1st Edition
Practical Macroeconomics for Non-Economists A Question-and-Answer Approach
Practical Macroeconomics for Non-Economists provides the tools, the theory, and the empirical understanding of macroeconomics without the heavy lifting of the mathematical and econometric models.
This accessible book introduces the building blocks of macroeconomic thinking and challenges the reader to apply these insights to learn why economists say what they do and what guides economic policymakers. Linking actual data to theoretical concepts, it explores competing economic theories, and uncovers some of the key controversies in macroeconomic theory and how different perspectives lead to alternative and vastly different policy recommendations.
Key features include:
• Coverage of all the key macroeconomic topics, such as GDP, inflation, unemployment, output and productivity, business cycles, aggregate demand/supply, and fiscal and monetary policy.
• Question-and-answer format, covering the foundations of each topic in a logical progression, to provide the reader with a quick reference and more focused discussion.
• "Advanced questions" to encourage deeper discussion.
• Start-of-chapter learning objectives, which allow the reader to "see" the road ahead for each section.
• End-of-chapter "Issues to think about" boxed features, which offer the reader an opportunity to apply critical thinking to the issues covered.
• Resource manual and PowerPoints for instructors.
Practical Macroeconomics for Non-Economists is the ideal textbook for anyone looking for a practical and non-technical introduction to the subject.
PART 1: Macroeconomic Thinking and Tools 1. Macroeconomic Basics 2. The Importance of Circular Flow in the Economy 3. Key Macroeconomic Statistics—Jobs and Unemployment 4. Key Macroeconomic Statistics—Inflation 5. Key Macroeconomic Statistics—Output and Productivity 6. Understanding Business Cycles and Trends 7. A Macroeconomic Toolbox for Descriptive Analysis 8. The Aggregate Demand (AD) and Aggregate Supply (AS) Model 9. Money and Banking 10. Monetary Policy—Goals, Theories, Rules, Discretion, and Implementation 11. Government Spending, Taxation, and Fiscal Policy 12. Policy Implications of Macroeconomic Theories PART 2: Macroeconomic Issues 13. The Disappearing Worker 14. Implications of an Evolving Economy 15. The Great Moderation Followed by the Great Volatility 16. The Global Debt Explosion and Worries 17. Setting Tax Rates 18. Measuring Macroeconomic Uncertainty PART 3: Macroeconomics Reshaped 19. The Future of Macroeconomics Epilogue: Developing and Interpreting Macroeconomic Policy Choices
Biography
Michael P. Niemira is the chief economist of The Retail Economist, LLC. He is the former chief economist and director of research for the International Council of Shopping Centers and has held economist positions for the Bank of Tokyo-Mitsubishi (now MUFG), PaineWebber (now UBS), Chemical Bank (now JPMorgan Chase), and Merrill Lynch. Niemira also has been an adjunct assistant professor of economics at New York University’s Stern School of Business and Graduate School of Arts and Sciences, as well as taught at the New York Institute of Finance. Currently, he is an adjunct instructor for the Maricopa Community Colleges, Arizona, USA.
"If you have questions regarding the workings of the macroeconomy, you can find well-articulated and reasoned answers in Michael Niemira’s book. From a thorough analysis of the key economic statistics to a detailed description of the main theories of macroeconomics, it is here."
Mark M. Zandi, Chief Economist, Moody's Analytics
"Consumers and businesses are bombarded with an ongoing list of economic numbers: GDP, Inflation, unemployment, retail sales. This book is very hands on and provides a great approach to learn, understand and apply economic thinking. It is clearly written, clearly spells out economic questions and clearly provides cogent and meaningful perspectives."
Jack Kleinhenz, Ph.D., CBE, Chief Economist, National Retail Federation and former President of the National Association for Business Economists.
"Rising prices and big swings in the job market have put macroeconomics front and center, as questions that were once confined to college seminars and Congressional hearings are now raised in supermarket checkout lines and employee break rooms. In this timely introduction, Michael Niemira connects the dots between inflation, employment, productivity, and government policy. The question-and-answer format allows the casual reader to quickly get up to speed, while the more serious student will find ample detail to satisfy one's curiosity."
Scott Horsley, Chief Economic Correspondent, National Public Radio
"Mr. Niemira has managed to create a book that simultaneously provides a great introduction to the field for students, a refresher and reference work for practicing economists, and answers to questions the curious lay reader may pose. All of this comes with well-organized, readily understandable, and pertinent text and illustrations. A valuable addition to any bookshelf."
Ken Simonson, Fellow and Past President, National Association for Business Economics and Chief Economist, Associated General Contractors of America
"Economics permeates our lives. Where we work, how we are rewarded for work, stock market cycles, and interest rates levels that determine our ability to look forward to a comfortable retirement are determined by macroeconomic events. Michael Niemira lays out the foundations of these macroeconomic events in a question and answer format by topic that leads off with key learning objectives so you can anticipate what you will learn from each chapter and reflect if your interests align with the content provided. Macroeconomics is often considered to be remote and theoretical. Mike makes it practical and accessible. When at some point in the future a topic comes up in the newspaper or in everyday conversation, Practical Macroeconomics for Non-Economists lays out content in a way that it can be referenced years into the future. This book is an important handbook for navigating the economic opportunities and risks that life offers and should be kept handy in everyone’s bookshelf."
Gail D. Fosler, President, The GailFosler Group
