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Macroeconomics For Dummies - UK, UK Edition


Learn to:

  • Easily identify key concepts in the study of macroeconomics
  • Analyse aggregate supply and demand
  • Measure GDP, inflation, and unemployment
  • Understand how financial crises occur

Make macroeconomics manageable with this step-by-step guide!

If you're studying macroeconomics and feeling macro-overwhelmed, this easy-to-understand guide is just what you need. Written specifically for the UK market, it illustrates the concepts of macroeconomics with real-world scenarios and demonstrates how economies around the world interrelate. Read on and face your exams with confidence!

  • Tracing the big picture — get an overall view of the economy as a whole, the factors that affect it, and what can bring about a global crisis
  • Focus on key relationships — understand how to measure GDP, inflation, and unemployment and how they affect the global economy
  • The model economy — discover how to build a model of the economy that can be used to analyse shocks and examine policy
  • Tools for policy-building — explore the elements of monetary and fiscal policy, the debt-to-GDP ratio, the Phillips Curve, and discretionary policy
  • How financial crises happen — learn about the weaknesses of our financial system, essential moral issues, and what we must consider to avert the next crisis

Open the book and find:

  • Macroeconomics terms defined
  • Key macroeconomics concepts
  • What investment and capital mean to economists
  • Ways to measure living standards
  • How financial, business, consumer, and political factors interact
  • Relationships among various economic indicators
  • What seigniorage is and what it can cause
  • Why consumer confidence matters

Manzur Rashid, PhD, is a Lecturer of economics at University College, London. Peter Antonioni is a senior teaching fellow at the Department of Management Science and Innovation, University College, London, and coauthor of Economics For Dummies, 2nd UK Edition.

Introduction 1

Part I: Getting Started with Macroeconomics 5

Chapter 1: Discovering Why Macroeconomics Is a Big Deal 7

Chapter 2: Looking at Key Questions and Concepts 21

Chapter 3: Curing a Sick Economy of Four Afflictions 35

Part II: Measuring the Things that Matter 47

Chapter 4: Totting up a Country’s Economic Activity: Gross Domestic Product 49

Chapter 5: Facing the Fact of Increasing Prices: Inflation 67

Chapter 6: Unemployment: Wasting Talent and Productivity 87

Part III: Building a Model of the Economy 105

Chapter 7: Working Out a Country’s Economic Demand 107

Chapter 8: Determining How Much Stuff an Economy Can Produce 125

Chapter 9: Using the AD-AS Model to Analyse Shocks to the System 139

Part IV: Examining Macroeconomic Policy 161

Chapter 10: Using Monetary Policy to Influence the Economy 163

Chapter 11: Fiscal Policy: Balancing the Books - Perhaps 183

Chapter 12: Seeking Low Unemployment and Low Inflation: The Phillips Curve 197

Chapter 13: Following Rules or Using Discretion: Two Approaches to Economic Policy 213

Part V: Understanding the Financial Crisis 227

Chapter 14: Considering Fundamental Weaknesses of the Financial System 229

Chapter 15: Getting Away with Excessive Risk‐Taking: Moral Hazard 245

Chapter 16: Considering the Lessons of the 2008 Financial Crisis 265

Part VI: The Part of Tens 283

Chapter 17: Getting to Know Ten Great Macroeconomists 285

Chapter 18: Ten Top Tips to Take Away 291

Index 299