Overview


Already established as a seminal textbook on macroeconomics, the 20th edition of Macroeconomics continues to take the legacy forward with recent updates. This new edition presents the latest thinking of modern economists and emphasizes the analytical core of economics with particular attention to economic growth and analysis of market economics. The text is designed to cover syllabi requirements of graduates taking up macroeconomics. To enrich the book further for its Indian readers, Indian content has been added at relevant places to relate the concepts more specifically to the Indian context.


This edition is a thoroughly updated version, and feedback from readers and academicians have been incorporated. The revised content with new sections and appendices captures the recent happenings in macroeconomics in India as well as globally


Key Features


• Two central approaches of Keynesian economics followed to understand business cycles
• Special emphasis on Neoclassical growth model for better comprehension of longer-term
growth trends
• Prominence given to advanced topics such as modern financial theory, real business cycles, and global public goods
• Fresh end-of-chapter questions, with a special accent upon short problems that reinforce
major concepts
• Thoroughly updated Indian economic data across the chapters

Part 1 Basic Concept


1. The Central Concepts of Economics
2. The Modern Mixed Economy
Appendix 2
3. Basic Elements of Supply and Demand


Part 2 Macroeconomics: Economic Growth and Business Cycles


4. Overview of Macroeconomics
Appendix 4
5. Measuring Economic Activity
Appendix 5
6. Consumption and Investment
Appendix 6
7. Business Cycles and Aggregate Demand
Appendix 7
8. Capital, Interest, and Profits
Appendix 8
9. Money and the Financial System
Appendix 9
10. Monetary Policy and the Economy
Appendix 10


Part 3 Growth, Development, and the Global Economy
11. Economic Growth
Appendix 11
12. The Challenge of Economic Development
Appendix 12
13. Exchange Rates and the International Financial System
Appendix 13
14. Open-Economy Macroeconomics
Appendix 14


Part 4 Unemployment, Inflation, and Economic Policy


15. Unemployment and the Foundations of Aggregate Supply
Appendix 15
16. Inflation
Appendix 16
17. Frontiers of Macroeconomics