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Using real-world case studies and examples, this comprehensive text offers intermediate and applied macroeconomics students a truly European and global perspective. Continuing to successfully combine theory with application, Macroeconomics has been fully updated in this fifth edition to keep students up-to-date with the ever changing macroeconomic environment we are experiencing today.

This book provides a comprehensive view of macroeconomic theory, theories of economic growth and how economic performance is affected by this growth. This second edition now has activities and self-evaluation exercises at the end of each chapter to improve readability and to aid the flow of discussion. Feedback to these activities and exercises is given at the end of the book. The text is structured so that each of the topics can be covered conveniently in a one-semester module. In instances where both microeconomics and macroeconomics need to be taught within a semester, a selection of topics from this book and its companion, Microeconomics - a southern African perspective, may be selected by the instructor.

Cover -- Contents -- List of Figures -- List of Tables -- List of Boxes -- About the Authors -- About the Book -- Tour of the book -- Preface -- Acknowledgements -- Website Materials -- 1 Introduction -- 1.1 What is Economics? Two Views -- 1.2 Economics and the Public Purpose -- 1.3 What is Macroeconomics? -- Conclusion -- References -- 2 How to Think and Do Macroeconomics -- 2.1 Introduction -- 2.2 Thinking in a Macroeconomic Way -- 2.3 What Should a Macroeconomic Theory be Able to Explain? -- 2.4 Why is it so Difficult to Come to an Agreement on Policy? The Minimum Wage Debate -- 2.5 The Structure of Scientific Revolutions -- Conclusion -- References -- Chapter 2 Appendix: The Buckaroos model -- 3 A Brief Overview of Economic History and the Rise of Capitalism -- 3.1 Introduction -- 3.2 An Introduction to Monetary Capitalism -- 3.3 Tribal Society -- 3.4 Slavery -- 3.5 Feudalism -- 3.6 Revolts and the Transition to Capitalism -- 3.7 Capitalism -- 3.8 Monetary Capitalism -- 3.9 Global Capitalism -- 3.10 Economic Systems of the Future? -- Conclusion -- References -- 4 The System of National Income and Product ­Accounts -- 4.1 Measuring National Output -- 4.2 Components of GDP -- 4.3 Equivalence of Three Measures of GDP -- 4.4 GDP versus GNP -- 4.5 Measuring Gross and Net National Income -- 4.6 GDP Growth and the Price Deflator -- 4.7 Measuring Chain Weighted Real GDP -- 4.8 Measuring CPI Inflation -- 4.9 Measuring National Inequality -- Conclusion -- References -- 5 Labour Market Concepts and Measurement -- 5.1 Introduction -- 5.2 Measurement -- 5.3 Categories of Unemployment -- 5.4 Broader Measures of Labour Underutilisation -- 5.5 Flow Measures of Unemployment -- 5.6 Duration of Unemployment -- 5.7 Hysteresis -- Conclusion -- References -- 6 Sectoral Accounting and the Flow of Funds -- 6.1 Introduction.

A new approach based on microfoundations combined with an essentially Keynesian policy analysis. Highly readable, direct style, with consistent treatment through the short and long run and the closed and open economy, and an international stance comparing theory with data for the Eurozone, UK and US. Up-to-date analysis of financial events.

"For intermediate courses in Economics. A Unified View of the Latest Macroeconomic Events In Macroeconomics, Blanchard presents a unified, global view of macroeconomics, enabling students to see the connections between goods markets, financial markets, and labor markets worldwide. Organised into two parts, the text contains a core section that focuses on short-, medium-, and long-run markets and three major extensions that offer more in-depth coverage of the issues at hand. From the major economic crisis and monetary policy in the United States, to the problems of the Euro area and growth in China, the text helps students make sense not only of current macroeconomic events but also of events that may unfold in the future. Integrated, detailed boxes in the 7th Edition have been updated to convey the life of macroeconomics today; reinforce lessons from the models; and help students employ and develop their analytical and evaluative skills. "

This book is completely customized for post graduate students and also for candidates of civil service and various state level competitive examinations. Entire exercise has taken long hours of hard work to facilitate students for necessary study materials to understand all chapters thoroughly. It is my endevour to provide a work of sheer excellence. I have not at all compromised on any aspect, with respect to this textbook. It is no doubt the blessing of God and my parents that have made a work of this standard and excellence possible. They have made it possible for me to share my talent, know