ISBN:
0-471-42183-9
512 pages
Paperback ©2002
DESCRIPTION
Systematically
structured and written in the clear, accessible language that has made
Professor Taylor one of the world’s leading teachers of economics,
the constant focus of the second edition of Macroeconomics is
on student understanding. Long run economic growth theory and economic
fluctuations theory are fully explained and explored, as are the various
relationships between macroeconomic variables and their implications
for macroeconomic policy.
Taylor’s
unique approach to macroeconomics - covering long term growth before
short term fluctuations and his model of aggregate demand and supply
which accommodates inflation rates – have been adopted by other
instructors and authors.
The early presentation of the long run perspective sets up the discussion
of fluctuations as deviations from the long-run path and Taylor’s
model of AD/AS is now widely accepted as a more accurate depiction of
the relationship between changes in the price level and GDP.
A companion volume Microeconomics is available.
Changes
to the second edition
Throughout
the revision process, which included rearranging chapters, streamlining,
rewriting and updating passages, and adding new examples, the focus
has been on providing a clear, complete and contemporary perspective
on economics. We have been guided by helpful suggestions from students
and academics around the country.
Presentation changes The revision process has resulted
in a book that is easier to read and use, as well as being shorter.
How was this accomplished? We think the following were most important:
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Every
passage that could be explained more easily was rewritten.
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Chapters
were repositioned to help one topic flow into another more easily
and to bring greater attention to essential principles.
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Chapter
parts, chapter titles and section heads were revised to give a more
accurate description of the topics covered.
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New
boxes were added in the margins of the text to give readers a more
detailed explanation, a reminder, or some advice about a topic where
experience showed that clarification could help.
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A
large number of end-of-chapter problems were replaced by new problems.
Others were revised.
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More
advanced topics, which previously appeared toward the end of chapters,
were moved to the book’s Web site.
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The
book was redesigned. The new design and wider format provide a more
open feel to the pages. The use of photographs and cartoons brings
economics to life.
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Examples
are used in two ways. ‘Economics at work’ (formerly ‘Using
economics to explain’) demonstrate the relationship between theory
and everyday practice and highlight the day-to-day operation of economic
principles. ‘Media analysis’ (formerly ‘In the news’)
help students critically analyse recent news, as well as interpret
analysis by the media.
Content
changes A detailed account of the chapter-by-chapter changes
in the text can be found in the transition guide available in the instructor’s
resource guide. Here are a few highlights.
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Updated
Australian statistical data are used throughout.
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Chapter
1 has been rewritten and now provides a brief overview of the foundations
of modern economics and a discussion of what economists endeavour
to explain.
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Almost
all of the ‘Economics at work’ and ‘Media analysis’
have been replaced with current examples.
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Discussion
of the spending allocation model (chapter 7) and unemployment and
employment has been revised and streamlined.
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Chapter
8, ‘Unemployment and employment’, uses updated local research
and features a case study on youth unemployment around the world.
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Chapter
15, ‘Fiscal policy’, previously focused on budget deficits.
It has been rewritten for budget surpluses.
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Updated
material on recent trends in international trade and the debate about
globalisation has been included in chapter 20.
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Chapter
18, ‘Macroeconomic debates’, has been rewritten, using current
Australian examples.
