Macroeconomics 21E : Theory And Policy

The twenty-first edition of Macroeconomics: Theory and Policy strike an

expert balance between retaining the conceptual clarity that has made this book a trusted resource for 40 years, while sharpening its academic focus to meet the evolving needs of students and scholars alike. This book lays a solid foundation in macroeconomics, empowering readers to grasp fundamental principles and concepts with ease.

The revised edition is a comprehensive textbook aligned with the latest curriculum for B.A. (Pass) and (Hons.), (Pass) and (Hons.), M.A. and courses in Economics. Besides university examinations, it is specifically designed to aid learners preparing for UGC-NET and competitive examinations such as Civil Services, Bank Probationary Officers Examinations, Combined Defense Services, Staff Selection Commissions Combined Graduate Level (CGL) examination, RBI and SEBI Grade A Examinations and many more.  The book is also a useful resource for students in professional courses such as MBA, CA, ICWA, Journalism, Business Economics, Engineering, and Banking.

The books lucid language and straightforward presentation in the form of illustrative examples, graphs and diagrams make complex concepts easy to grasp, even for readers without prior knowledge of the subject. It breaks down intricate topics into bite-sized pieces, ensuring a seamless learning experience. The logical structure of the book makes learning engaging, effective and enjoyable.

Key Features:

1. Special attention given to Indian macroeconomic issues, particularly those related to labour-surplus economies, consumption behaviour, inflation, investment and employment.
2. Key concepts explained with visual aids such as illustrations, flowcharts and summary tables to enhance retention and comprehension.
3. Additional reading material on Monetary Economics, International Economics, Public Finance and Development Economics readily available on our website.

Table of Contents:

PART I: MACROECONOMICS: THEORY OF INCOME AND EMPLOYMENT
Chapter 1: Nature and Scope of Macroeconomics
Chapter 2: Circular Flow of Income and National Income Accounting
Chapter 3: Classical Full-Employment Model
Chapter 4: Keyness Theory of Employment : An Outline
Chapter 5: Determination of National Income : Keyness Simple Two-Sector Model
Chapter 5A: Determination of National Income with Government : Three-Sector Model
Chapter 6: Consumption Function
Chapter 7: Post-Keynesian Theories of Consumption
Chapter 8: Investment Demand
Chapter 9: Theory of Multiplier
Appendix to Chapter 9: Static and Dynamic Multiplier
Chapter 10: Aggregate Demand-Aggregate Supply Model (with Price Flexibility)
Appendix to Chapter 10: Comparison of Keyness and Classical Theories
Chapter 11: Unemployment, Full Employment and Wage-Employment Relationship
PART II: IS-LM MODEL, INLATION-UNEMPLOYMENT TRADE-OFF AND RECENT DEVELOPMENTS IN MACROECONOMICS
Chapter 12: The IS-LM Curve Model
Appendix to Chapter 12: IS-LM Model: Algebraic Analysis
Chapter 13: Inflation-Unemployment Trade-off: Phillips Curve and Rational Expectations Theory
Appendix to Chapter 13: Derivation of Phillips Curve from Aggregate Supply Curve
Chapter 14: Stagflation and Supply-Side Economics
Chapter 15: The New Classical Economics: Rational Expectations Model
Chapter 16: The New Keynesian Economics
Part III: Monetary Demand and Supply
Chapter 17: Supply of Money and its Determinants
Chapter 18: Demand for Money and Keyness Liquidity Preference Theory of Interest
Chapter 19: Post-Keynesian Theories of Demand for Money
PART IV: MONEY, PRICE AND INFLATION
Chapter 20: Money and Prices: Quantity Theory of Money
Chapter 21: Keyness Monetary Theory: Money, Income and Prices
Chapter 22: Monetarism and Friedmans Restatement of Quantity Theory of Money
Chapter 22A: Monetarism and Keynesianism Compared
Chapter 23: Inflation and Hyperinflation: Causes, Effects and Cure
Appendix to Chapter 23: Measurement of Inflation and Price Indices: WPI and CPI
PART V: BUSINESS CYCLE AND MACROECONOMIC POLICY
Chapter 24: Analysis of Business Cycles
Chapter 24A: Kaldor and Goodwins Model of Business Cycles
Chapter 24B: Monetarist and New Classical (Rational Expectations) Theories of Business Cycles
Chapter 24C: Real Business Cycle Theory
Chapter 25: Economic Stabilisation: Fiscal Policy
PART VI: GOVERNMENT AND MACROECONOMY: GOVERNMENTS BUDGET CONSTRAINT AND FISCAL POLICY
Chapter 26: Role of Fiscal Policy and Taxation in Resource Mobilisation for Economic Growth
Chapter 27: Government Borrowing or Debt-Financing of Budget Deficit
Chapter 27A: Government Budget Constraint: Money Financing of Budget Deficit
Appendix to Chapter 27A: Indias Fiscal Deficit and Economic Growth
PART VII: OPEN ECONOMY MACROECONOMICS
Chapter 28: Balance of Payments
Chapter 28A: The Monetary Approach to the Balance of Payments
Chapter 29: Foreign Exchange Rate
Chapter 30: Determination of National Income in an Open Economy and Foreign Trade Multiplier
Chapter 31: International Linkages and Mundell-Fleming Model
Chapter 31A: Globalisation, Commercial Policy and WTO
Appendix to Chapter 31A : Global Financial Crisis 2007-09
PART VIII: THEORIES OF ECONOMICS GROWTH
Chapter 32: Harrod-Domar Model of Growth
Chapter 33: Neoclassical Theory of Growth
Chapter 34: New Theory of Growth (Endogenous Growth Model)
Chapter 35: Limitations and Relevance of Keynesian Economics for Developing Countries
Chapter 36: Sen vs. Bhagwati: Debate on Growth and Distribution

Chapter 37: Money : Nature, Functions and Role
Chapter 38: Credit and Commercial Banking
Chapter 39: Central Banking
Chapter 39A: Objectives and Instruments of Monetary Policy
Appendix to Chapter 39A : Role of Monetary Policy in Economic Growth
Chapter 40: Economic Stabilisation : Monetary Policy
Chapter 41:  Government in the Macroeconomy : Public Expenditure
Chapter 42: Financing of Government Expenditure : Taxation
Chapter 43: Free Trade Versus Protection
Chapter 44: Economic Growth and its Determinants
Chapter 45: Theory of Development with Surplus Labour : Lewis Model
Chapter 46: Nature of Unemployment in Labour Surplus Developing Countries
Chapter 47: Development Strategies for Labour-Surplus Developing Countries