals
International Division of Labor
International Trade Patterns and Practices
WTO
Regional Trade Blocks
EU
TPP
NAFTA/UMCA
Institutional Change and Development
What institutions are needed to manage economic development?
Legal System
Pubic Works/Infrastructure
Public Health
Birth of new Institutions
Financial Sector
Banks
Stock Markets
Insurance Companies
Regulation
What is the Appropriate
Role of the State?
5 stages of Development WW. Rostow
Varieties of Paths to Development – Washington Consensus
Free Market/Free Trade
Low government borrowing. The idea was to discourage developing economies from having high fiscal deficits relative to their GDP.
Diversion of public spending from subsidies to important long-term growth supporting sectors like primary education, primary healthcare, and infrastructure.
Implementing tax reform policies to broaden the tax base and adopt moderate marginal tax rates.
Selecting interest rates that are determined by the market. These interest rates should be positive after taking inflation into account.
Encouraging competitive exchange rates through freely-floating currency exchange.
Adoption of free trade policies. This would result in the liberalization of imports, removing trade barriers such as tariffs and quotas.
Relaxing rules on foreign direct investment.
The privatization of state enterprises. Typically, in developing countries, these industries include railway, oil, and gas.
The eradication of regulations and policies that restrict competition or add unnecessary barriers to entry.
Development of property rights.
Varieties of Paths to Development – Beijing Consensus
Free Market With Chinese Characteristi.
This dissertation examines the relationship between financial deregulation, partisan politics, and economic inequality in the United States from 1914 to 2012. Using time-series regression analysis and process-tracing of legislative debates, it analyzes how deregulation of the financial sector impacted market-based income inequality. It finds that deregulation increased income shares for the top 0.01% and top 5% of earners. Process-tracing shows that both political parties converged in the 1980s-1990s behind neoliberal ideology, supporting deregulation through laws like the Riegle-Neal Act and Gramm-Leach-Bliley Act despite risks of rising inequality. The study aims to better understand how government policy shapes financial markets and economic well-
This document provides an overview of the scope and method of economics. It discusses why economics is studied, including to learn a way of thinking, understand society and global affairs, and be an informed citizen. It outlines the key fields of microeconomics and macroeconomics and various subfields of economics. It also explains the difference between positive and normative economics and how economics uses theories and models to understand relationships between economic variables.
Similar to Find more at httpwww.downloadslide.comhttpwww.downlo.docx (20)
One of the most common used risk management tools is the Incident Re.docxAKHIL969626
One of the most common used risk management tools is the Incident Reporting.
More recently, incident Reporting system incorporated computer technology that will provide information like:
1. Major incident category.
2. Early identification of patterns and trends in the "how" and "why" of untoward events.
3. Code vulnerability inductors.
Discuss the potential benefits to use this technology. There is any Limitation for the system? Explain.
.
One of the first anthropologists to examine religion in Africa was E.docxAKHIL969626
Edward Evans-Pritchard was one of the first anthropologists to study religion in Africa in the early 1900s. He learned about the religious beliefs of the Azande people by studying them in the documentary "Strange Beliefs: Sir Edward Evans-Pritchard". The video shows that the Azande explain unfortunate events as being caused by witchcraft and sorcery, and conduct rituals to counter these influences.
One of the most important concepts in clinical practice and group wo.docxAKHIL969626
One of the most important concepts in clinical practice and group work is confidentiality. All members of the group sign an informed consent form in order to address the rules and parameters of the group sessions. The rules regarding confidentiality are stated in one section of the form. Although every member must sign this agreement, ensuring that all information shared in the group remains confidential can be difficult. As the group leader, the clinical social worker is responsible for developing strategies so that all members feel safe to share.
For this Discussion, review the “Working With Groups: Latino Patients Living With HIV/AIDS” case study.
By Day 3
Post
strategies you might prefer to use to ensure confidentiality in a treatment group for individuals living with HIV/AIDS. Describe how informed consent addresses confidentiality in a group setting. How does confidentiality in a group differ from confidentiality in individual counseling? Also, discuss how you would address a breach of confidentiality in the group.
Required Readings
Plummer, S.-B., Makris, S., & Brocksen, S. M. (Eds.). (2014).
Social work case studies: Concentration year
. Baltimore, MD: Laureate International Universities Publishing [Vital Source e-reader].
“Working With Groups: Latino Patients Living With HIV/AIDS” (pp. 39–41)
Toseland, R. W., & Rivas, R. F. (2017). An introduction to group work practice (8th ed.). Boston, MA: Pearson.
Chapter 11, “Task Groups: Foundation Methods” (pp. 336-363)
Chapter 12, “Task Groups: Specialized Methods” (pp. 364–395)
Himalhoch, S., Medoff, D. R., & Oyeniyi, G. (2007). Efficacy of group psychotherapy to reduce depressive symptoms among HIV-infected individuals: A systematic review and meta-analysis.
AIDS Patient Care and STDs,
21
(10), 732–739
Lasky, G. B., & Riva, M. T. (2006). Confidentiality and privileged communication in group psychotherapy.
International Journal of Group Psychotherapy
,
56
(4), 455–476.
Toseland, R. W., & Rivas, R. F. (2017).
An introduction to group work practice
(8th ed.). Boston, MA: Pearson.
Chapter 1, “Introduction” (pp. 1–42)
Chapter 2, “Historical and Theoretical Developments” (pp. 45–66)
Working With Groups:
Latino
Patients Living
WithHIV/AIDS
The support group discussed here was created to address the unique needs of a vulnerable population receiving services at an outpatient interdisciplinary comprehensive care center. The center’s mission was to provide medical and psychosocial services to adult patients living with HIV/AIDS (PLWH). Both patients and providers at the center expressed a need for a group to address the needs of the center’s Latino population. At the time the group was created, 36% of the center’s population identified as Latino, and 25% of this cohort identified Spanish as their primary language. The purpose of the group was twofold: 1) to reduce the social isolation felt by Latino patients at the center and 2) to create a culturally sensitive environm.
One function of a leader is to provide the vision for the organizati.docxAKHIL969626
One function of a leader is to provide the vision for the organization that they lead. Being a role model and leading the way forward are important aspects of leadership.
If you were leading an Internet retailer or another organization that involves innovative technology and organizational flexibility, describe the process that you would use to create a vision for the organization.
How would you get the employees involved in the vision?
Describe how the process would differ between an Internet retailer and a brick and mortar retailer.
.
One could argue that old-fashioned attitudes regarding gender and t.docxAKHIL969626
One could argue that old-fashioned attitudes regarding gender and "traditional" gender roles are becoming obsolete. In many parts of the world women head major corporations and hold high positions of power—positions historically seen as being of the male domain. In turn, many men freely choose to be "stay-at-home-dads" or enter professions that were once considered to be "feminine." Naturally, our contemporary views of gender and gender roles illustrate the social progress we have made as one human culture.
Yet, prehistoric and ancient works of art tell a different story—one that reinforces old-fashioned gender roles (and maybe for good reason). Prehistoric and ancient representations of gender illustrate the social norms of their periods. Naturally, these works of art were produced by people whose lives and values were quite different from ours. Yet, the views of gender presented by these works of art are, despite our contemporary sensibilities, are still very recognizable.
Write an essay that analyzes the representation of gender and gender roles as seen in
Woman of Willendorf
(prehistoric: c. 25,000–20,000 B.C.E.) and
Kouros
/
Statue of Standing Youth
(ancient Greece: c. 580 B.C.E.).
.
One of the hallmarks of qualitative research is writing detailed obs.docxAKHIL969626
One of the hallmarks of qualitative research is writing detailed observations when collecting data. For this assignment, take a notebook with you to a public setting where social interaction takes place (restaurant, public library, public park, shopping mall, airport, etc.). Observe for an hour, then write up your notes into a descriptive vignette, looking for patterns in events and actions.
Observe as though you are a stranger in a new country, trying to make sense of the action around you. Describe how things look, smell, sound, feel, etc. Be as descriptive as possible. Write up your observations into a vignette with the intention of having readers feel as though they are in the environment you choose to observe. Do not be shy to talk to people and ask what they are doing for more information.
REMEMBER to concentrate on observing the
context
only (NO PERSONAL OPINIONS)! This paper should be no longer than 3 pages double-spaced. There is going to be follow-up with this assignment in Module 8.
Assignment Specifics:
· Student will write a 3 double-spaced reflective paper.
· Citations from any of the required reading/presentations from the assigned module
· APA format
.
One of the three main tenants of information security is availabilit.docxAKHIL969626
One of the three main tenants of information security is availability. It is also one of the least thought about. Explain the importance of availability? Do you believe it should be more important than the other two tenants (confidentiality/integrity)? Why is it important to know the value of your data when it comes to availability?
Requirements:
Initial posting by Wednesday
Reply to at least 2 other classmates by Sunday (Post a response on different days throughout the week)
Provide a minimum of 3 references on the initial post and on any response posts.
Proper APA Format (References & Citations)/No plagiarism
.
One of the challenges in group problem solving is identifying the ac.docxAKHIL969626
This document discusses identifying the actual problem in group problem solving. It notes that groups often try to fix symptoms instead of the underlying problem. Readers are asked to review an attached scenario, identify the problem in a short statement, and explain why their identified problem is the root cause rather than a symptom.
One is the personal plot that unfolds around the relationships betwe.docxAKHIL969626
This document discusses the two main plots in Shakespeare's play Othello: the personal plot surrounding the relationships between the main characters, and the public plot of Venice's war with the Turks. It asks how these two plots intersect and overlap in terms of the main themes of the play, and points to a line from Act I, scene iii that suggests the Turkish ships may be just for show rather than a real threat, connecting the public and personal plots.
One and half pagesimple, noplagarism Title page, abstr.docxAKHIL969626
One and half page
simple, noplagarism
Title page, abstract, table of contents, list of figures, list of tables are all
not required
in the discussion forums. All other aspects of
APA (citations, list of references, correct spacing & formatting, etc.)
are
required to receive full credit
You must
engage
(not just agree, disagree, or repost you own posting) at least two of your classmates in the discussions each week to receive full credit
Each question should be researched and supported with some peer reviewed sources other than or in addition to your textbook
Discussion posts are assessed on a rubric with equal weight given to 5 assessable items: Comprehension, Timeliness, Engagement, Critical Thinking, and APA/Mechanics
Digital Forensics
There are three primary goals with digital forensics:
Collect electronically stored information in a sound, defensible manner,
Analyze the results of the collections, and
Present the findings either in formal legal proceedings or less formally to inform a client.
Electronic evidence can be short-lived and fragile. It needs to be collected in a defensible, methodological manner to preserve it accurately, and to withstand scrutiny in legal proceedings. (chain of custody)
Electronic evidence can be highly probative, both as it appears to users, and behind the scenes. There is a lot of information that a computer user never sees (e.g. metadata, logs, registry entries). This behind-the-scenes evidence may provide a wealth of information about who did what when and where. Forensic analysts are trained to preserve, collect and interpret this kind of evidence.
Some digital files can be recovered, even if a user has tried to delete them.
Locate a famous case where digital forensics played a role, and share it with the class. Discuss how digital forensics was critical in cracking the case. Examples are listed below, but
you can’t use them – find your own.
Famous cases cracked with digital forensics
Be it a text message, Google searches or GPS information, a person’s digital footprint can provide plenty of ammunition in the courtroom. Here are a few cases where digital forensics played a critical role in bringing about justice
.
1. The BTK Killer, Dennis Rader
Perhaps the most famous case to be solved through digital forensics is that of
the BTK Killer Dennis Rader
, with “BTK” referring to his MO of “bind, torture and kill.” Rader enjoyed taunting police during his killing sprees in Wichita, KS. But this also proved to be his fatal flaw. A floppy disk Rader sent to police revealed his true identity. He was soon arrested, pled guilty and was put behind bars for life, much to the relief of his long-terrorized community.
2. Dr. Conrad Murray’s lethal prescriptions
Another recent case solved with digital forensics was that of
Dr. Conrad Murray, personal physician of Michael Jackson
. Digital forensics played a crucial role in the trial. After Jackson passed away unexpectedly in 20.
One 750 - word essay exploring an art historical issue presented in .docxAKHIL969626
This 6-page document is a statement from the Combahee River Collective, a group of Black feminists. A student is asked to write a 750-word essay reacting to and adding their own thoughts on an art historical issue presented in the document. They should explore an issue from the class and discuss the Collective's statement while including some of their own analysis.
One of the most interesting items in the communication realm of orga.docxAKHIL969626
One of the most interesting items in the communication realm of organization management is the informal grapevine. The informal grapevine has the capacity to undermine the official communication function of a criminal justice organization.
Discuss what a grapevine is and the best methods to counteract it.
.
One of the most important filmmakers of the twentieth centur.docxAKHIL969626
One of the most important filmmakers of the twentieth century to release such popular films such as Ferris Bueller’s Day Off, and The Breakfast Club was someone by the name of John Hughes. Born February 18 in 1950, he sadly died 11 years ago due to a heart attack. Brought up in Michigan, John Hughes started off by creating jokes for already famous comedians. He then began to capture the interest of adolescents in the 1980’s with his work. Movies such as The Breakfast Club;Sixteen Candles;Ferris Bueller's Day Off;Plane, Trains, and Automobiles; and Home Alone gained a huge amount of popularity over time. These movies usually ended in a good way but not without a struggle along the way.
One of John Hughes most popular film’s, titled The Breakfast club takes place in a school library setting as the main 5 students are tasked with learning and understanding each other. Understanding their dislikes for teachers, parents, as well as going through the peer pressure of their respective social groups. This film highly resembles Hughes' work as it reaches toward the best of society with all different types of popular culture which explains why the movie takes place in a library, with the students surrounded by art, books, and statues.
Hughes was very well known as being the king of highschool movies. All of his work dealt with teenagers and the issues they dealt with. Ferris Bueller
Ferris Buellers was one of Hughes' first comedies, and it is the most original movie about high school that has ever been made. There wasn't a movie like it before it was made, and since many attempts have been made to recapture what Ferris Buellers brought to the table. Unfortunately, that is impossible. A big part of Ferris Bueller's magic was the originality of Hughes' vision. He looked at teenagers and high school life from a completely new perspective. Hughes created a world where everything worked out for the hero, and everyone can identify with that.
.
One of the ways businesses provide secure access to their networ.docxAKHIL969626
One of the ways businesses provide secure access to their network (or a subset of their network) to remote (or mobile) users is to use virtual private networks (VPNs). VPNs allow users to connect securely (over an encrypted link) to a network. For this discussion:
Define the term virtual private network
Discuss the goal(s) of a VPN
Describe different types of VPNs (hardware or software based)
Discuss how the use of a VPN may support BYOD (bring your own device)
List several commonly available (open source) VPNs
Describe best practices for using a VPN
300 Words NO Plagiarism
.
On Stretching Time (250 Words)The given paradigms by which we.docxAKHIL969626
On Stretching Time (250 Words)
“The given paradigms by which we are to understand and use academic freedom isolate utterances and individuals to insist that the contexts that matter are professional and institutional. But if we stretch time, the potent context of modern nationalism/settler colonialism becomes strongly palpable.”
Kandice Chuh argues that it is imperative for us to “stretch time”: to be able to place utterances and individuals in the academic context in the broader context of modern nationalism and settler colonialism. What is something someone can only understand about you by bringing in a larger context? Write that, and also the larger context needed to understand.
.
On the evening news, social media and even in conversation, do you f.docxAKHIL969626
On the evening news, social media and even in conversation, do you feel that noting where data and other vital information being shared came from could alleviate confusion, frustration and "gossip"? If so, where should we draw the line? Do you trust what others discuss with you? Or do you "fact check"?
.
On p. 98-99 of Music and Capitalism, Tim Taylor writes, The.docxAKHIL969626
On p. 98-99 of
Music and Capitalism,
Tim Taylor writes, “These and other Western star musicians employ other common discourses about the musicians with whom they worked and the musics they appropriated or collaborated with. The dominant ideology and discourse are that non-Western musics are a kind of natural resource that is available for the taking, though these acts of appropriation are frequently tempered by the Western star’s appearance alongside the non-Western musicians in publicity photographs, on recordings, and in liner notes.”
Review your notes from class about important words, or look these up as necessary: discourse, appropriation, collaboration, ideology
Then, write a response that does the following:
Explain: what does this quotation mean in your own words?
How does the
Graceland
example fit in with what Tim Taylor is talking about here
?
Think of another time that musicians with different power positions are part of a musical performance or recording (you can use one in the chapter, like
Buena Vista Social Club, Deep Forest,
“The Lion Sleeps Tonight,” “Return to Innocence,” “El Condor Pasa,” or
Talking Timbuktu
, or one not in the reading that interests you). Describe the relationship between the musicians, and argue whether you think the album/performance is appropriation, collaboration, sampling, or something else. If the artists have different positionalities in terms of race, gender, and/or country of origin, comment on the effect this has. Give your opinion on ethical questions raised in this particular situation.
Your response should be about 3-5 paragraphs (minimum 12 sentences) in length. For part c, you will need to reference and cite an additional source (i.e. web site, album, academic source, news article, etc.)
.
On 1 January 2016, the 17 Sustainable Development Goals (SDGs) o.docxAKHIL969626
On 1 January 2016, the 17 Sustainable Development Goals (SDGs) of the 2030 Agenda for Sustainable Development — adopted by world leaders in September 2015 at an historic UN Summit — officially came into force. These goals address every topic of concern we have discussed this semester. Over the coming decade, it's the hope of UN member nations (which includes the U.S.) that the SDGs will universally be applied to all, countries will mobilize efforts to end all forms of poverty, fight inequalities and tackle climate change, while ensuring that no one is left behind.
With the SDGs as your reference, answer these questions:
Are any of the 17goals from the UN website particularly unrealistic—describe, in detail, why you think so (or not).
Which of the 17 goals do you believe is the highest priority for the world and why? Cite specific examples from class content, discussions and assessments.
.
On September 11, 2001 the U.S. changed forever. While the U.S. had s.docxAKHIL969626
On September 11, 2001 the U.S. changed forever. While the U.S. had suffered attacks before, nothing to this scale and magnitude. The attacks were aimed at highly populated areas (NYC) and homes for the government and armed forces (Washington, D.C. and the Pentagon). The World Trade Centers were an ideal target for their height and location. For your own post, consider vulnerable populations. What constitutes vulnerability in populations living in disaster prone areas? Consider NYC, these attacks were neither the first nor the last attacks NYC has suffered. Why is NYC such a hub for terrorist attacks? Try considering other areas, other than NYC, and provide an example from a recent disaster. Unfortunately, there are many. You can discuss man-made disasters or natural disasters.
250 Words
.
On January 28, 1986, the Space Shuttle Challenger was destroyed upo.docxAKHIL969626
On January 28, 1986, the Space Shuttle Challenger was destroyed upon launch from Cape Canaveral, Florida killing all seven astronauts on board. Conduct a literature and an Internet search on the topics of the Challenger disaster and groupthink. Then, discuss how groupthink might have created decision-making problems for NASA and its booster contractor. Cite at least two sources in your answer.
250 words and list references
.
ISO/IEC 27001, ISO/IEC 42001, and GDPR: Best Practices for Implementation and...PECB
Denis is a dynamic and results-driven Chief Information Officer (CIO) with a distinguished career spanning information systems analysis and technical project management. With a proven track record of spearheading the design and delivery of cutting-edge Information Management solutions, he has consistently elevated business operations, streamlined reporting functions, and maximized process efficiency.
Certified as an ISO/IEC 27001: Information Security Management Systems (ISMS) Lead Implementer, Data Protection Officer, and Cyber Risks Analyst, Denis brings a heightened focus on data security, privacy, and cyber resilience to every endeavor.
His expertise extends across a diverse spectrum of reporting, database, and web development applications, underpinned by an exceptional grasp of data storage and virtualization technologies. His proficiency in application testing, database administration, and data cleansing ensures seamless execution of complex projects.
What sets Denis apart is his comprehensive understanding of Business and Systems Analysis technologies, honed through involvement in all phases of the Software Development Lifecycle (SDLC). From meticulous requirements gathering to precise analysis, innovative design, rigorous development, thorough testing, and successful implementation, he has consistently delivered exceptional results.
Throughout his career, he has taken on multifaceted roles, from leading technical project management teams to owning solutions that drive operational excellence. His conscientious and proactive approach is unwavering, whether he is working independently or collaboratively within a team. His ability to connect with colleagues on a personal level underscores his commitment to fostering a harmonious and productive workplace environment.
Date: May 29, 2024
Tags: Information Security, ISO/IEC 27001, ISO/IEC 42001, Artificial Intelligence, GDPR
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The simplified electron and muon model, Oscillating Spacetime: The Foundation...RitikBhardwaj56
Discover the Simplified Electron and Muon Model: A New Wave-Based Approach to Understanding Particles delves into a groundbreaking theory that presents electrons and muons as rotating soliton waves within oscillating spacetime. Geared towards students, researchers, and science buffs, this book breaks down complex ideas into simple explanations. It covers topics such as electron waves, temporal dynamics, and the implications of this model on particle physics. With clear illustrations and easy-to-follow explanations, readers will gain a new outlook on the universe's fundamental nature.
A review of the growth of the Israel Genealogy Research Association Database Collection for the last 12 months. Our collection is now passed the 3 million mark and still growing. See which archives have contributed the most. See the different types of records we have, and which years have had records added. You can also see what we have for the future.
How to Fix the Import Error in the Odoo 17Celine George
An import error occurs when a program fails to import a module or library, disrupting its execution. In languages like Python, this issue arises when the specified module cannot be found or accessed, hindering the program's functionality. Resolving import errors is crucial for maintaining smooth software operation and uninterrupted development processes.
বাংলাদেশের অর্থনৈতিক সমীক্ষা ২০২৪ [Bangladesh Economic Review 2024 Bangla.pdf] কম্পিউটার , ট্যাব ও স্মার্ট ফোন ভার্সন সহ সম্পূর্ণ বাংলা ই-বুক বা pdf বই " সুচিপত্র ...বুকমার্ক মেনু 🔖 ও হাইপার লিংক মেনু 📝👆 যুক্ত ..
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M A C R O E C O N O M I C S
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N. GREGORY MANKIW
Harvard University
NINTH EDITION
M A C R O E C O N O M I C S
A Macmillan Education Imprint
New York
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2. Vice President, Content Management: Catherine Woods
Vice President, Editorial, Sciences, and Social Sciences:
Charles Linsmeier
Publisher: Shani Fisher
Developmental Editor: Jane E. Tufts
Editorial Assistant: Carlos Marin
Marketing Manager: Thomas Digiano
Marketing Assistant: Alexander Kaufman
Media Editor: Lukia Kliossis
Director, Content Management Enhancement: Tracey Kuehn
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Project Editor: Julio Espin
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Composition: TSI evolve, Inc.
Printing and Binding: RR Donnelley
4. University. He began his study of economics at Princeton
University, where
he received an A.B. in 1980. After earning a Ph.D. in economics
from MIT, he
began teaching at Harvard in 1985 and was promoted to full
professor in 1987.
At Harvard, he has taught both undergraduate and graduate
courses in macro-
economics. He is also author of the best-selling introductory
textbook Principles
of Economics (Cengage Learning).
Professor Mankiw is a regular participant in academic and
policy debates. His
research ranges across macroeconomics and includes work on
price adjustment,
consumer behavior, financial markets, monetary and fiscal
policy, and economic
growth. In addition to his duties at Harvard, he has been a
research associate of
the National Bureau of Economic Research, a member of the
Brookings Panel
on Economic Activity, and an adviser to the Congressional
Budget Office and
5. the Federal Reserve Banks of Boston and New York. From 2003
to 2005 he was
chairman of the President’s Council of Economic Advisers.
Professor Mankiw lives in Wellesley, Massachusetts, with his
wife, Deborah;
children, Catherine, Nicholas, and Peter; and their border
terrier, Tobin.
Jo
rd
i C
ab
ré
P
ho
to
gr
ap
hy
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To Deborah
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T
hose branches of politics, or of the laws of social life, on which
there
exists a collection of facts sufficiently sifted and methodized to
form
the beginning of a science should be taught ex professo. Among
the
chief of these is Political Economy, the sources and conditions
of wealth and
material prosperity for aggregate bodies of human beings. . . .
The same persons who cry down Logic will generally warn you
against Politi-
cal Economy. It is unfeeling, they will tell you. It recognises
unpleasant facts. For
my part, the most unfeeling thing I know of is the law of
gravitation: it breaks
the neck of the best and most amiable person without scruple, if
he forgets for
a single moment to give heed to it. The winds and waves too are
very unfeeling.
Would you advise those who go to sea to deny the winds and
waves—or to make
7. use of them, and find the means of guarding against their
dangers? My advice
to you is to study the great writers on Political Economy, and
hold firmly by
whatever in them you find true; and depend upon it that if you
are not selfish or
hardhearted already, Political Economy will not make you so.
John Stuart Mill, 1867
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viii |
Preface xxiii
Supplements and Media xxxii
Part I
Introduction 1
Chapter 1 The Science of Macroeconomics 1
Chapter 2 The Data of Macroeconomics 17
Part II
Classical Theory: The Economy
in the Long Run 47
Chapter 3 National Income: Where It Comes
8. From and Where It Goes 47
Chapter 4 The Monetary System: What It Is
and How It Works 81
Chapter 5 Inflation: Its Causes, Effects, and
Social Costs 105
Chapter 6 The Open Economy 139
Chapter 7 Unemployment and the Labor
Market 183
Part III
Growth Theory: The Economy
in the Very Long Run 211
Chapter 8 Economic Growth I: Capital
Accumulation and Population
Growth 211
Chapter 9 Economic Growth II: Technology,
Empirics and Policy 241
Part IV
Business Cycle Theory: The
Economy in the Short Run 281
Chapter 10 Introduction to Economic
Fluctuations 281
Chapter 11 Aggregate Demand I: Building the
IS-LM Model 311
Chapter 12 Aggregate Demand II: Applying the
IS-LM Model 337
9. Chapter 13 The Open Economy Revisited:
The Mundell-Fleming Model and the
Exchange-Rate Regime 367
Chapter 14 Aggregate Supply and the Short-Run
Tradeoff between Inflation and
Unemployment 409
Part V
Topics in Macroeconomic
Theory 439
Chapter 15 A Dynamic Model of Economic
Fluctuations 439
Chapter 16 Understanding Consumer
Behavior 475
Chapter 17 The Theory of Investment 507
Part VI
Topics in Macroeconomic
Policy 531
Chapter 18 Alternative Perspectives on
Stabilization Policy 531
Chapter 19 Government Debt and Budget
Deficits 555
Chapter 20 The Financial System: Opportunities
and Dangers 581
Epilogue: What We Know, What We
Don’t 607
10. Glossary 617
Index 627
Brief Contents
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| ix
Preface xxiii
Supplements and Media xxxii
Part I Introduction 1
Chapter 1 The Science of Macroeconomics 1
1-1 What Macroeconomists Study 1
u CASE STUDY The Historical Performance of the U.S.
Economy 3
1-2 How Economists Think 5
Theory of Model Building 6
Variables 9
The Use of Multiple Models 10
Prices: Flexible Versus Sticky 10
Microeconomic Thinking and Macroeconomic Models 11
11. 1-3 How This Book Proceeds 13
Chapter 2 The Data of Macroeconomics 17
2-1 Measuring the Value of Economic Activity:
Gross Domestic Product 18
Income, Expenditure, and the Circular Flow 18
Rules for Computing GDP 21
Real GDP Versus Nominal GDP 23
The GDP Deflator 25
Chain-Weighted Measures of Real GDP 25
Changes 26
The Components of Expenditure 27
GDP and Its Components 28
Other Measures of Income 29
Seasonal Adjustment 31
The New, Improved GDP of 2013 32
2-2 Measuring the Cost of Living: The Consumer Price Index
34
The Price of a Basket of Goods 34
How the CPI Compares to the GDP and PCE Deflators 35
12. Does the CPI Overstate Inflation? 36
Contents
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x | Contents
2-3 Measuring Joblessness: The Unemployment Rate 38
The Household Survey 38
-Force Participation
40
The Establishment Survey 41
2-4 Conclusion: From Economic Statistics to Economic Models
42
Part II Classical Theory: The Economy in the
Long Run 47
Chapter 3 National Income: Where It Comes From and
Where It Goes 47
3-1 What Determines the Total Production of Goods and
Services? 49
The Factors of Production 49
The Production Function 50
The Supply of Goods and Services 50
13. 3-2 How Is National Income Distributed to the
Factors of Production? 51
Factor Prices 51
The Decisions Facing a Competitive Firm 52
The Firm’s Demand for Factors 53
The Division of National Income 56
The Cobb-Douglas Production Function 58
Real Wages 62
The Growing Gap Between Rich and Poor 63
3-3 What Determines the Demand for Goods and Services? 65
Consumption 65
Investment 67
Government Purchases 69
3-4 What Brings the Supply and Demand for Goods and
Services into Equilibrium? 69
Equilibrium in the Market for Goods and Services: The Supply
and
Demand for the Economy’s Output 70
Equilibrium in the Financial Markets: The Supply and Demand
for
Loanable Funds 71
14. Changes in Saving: The Effects of Fiscal Policy 73
Changes in Investment Demand 74
3-5 Conclusion 76
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Chapter 4 The Monetary System: What It Is and
How It Works 81
4-1 What Is Money? 82
The Functions of Money 82
The Types of Money 83
The Development of Fiat Money 84
of Yap 84
85
How the Quantity of Money Is Controlled 86
How the Quantity of Money Is Measured 86
Monetary System? 88
4-2 The Role of Banks in the Monetary System 88
100-Percent-Reserve Banking 89
15. Fractional-Reserve Banking 89
Bank Capital, Leverage, and Capital Requirements 91
4-3 How Central Banks Influence the Money Supply 93
A Model of the Money Supply 93
The Instruments of Monetary Policy 95
ng
Monetary Base 97
Problems in Monetary Control 98
1930s 99
4-4 Conclusion 100
Chapter 5 Inflation: Its Causes, Effects, and
Social Costs 105
5-1 The Quantity Theory of Money 106
Transactions and the Quantity Equation 106
From Transactions to Income 108
The Money Demand Function and the Quantity Equation 108
The Assumption of Constant Velocity 109
Money, Prices, and Inflation 110
5-2 Seigniorage: The Revenue from Printing Money 113
16. 5-3 Inflation and Interest Rates 114
Two Interest Rates: Real and Nominal 114
The Fisher Effect 115
es 115
Two Real Interest Rates: Ex Ante and Ex Post 117
Century 117
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5-4 The Nominal Interest Rate and the Demand for Money 118
The Cost of Holding Money 118
Future Money and Current Prices 119
5-5 The Social Costs of Inflation 120
The Layman’s View and the Classical Response 120
Inflation 121
The Costs of Expected Inflation 122
The Costs of Unexpected Inflation 123
1896, and
17. The Wizard of Oz 124
One Benefit of Inflation 125
5-6 Hyperinflation 126
The Costs of Hyperinflation 126
The Causes of Hyperinflation 127
5-7 Conclusion: The Classical Dichotomy 131
Appendix The Cagan Model: How Current and Future Money
Affect
the Price Level 135
Chapter 6 The Open Economy 139
6-1 The International Flows of Capital and Goods 140
The Role of Net Exports 141
International Capital Flows and the Trade Balance 142
International Flows of Goods and Capital: An Example 144
The Irrelevance of Bilateral Trade Balances 145
6-2 Saving and Investment in a Small Open Economy 145
Capital Mobility and the World Interest Rate 146
Why Assume a Small Open Economy? 146
The Model 147
18. How Policies Influence the Trade Balance 148
Evaluating Economic Policy 150
154
6-3 Exchange Rates 155
Nominal and Real Exchange Rates 155
The Real Exchange Rate and the Trade Balance 157
The Determinants of the Real Exchange Rate 157
How Policies Influence the Real Exchange Rate 159
The Effects of Trade Policies 160
The Determinants of the Nominal Exchange Rate 162
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The Special Case of Purchasing-Power Parity 165
6-4 Conclusion: The United States as a Large Open Economy
168
19. Appendix The Large Open Economy 173
Chapter 7 Unemployment and the Labor Market 183
7-1 Job Loss, Job Finding, and the Natural Rate of
Unemployment 184
7-2 Job Search and Frictional Unemployment 187
Causes of Frictional Unemployment 187
Public Policy and Frictional Unemployment 188
Finding 189
7-3 Real-Wage Rigidity and Structural Unemployment 189
Minimum-Wage Laws 190
-Wage
Workers 192
Unions and Collective Bargaining 193
Efficiency Wages 194
7-4 Labor-Market Experience: The United States 196
The Duration of Unemployment 196
-Term
Unemployment and the Debate Over
Unemployment Insurance 197
Variation in the Unemployment Rate Across Demographic
Groups 199
20. Transitions Into and Out of the Labor Force 199
-Force Participation:
2007 to 2014 201
7-5 Labor-Market Experience: Europe 203
The Rise in European Unemployment 203
Unemployment Variation Within Europe 204
The Rise of European Leisure 205
7-6 Conclusion 207
Part III Growth Theory: The Economy in the Very
Long Run 211
Chapter 8 Economic Growth I: Capital Accumulation and
Population Growth 211
8-1 The Accumulation of Capital 212
The Supply and Demand for Goods 212
Growth in the Capital Stock and the Steady State 215
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Approaching the Steady State: A Numerical Example 217
21. 219
How Saving Affects Growth 220
8-2 The Golden Rule Level of Capital 223
Comparing Steady States 224
Finding the Golden Rule Steady State: A Numerical Example
227
The Transition to the Golden Rule Steady State 228
8-3 Population Growth 231
The Steady State With Population Growth 231
The Effects of Population Growth 233
und the World 234
Alternative Perspectives on Population Growth 235
8-4 Conclusion 237
Chapter 9 Economic Growth II: Technology, Empirics, and
Policy 241
9-1 Technological Progress in the Solow Model 242
The Efficiency of Labor 242
The Steady State With Technological Progress 243
The Effects of Technological Progress 244
9-2 From Growth Theory to Growth Empirics 245
Balanced Growth 246
22. Convergence 247
Factor Accumulation Versus Production Efficiency 249
249
9-3 Policies to Promote Growth 251
Evaluating the Rate of Saving 251
Changing the Rate of Saving 253
Allocating the Economy’s Investment 253
ial Policy in Practice 255
Establishing the Right Institutions 256
257
Encouraging Technological Progress 258
259
9-4 Beyond the Solow Model: Endogenous Growth Theory 260
The Basic Model 261
A Two-Sector Model 262
The Microeconomics of Research and Development 263
The Process of Creative Destruction 264
9-5 Conclusion 266
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Contents | xv
Part IV Business Cycle Theory: The Economy in
the Short Run 281
Chapter 10 Introduction to Economic Fluctuations 281
10-1 The Facts About the Business Cycle 282
GDP and Its Components 282
Unemployment and Okun’s Law 284
Leading Economic Indicators 287
10-2 Time Horizons in Macroeconomics 289
How the Short Run and the Long Run Differ 289
Prices, Ask Them 290
The Model of Aggregate Supply and Aggregate Demand 292
10-3 Aggregate Demand 293
The Quantity Equation as Aggregate Demand 293
Why the Aggregate Demand Curve Slopes Downward 294
Shifts in the Aggregate Demand Curve 295
10-4 Aggregate Supply 296
The Long Run: The Vertical Aggregate Supply Curve 296
24. The Short Run: The Horizontal Aggregate Supply Curve 296
From the Short Run to the Long Run 299
10-5 Stabilization Policy 302
Shocks to Aggregate Demand 302
Shocks to Aggregate Supply 303
1970s and
Euphoria in the 1980s 305
10-6 Conclusion 307
Chapter 11 Aggregate Demand I: Building the IS–LM Model
311
11-1 The Goods Market and the IS Curve 313
The Keynesian Cross 313
Kennedy and
Bush Tax Cuts 320
the Economy:
The Obama Stimulus 321
Regional Data to Estimate Multipliers
322
The Interest Rate, Investment, and the IS Curve 324
25. How Fiscal Policy Shifts the IS Curve 326
11-2 The Money Market and the LM Curve 327
The Theory of Liquidity Preference 327
Tightening Raise or Lower
Interest Rates? 330
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Income, Money Demand, and the LM Curve 330
How Monetary Policy Shifts the LM Curve 332
11-3 Conclusion: The Short-Run Equilibrium 333
Chapter 12 Aggregate Demand II: Applying the IS–LM
Model 337
12-1 Explaining Fluctuations With the IS–LM Model 338
How Fiscal Policy Shifts the IS Curve and Changes the Short-
Run
Equilibrium 338
How Monetary Policy Shifts the LM Curve and Changes the
Short-Run
Equilibrium 340
The Interaction Between Monetary and Fiscal Policy 341
26. Shocks in the IS–LM Model 343
What Is the Fed’s Policy Instrument—The Money Supply or the
Interest Rate? 345
12-2 IS–LM as a Theory of Aggregate Demand 346
From the IS–LM Model to the Aggregate Demand Curve 347
The IS–LM Model in the Short Run and Long Run 349
12-3 The Great Depression 351
The Spending Hypothesis: Shocks to the IS Curve 351
The Money Hypothesis: A Shock to the LM Curve 353
The Money Hypothesis Again: The Effects of Falling Prices
354
Could the Depression Happen Again? 356
2008 and 2009 357
The Liquidity Trap (Also Known as the Zero Lower Bound)
360
12-4 Conclusion 361
Chapter 13 The Open Economy Revisited: The Mundell–
Fleming
Model and the Exchange-Rate Regime 367
13-1 The Mundell–Fleming Model 369
The Key Assumption: Small Open Economy With Perfect
Capital Mobility 369
27. The Goods Market and the IS* Curve 370
The Money Market and the LM* Curve 370
Putting the Pieces Together 372
13-2 The Small Open Economy Under Floating Exchange Rates
373
Fiscal Policy 374
Monetary Policy 375
Trade Policy 376
13-3 The Small Open Economy Under Fixed Exchange Rates
377
How a Fixed-Exchange-Rate System Works 378
Fiscal Policy 380
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Contents | xvii
Monetary Policy 381
Depression 382
Trade Policy 382
Policy in the Mundell–Fleming Model: A Summary 383
28. 13-4 Interest Rate Differentials 384
Country Risk and Exchange-Rate Expectations 384
Differentials in the Mundell–Fleming Model 385
–
1995 387
–
1998 388
13-5 Should Exchange Rates Be Floating or Fixed? 389
Pros and Cons of Different Exchange-Rate Systems 389
Speculative Attacks, Currency Boards, and Dollarization 392
The Impossible Trinity 393
13-6 From the Short Run to the Long Run: The Mundell–
Fleming Model
with a Changing Price Level 395
13-7 A Concluding Reminder 398
Appendix A Short-Run Model of the Large Open Economy 402
Chapter 14 Aggregate Supply and the Short-Run Tradeoff
Between Inflation and Unemployment 409
14-1 The Basic Theory of Aggregate Supply 410
The Sticky-Price Model 411
An Alternative Theory: The Imperfect-Information Model 413
29. Supply Curve 415
Implications 416
14-2 Inflation, Unemployment, and the Phillips Curve 418
Deriving the Phillips Curve from the Aggregate Supply Curve
418
Adaptive Expectations and Inflation Inertia 420
Two Causes of Rising and Falling Inflation 421
States 421
The Short-Run Tradeoff Between Inflation and Unemployment
423
Unemployment? 425
Disinflation and the Sacrifice Ratio 425
Rational Expectations and the Possibility of Painless
Disinflation 426
Hysteresis and the Challenge to the Natural-Rate Hypothesis
429
14-3 Conclusion 431
Appendix The Mother of all Models 435
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xviii | Contents
Part V Topics in Macroeconomic Theory 439
Chapter 15 A Dynamic Model of Economic Fluctuations 439
15-1 Elements of the Model 440
Output: The Demand for Goods and Services 440
The Real Interest Rate: The Fisher Equation 442
Inflation: The Phillips Curve 442
Expected Inflation: Adaptive Expectations 443
The Nominal Interest Rate: The Monetary-Policy Rule 444
15-2 Solving the Model 447
The Long-Run Equilibrium 449
The Dynamic Aggregate Supply Curve 449
The Dynamic Aggregate Demand Curve 451
The Short-Run Equilibrium 453
15-3 Using the Model 454
Long-Run Growth 454
A Shock to Aggregate Supply 455
31. A Shock to Aggregate Demand 458
A Shift in Monetary Policy 460
15-4 Two Applications: Lessons for Monetary Policy 463
The Tradeoff Between Output Variability and Inflation
Variability 464
Mandates, Different Realities: The
Fed Versus
the ECB 466
The Taylor Principle 467
15-5 Conclusion: Toward DSGE Models 471
Chapter 16 Understanding Consumer Behavior 475
16-1 John Maynard Keynes and the Consumption Function 476
Keynes’s Conjectures 476
The Early Empirical Successes 477
Secular Stagnation, Simon Kuznets, and the Consumption
Puzzle 478
16-2 Irving Fisher and Intertemporal Choice 480
The Intertemporal Budget Constraint 480
$623,000 482
Consumer Preferences 483
32. Optimization 484
How Changes in Income Affect Consumption 485
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Contents | xix
How Changes in the Real Interest Rate Affect Consumption 486
Constraints on Borrowing 487
16-3 Franco Modigliani and the Life-Cycle Hypothesis 489
The Hypothesis 490
Implications 490
493
16-4 Milton Friedman and the Permanent-Income Hypothesis
493
The Hypothesis 494
Implications 495
496
16-5 Robert Hall and the Random-Walk Hypothesis 497
The Hypothesis 498
33. Implications 498
Predictable Changes in
Consumption? 499
16-6 David Laibson and the Pull of Instant Gratification 500
16-7 Conclusion 502
Chapter 17 The Theory of Investment 507
17-1 Business Fixed Investment 508
The Rental Price of Capital 509
The Cost of Capital 510
The Determinants of Investment 512
Taxes and Investment 514
ate Tax Reform 515
The Stock Market and Tobin’s q 517
518
Alternative Views of the Stock Market: The Efficient Markets
Hypothesis Versus
Keynes’s Beauty Contest 519
Financing Constraints 521
17-2 Residential Investment 522
The Stock Equilibrium and the Flow Supply 522
34. Changes in Housing Demand 523
17-3 Inventory Investment 526
Reasons for Holding Inventories 526
How the Real Interest Rate and Credit Conditions Affect
Inventory
Investment 526
17-4 Conclusion 527
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xx | Contents
Part VI Topics in Macroeconomic Policy 531
Chapter 18 Alternative Perspectives on Stabilization Policy
531
18-1 Should Policy Be Active or Passive? 532
Lags in the Implementation and Effects of Policies 533
The Difficult Job of Economic Forecasting 534
Ignorance, Expectations, and the Lucas Critique 536
The Historical Record 537
ASE STUDY Is the Stabilization of the Economy a Figment
of the Data? 538
35. Economy? 539
18-2 Should Policy Be Conducted by Rule or by Discretion?
541
Distrust of Policymakers and the Political Process 541
The Time Inconsistency of Discretionary Policy 542
Inconsistency 544
Rules for Monetary Policy 544
Discretion? 545
-Bank Independence 546
18-3 Conclusion: Making Policy in an Uncertain World 548
Appendix Time Inconsistency and the Tradeoff Between
Inflation and
Unemployment 551
Chapter 19 Government Debt and Budget Deficits 555
19-1 The Size of the Government Debt 556
CASE STUDY The Troubling Long-Term Outlook for Fiscal
Policy 559
19-2 Problems in Measurement 560
Measurement Problem 1: Inflation 561
Measurement Problem 2: Capital Assets 561
Measurement Problem 3: Uncounted Liabilities 562
Measurement Problem 4: The Business Cycle 563
36. Summing Up 563
19-3 The Traditional View of Government Debt 564
19-4 The Ricardian View of Government Debt 566
The Basic Logic of Ricardian Equivalence 567
Consumers and Future Taxes 568
569
Making a Choice 571
19-5 Other Perspectives on Government Debt 573
Balanced Budgets Versus Optimal Fiscal Policy 573
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Fiscal Effects on Monetary Policy 574
Debt and the Political Process 575
International Dimensions 575
Bonds 576
37. 19-6 Conclusion 577
Chapter 20 The Financial System: Opportunities and
Dangers 581
20-1 What Does the Financial System Do? 582
Financing Investment 582
Sharing Risk 583
Dealing With Asymmetric Information 584
Fostering Economic Growth 586
Idea 587
20-2 Financial Crises 588
The Anatomy of a Crisis 588
Crisis of 2008–2009? 593
Policy Responses to a Crisis 594
Policies to Prevent Crises 598
20-3 Conclusion 602
Epilogue What We Know, What We Don’t 607
The Four Most Important Lessons of Macroeconomics 607
Lesson 1: In the long run, a country’s capacity to produce goods
38. and services
determines the standard of living of its citizens. 608
Lesson 2: In the short run, aggregate demand influences the
amount of goods
and services that a country produces. 608
Lesson 3: In the long run, the rate of money growth determines
the rate of
inflation, but it does not affect the rate of unemployment. 609
Lesson 4: In the short run, policymakers who control monetary
and fiscal policy
face a tradeoff between inflation and unemployment. 609
The Four Most Important Unresolved Questions of
Macroeconomics 610
Question 1: How should policymakers try to promote growth in
the
economy’s natural level of output? 610
Question 2: Should policymakers try to stabilize the economy?
If so, how? 611
Question 3: How costly is inflation, and how costly is reducing
inflation? 613
Question 4: How big a problem are government budget deficits?
614
Conclusion 615
Glossary 617
Index 627
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| xxiii
Preface
An economist must be “mathematician, historian, statesman,
philosopher, in some degree . . . as aloof and incorruptible as an
artist, yet sometimes as near the earth as a politician.” So
remarked John Maynard Keynes,
the great British economist who, as much as anyone, could be
called the father
of macroeconomics. No single statement summarizes better
what it means to be
an economist.
As Keynes’s assessment suggests, students who aim to learn
economics need
to draw on many disparate talents. The job of helping students
find and develop
these talents falls to instructors and textbook authors. My goal
for this textbook
is to make macroeconomics understandable, relevant, and
(believe it or not) fun.
Those of us who have chosen to be professional
40. macroeconomists have done so
because we are fascinated by the field. More important, we
believe that the study
of macroeconomics can illuminate much about the world and
that the lessons
learned, if properly applied, can make the world a better place. I
hope this book
conveys not only our profession’s accumulated wisdom but also
its enthusiasm
and sense of purpose.
This Book’s Approach
Macroeconomists share a common body of knowledge, but they
do not all
have the same perspective on how that knowledge is best taught.
Let me begin
this new edition by recapping my objectives, which together
define this book’s
approach to the field.
First, I try to offer a balance between short-run and long-run
issues in macro-
economics. All economists agree that public policies and other
events influence
the economy over different time horizons. We live in our own
short run, but
we also live in the long run that our parents bequeathed us. As a
result, courses
in macroeconomics need to cover both short-run topics, such as
the business
cycle and stabilization policy, and long-run topics, such as
economic growth, the
natural rate of unemployment, persistent inflation, and the
effects of government
debt. Neither time horizon trumps the other.
41. Second, I integrate the insights of Keynesian and classical
theories. Although
Keynes’s General Theory provides the foundation for much of
our current under-
standing of economic fluctuations, it is important to remember
that classical eco-
nomics provides the right answers to many fundamental
questions. In this book I
incorporate many of the contributions of the classical
economists before Keynes
and the new classical economists of the past several decades.
Substantial cover-
age is given, for example, to the loanable-funds theory of the
interest rate, the
quantity theory of money, and the problem of time
inconsistency. At the same
time, I recognize that many of the ideas of Keynes and the new
Keynesians are
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xxiv | Preface
necessary for understanding economic fluctuations. Substantial
coverage is given
also to the IS–LM model of aggregate demand, the short-run
tradeoff between
inflation and unemployment, and modern models of business
cycle dynamics.
Third, I present macroeconomics using a variety of simple
models. Instead of
42. pretending that there is one model that is complete enough to
explain all facets
of the economy, I encourage students to learn how to use and
compare a set
of prominent models. This approach has the pedagogical value
that each model
can be kept relatively simple and presented within one or two
chapters. More
important, this approach asks students to think like economists,
who always keep
various models in mind when analyzing economic events or
public policies.
Fourth, I emphasize that macroeconomics is an empirical
discipline, motivated
and guided by a wide array of experience. This book contains
numerous Case
Studies that use macroeconomic theory to shed light on real-
world data and
events. To highlight the broad applicability of the basic theory,
I have drawn the
Case Studies both from current issues facing the world’s
economies and from
dramatic historical episodes. The Case Studies analyze the
policies of Alexander
Hamilton, Henry Ford, George Bush (both of them!), and
Barack Obama. They
teach the reader how to apply economic principles to issues
from fourteenth-
century Europe, the island of Yap, the land of Oz, and today’s
newspaper.
What’s New in the Ninth Edition?
Economics instructors are vigilant in keeping their lectures up
to date as the
43. economic landscape changes. Textbook authors cannot be less
so. This book is
therefore updated about every three years. In this ninth edition,
you will find
several kinds of changes.
Most obviously, tables and figures throughout the book have
been revised to
include the latest available data. College students take courses
in economics to
understand the world in which they live. It is important,
therefore, that the data
presented be as current as possible.
The book has also been updated to take into account recent
events and eco-
nomic developments. For example:
definition of GDP
to include investment in intellectual property products; a new
section in
Chapter 2 discusses the change.
s, Bitcoin has arisen as a modern
medium of
exchange; a new box in Chapter 4 examines this unusual form
of money.
large decline
in labor-force participation; a new case study in Chapter 7
examines the
reasons for this development.
44. increasing fre-
quency of corporate inversions; a new case study in Chapter 17
discusses
the policy debate over inversions and corporate tax reform.
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Preface | xxv
–2009,
policymakers are
increasingly taking a more macroeconomic perspective on
regulating
financial institutions; a new section in Chapter 20 discusses
macropruden-
tial regulation.
In addition, the book reflects the evolution of macroeconomic
thought based
on recent research. For example:
Bloom and
John Van Reenen on management practices as a source of
productivity
differences.
Nakamura, Jón
Steinsson, and others on the size of the fiscal-policy
multipliers.
Scott
45. Baker, Nicholas
Bloom, and Steven Davis on economic policy uncertainty.
Perhaps most important, this edition includes a significant
pedagogical
innovation. In most of the core chapters, some end-of-chapter
problems are
identified with this icon: . For these problems, students can go
to
LaunchPad to find a Work It Out tutorial for a similar problem.
Because the
Work It Out has a similar structure to the in-text problem, it is a
resource for
students to learn how to tackle the in-text problem. But because
the Work It
Out has different numbers and thus a different answer, the in-
text problem can
still be used as assigned homework. The Work It Out tutorials
can be found at
http://www.macmillanhighered.com/launchpad/mankiw9e.
Finally, very careful readers of this book will notice a subtle
change in the
use of pronouns. A nagging problem for authors is which
pronoun to use for a
person of unspecified gender. The traditional “he” sounds sexist
to some modern
readers, while “he or she” is cumbersome. So, in this edition, I
use “she” in odd-
numbered chapters and “he” in even-numbered chapters. That
will have to do,
until we all adopt some more perfect language.
As always, all the changes I made and the many others I
considered were
evaluated keeping in mind the benefits of brevity. From my own
46. experience as a
student, I know that long books are less likely to be read. My
goal in this book is
to offer the clearest, most up-to-date, most accessible course in
macroeconomics
in the fewest words possible.
The Arrangement of Topics
My strategy for teaching macroeconomics is first to examine the
long run, when
prices are flexible, and then to examine the short run, when
prices are sticky.
This approach has several advantages. First, because the
classical dichotomy per-
mits the separation of real and monetary issues, the long-run
material is easier
for students to understand. Second, when students begin
studying short-run
fluctuations, they understand fully the long-run equilibrium
around which the
economy is fluctuating. Third, beginning with market-clearing
models clarifies
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xxvi | Preface
the link between macroeconomics and microeconomics. Fourth,
students learn
first the material that is less controversial among
macroeconomists. For all these
reasons, the strategy of beginning with long-run classical
47. models simplifies the
teaching of macroeconomics.
Let’s now move from strategy to tactics. What follows is a
whirlwind tour of
the book.
Part One, Introduction
The introductory material in Part One is brief so that students
can get to the
core topics quickly. Chapter l discusses the broad questions that
macroecono-
mists address and the economist’s approach of building models
to explain the
world. Chapter 2 introduces the key data of macroeconomics,
emphasizing gross
domestic product, the consumer price index, and the
unemployment rate.
Part Two, Classical Theory: The Economy in the Long Run
Part Two examines the long run, over which prices are flexible.
Chapter 3 presents
the basic classical model of national income. In this model, the
factors of production
and the production technology determine the level of income,
and the marginal
products of the factors determine its distribution to households.
In addition, the
model shows how fiscal policy influences the allocation of the
economy’s resources
among consumption, investment, and government purchases,
and it highlights how
the real interest rate equilibrates the supply and demand for
goods and services.
Money and the price level are introduced next. Chapter 4
48. examines the mon-
etary system and the tools of monetary policy. Chapter 5 begins
the discussion of
the effects of monetary policy. Because prices are assumed to
be fully flexible, the
chapter presents the prominent ideas of classical monetary
theory: the quantity
theory of money, the inflation tax, the Fisher effect, the social
costs of inflation,
and the causes and costs of hyperinflation.
The study of open-economy macroeconomics begins in Chapter
6. Maintain-
ing the assumption of full employment, this chapter presents
models to explain
the trade balance and the exchange rate. Various policy issues
are addressed: the
relationship between the budget deficit and the trade deficit, the
macroeconomic
impact of protectionist trade policies, and the effect of
monetary policy on the
value of a currency in the market for foreign exchange.
Chapter 7 relaxes the assumption of full employment by
discussing the
dynamics of the labor market and the natural rate of
unemployment. It examines
various causes of unemployment, including job search,
minimum-wage laws,
union power, and efficiency wages. It also presents some
important facts about
patterns of unemployment.
Part Three, Growth Theory: The Economy in the Very Long Run
Part Three makes the classical analysis of the economy dynamic
by developing the
49. tools of modern growth theory. Chapter 8 introduces the Solow
growth model
as a description of how the economy evolves over time. This
chapter emphasizes
the roles of capital accumulation and population growth.
Chapter 9 then adds
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Preface | xxvii
technological progress to the Solow model. It uses the model to
discuss growth
experiences around the world as well as public policies that
influence the level
and growth of the standard of living. Finally, Chapter 9
introduces students to the
modern theories of endogenous growth.
Part Four, Business Cycle Theory: The Economy in the Short
Run
Part Four examines the short run when prices are sticky. It
begins in Chapter 10
by examining some of the key facts that describe short-run
fluctuations in eco-
nomic activity. The chapter then introduces the model of
aggregate supply and
aggregate demand as well as the role of stabilization policy.
Subsequent chapters
refine the ideas introduced in this chapter.
Chapters 11 and 12 look more closely at aggregate demand.
Chapter 11 pres-
50. ents the Keynesian cross and the theory of liquidity preference
and uses these
models as building blocks for developing the IS–LM model.
Chapter 12 uses the
IS–LM model to explain economic fluctuations and the
aggregate demand curve.
It concludes with an extended case study of the Great
Depression.
The study of short-run fluctuations continues in Chapter 13,
which focuses
on aggregate demand in an open economy. This chapter presents
the Mundell–
Fleming model and shows how monetary and fiscal policies
affect the economy
under floating and fixed exchange-rate systems. It also
discusses the debate over
whether exchange rates should be floating or fixed.
Chapter 14 looks more closely at aggregate supply. It examines
various
approaches to explaining the short-run aggregate supply curve
and discusses the
short-run tradeoff between inflation and unemployment.
Part Five, Topics in Macroeconomic Theory
After developing basic theories to explain the economy in the
long run and in
the short run, the book turns to several topics that refine our
understanding of
the economy. Part Five focuses on theoretical topics, and Part
Six focuses on
policy topics. These chapters are written to be used flexibly, so
instructors can
pick and choose which topics to cover. Some of these chapters
can also be cov-
51. ered earlier in the course, depending on the instructor’s
preferences.
Chapter 15 develops a dynamic model of aggregate demand and
aggregate
supply. It builds on ideas that students have already
encountered and uses those
ideas as stepping-stones to take the student close to the frontier
of knowledge
concerning short-run economic fluctuations. The model
presented here is a
simplified version of modern dynamic, stochastic, general
equilibrium (DSGE)
models.
The next two chapters analyze more fully some of the
microeconomic deci-
sions behind macroeconomic phenomena. Chapter 16 presents
the various
theories of consumer behavior, including the Keynesian
consumption func-
tion, Fisher’s model of intertemporal choice, Modigliani’s life-
cycle hypothesis,
Friedman’s permanent-income hypothesis, Hall’s random-walk
hypothesis, and
Laibson’s model of instant gratification. Chapter 17 examines
the theory behind
the investment function.
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52. Part Six, Topics in Macroeconomic Policy
Once students have solid command of standard macroeconomic
models, the
book uses these models as the foundation for discussing some of
the key debates
over economic policy. Chapter 18 considers the debate over how
policymakers
should respond to short-run economic fluctuations. It
emphasizes two broad
questions: Should monetary and fiscal policy be active or
passive? Should policy
be conducted by rule or by discretion? The chapter presents
arguments on both
sides of these questions.
Chapter 19 focuses on the various debates over government debt
and budget
deficits. It gives a broad picture about the magnitude of
government indebted-
ness, discusses why measuring budget deficits is not always
straightforward, recaps
the traditional view of the effects of government debt, presents
Ricardian equiva-
lence as an alternative view, and discusses various other
perspectives on govern-
ment debt. As in the previous chapter, students are not handed
conclusions but
are given the tools to evaluate the alternative viewpoints on
their own.
Chapter 20 discusses the financial system and its linkages to the
overall
economy. It begins by examining what the financial system
does: financing
investment, sharing risk, dealing with asymmetric information,
and fostering
53. economic growth. It then discusses the causes of financial
crises, their macro-
economic impact, and the policies that might mitigate their
effects and reduce
their likelihood.
Epilogue
The book ends with a brief epilogue that reviews the broad
lessons about which
most macroeconomists agree and discusses some of the most
important open
questions. Regardless of which chapters an instructor chooses to
cover, this cap-
stone chapter can be used to remind students how the many
models and themes
of macroeconomics relate to one another. Here and throughout
the book, I
emphasize that despite the disagreements among
macroeconomists, there is much
that we know about how the economy works.
Alternative Routes Through the Text
Although I have organized the material in the way that I prefer
to teach
intermediate-level macroeconomics, I understand that other
instructors have
different preferences. I tried to keep this in mind as I wrote the
book so that it
would offer a degree of flexibility. Here are a few ways that
instructors might
consider rearranging the material:
-run economic
fluctuations. For
such a course, I recommend covering Chapters 1 through 5 so
54. that stu-
dents are grounded in the basics of classical theory and then
jumping to
Chapters 10, 11, 12, 14, and 15 to cover the model of aggregate
demand
and aggregate supply.
ver long-run economic
growth. These
instructors can cover Chapters 8 and 9 immediately after
Chapter 3.
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Preface | xxix
-
economy macro-
economics can put off Chapters 6 and 13 without loss of
continuity.
skip
Chapters 8, 9, 15, 16, and 17 in order to get to Chapters 18, 19,
and 20
more quickly.
The successful experiences of hundreds of instructors with
previous editions
suggest this text complements well a variety of approaches to
the field.
Learning Tools
55. I am pleased that students have found the previous editions of
this book user-friendly.
I have tried to make this ninth edition even more so. I am most
excited about the
parallel problems that students can see in LaunchPad’s Work It
Out feature.
Case Studies
Economics comes to life when it is applied to understanding
actual events. There-
fore, the numerous Case Studies (many new or revised in this
edition) are an impor-
tant learning tool, integrated closely with the theoretical
material presented in each
chapter. The frequency with which these Case Studies occur
ensures that a student
does not have to grapple with an overdose of theory before
seeing the theory
applied. Students report that the Case Studies are their favorite
part of the book.
FYI Boxes
These boxes present ancillary material “for your information.” I
use these boxes
to clarify difficult concepts, to provide additional information
about the tools of
economics, and to show how economics relates to our daily
lives. Several are new
or revised in this edition.
Graphs
Understanding graphical analysis is a key part of learning
macroeconomics, and I
have worked hard to make the figures easy to follow. I often use
comment boxes
56. within figures to briefly describe and draw attention to the
important points that
the figures illustrate. The pedagogical use of color, detailed
captions, and com-
ment boxes makes it easier for students to learn and review the
material.
Mathematical Notes
I use occasional mathematical footnotes to keep more difficult
material out of
the body of the text. These notes make an argument more
rigorous or present a
proof of a mathematical result. They can easily be skipped by
those students who
have not been introduced to the necessary mathematical tools.
Chapter Summaries
Every chapter ends with a brief, nontechnical summary of its
major lessons. Stu-
dents can use the summaries to place the material in perspective
and to review
for exams.
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xxx | Preface
Key Concepts
Learning the language of a field is a major part of any course.
Within the chapter,
each key concept is in boldface when it is introduced. At the
end of the chapter,
the key concepts are listed for review.
57. Questions for Review
After studying a chapter, students can immediately test their
understanding of its
basic lessons by answering the Questions for Review.
Problems and Applications
Every chapter includes Problems and Applications designed for
homework assign-
ments. Some are numerical applications of the theory in the
chapter. Others
encourage the student to go beyond the material in the chapter
by addressing new
issues that are closely related to the chapter topics. In most of
the core chapters, a
few problems are identified with this icon: . For each of these
prob-
lems, students can find a Work It Out tutorial on LaunchPad for
Macroeconomics,
Ninth Edition:
http://www.macmillanhighered.com/launchpad/mankiw9e.
Chapter Appendices
Several chapters include appendices that offer additional
material, sometimes at
a higher level of mathematical sophistication. These appendices
are designed so
that instructors can cover certain topics in greater depth if they
wish. The appen-
dices can be skipped altogether without loss of continuity.
Glossary
To help students become familiar with the language of
macroeconomics, a glos-
sary of more than 250 terms is provided at the back of the book.
58. International Editions
The English-language version of this book has been used in
dozens of countries.
To make the book more accessible for students around the
world, editions are (or
will soon be) available in 15 other languages: Armenian,
Chinese, French, German,
Greek, Hungarian, Indonesian, Italian, Japanese, Korean,
Portuguese, Romanian,
Russian, Spanish, and Ukrainian. In addition, a Canadian
adaptation coauthored
with William Scarth (McMaster University) and a European
adaptation coauthored
with Mark Taylor (University of Warwick) are available.
Instructors who would like
information about these versions of the book should contact
Worth Publishers.
Acknowledgments
Since I started writing the first edition of this book, I have
benefited from the input
of many reviewers and colleagues in the economics profession.
Now that the book is
in its ninth edition, these people are too numerous to list in
their entirety. However, I
continue to be grateful for their willingness to have given up
their scarce time to help
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Preface | xxxi
59. me improve the economics and pedagogy of this text. Their
advice has made this
book a better teaching tool for hundreds of thousands of
students around the world.
I would like to mention the instructors whose recent input
shaped this new
edition.
Dale Deboer
University of Colorado–Colorado
Springs
Brian Dempsey
Syracuse University
Reid Click
George Washington University
Alex Gialanella
Fordham University
William Hauk
University of South Carolina
Paul Johnson
Vassar College
Bryce Kanago
University of Northern Iowa
John Keating
University of Kansas
Sukanya Kemp
60. University of Akron
Mikhail Melnik
Southern Polytechnic State University
Carlos Liard-Muriente
Central Connecticut State University
Robert Murphy
Boston College
John Neri
University of Maryland
Jasminka Ninkovic
Emory University
Andrew Paizis
New York University
Benjamin Russo
University of North Carolina–
Charlotte
Mikael Sandberg
Flagler College
David Spencer
Brigham Young University
Liliana Stern
Auburn University
Henry Terrell
George Washington University
61. A special shout-out goes to my frequent collaborator Ricardo
Reis of Columbia
University. Ricardo was enormously helpful in suggesting new
topics and research
references for this edition. In addition, I am grateful to Tina
Liu, a student at Harvard,
who helped me update the data, refine my prose, and proofread
the entire book.
The people at Worth Publishers have continued to be congenial
and dedicated.
I would like to thank Catherine Woods, Vice President, Content
Management, and
Media Production; Charles Linsmeier, Vice President, Editorial,
Sciences, and Social
Sciences; Shani Fisher, Publisher; Tom Digiano, Marketing
Manager; Paul Shensa,
Consulting Editor; Tom Acox, Digital
Solution
s Manager; Lukia Kliossis, Media
Editor; Lisa Kinne, Managing Editor; Tracey Kuehn, Director,
Content Manage-
ment Enhancement; Julio Espin, Project Editor; Paul Rohloff,
Senior Production
Supervisor; Barbara Seixas, Production Manager; Diana Blume,
Director of Design,
Content Management; Deborah Heimann, Copyeditor; Edgar
Doolan, Supplements
62. Project Editor; and Stacey Alexander, Supplements Production
Manager.
Many other people made valuable contributions as well. Most
important, Jane Tufts,
freelance developmental editor, worked her magic on this book
once again, confirm-
ing that she’s the best in the business. Alexandra Nickerson did
a great job preparing
the index. Deborah Mankiw, my wife and in-house editor,
continued to be the first
reader of new material, providing the right mix of criticism and
encouragement.
Finally, I would like to thank my three children, Catherine,
Nicholas, and Peter.
They helped immensely with this revision—both by providing a
pleasant distrac-
tion and by reminding me that textbooks are written for the next
generation.
March 2015
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xxxii |
Supplements and Media
LaunchPad logo suite 1
Resources for Students and Instructors
http://www.macmillanhighered.com/launchpad/mankiw9e
Our new coursespace, LaunchPad, combines an interactive e-
Book with high-quality
multimedia content and ready-made assessment options,
including LearningCurve
adaptive quizzing. Prebuilt curated units are easy to assign or
adapt with your own
material, such as readings, videos, quizzes, and discussion
groups. LaunchPad also
provides access to a gradebook that provides a clear window on
performance for
the whole class, for individual students, and for individual
assignments.
64. Worth Publishers has worked closely with Greg Mankiw and a
team of talented
economics instructors to put together a variety of resources to
aid instructors and
students. We have been delighted at the positive feedback we
have received on
these supplements.
For Students
LearningCurve is an adaptive quizzing engine that automatically
adjusts questions to
a student’s mastery level. With LearningCurve activities, each
student follows a unique
path to understanding the material. The more questions a
student answers correctly,
the more difficult the questions become. Each question is
written specifically for
the text and is linked to the relevant e-Book section.
LearningCurve also provides a
personal study plan for students as well as complete metrics for
instructors. Proven
to raise student performance, LearningCurve serves as an ideal
formative assessment
and learning tool. For detailed information, visit
65. http://learningcurveworks.com.
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Supplements and Media | xxxiii
NEW Work It Out Tutorials
New to this edition, these tutorials guide students through the
process of apply-
ing economic analysis to solve a problem similar to the end-of-
chapter problems
found in the text. Choice-specific feedback and video
explanations provide stu-
dents with interactive assistance for each step of the problem.
Macro Models
These modules provide simulations of the models presented in
the book. Stu-
dents can change the exogenous variables and see the outcomes
in terms of shift-
ing curves and recalculated numerical values of the endogenous
variables. Each
66. module contains exercises that instructors can assign as
homework.
Fed Chairman Game
Created by the Federal Reserve Bank of San Francisco, this
game allows students
to become Chairman of the Fed and to make macroeconomic
policy decisions
based on news events and economic statistics. It gives students
a sense of the
complex interconnections that influence the economy. It is also
fun to play.
Flashcards
Students can test their knowledge of the definitions in the
glossary with these
virtual flashcards.
For Instructors
Instructor’s Resource Manual
Robert G. Murphy (Boston College) has revised the impressive
resource manual for
instructors. For each chapter of this book, the manual contains
notes to the instruc-
67. tor, a detailed lecture outline, additional case studies, and
coverage of advanced top-
ics. Instructors can use the manual to prepare their lectures, and
they can reproduce
whatever pages they choose as handouts for students. Each
chapter also contains
a Dismal Scientist Activity (www.dismalscientist.com), which
challenges students
to combine the chapter knowledge with a high-powered business
database and
analysis service that offers real-time monitoring of the global
economy.