Publisher: Blackwell, 2004, 825 pages
ISBN: 1-4051-0144-X
Keywords: Macroeconomics
This text offers business managers and business school students an excellent practical explanation of the short-term linkages that impact the performance of the overall economy. While the underlying theoretical constructs are not ignored, emphasis is placed on the empirical underpinnings and managerial implications of macroeconomics. The text begins by introducing key concepts such as the GDP, National and Personal Income, and the various measures of inflation and unemployment. Building on this foundation it then analyzes the following aspects of macroeconomics: aggregate supply and demand, international financial markets, cyclical fluctuations, policy analysis, and forecasting.
Engaging the reader through many features, the text includes detailed case studies and “Manager's Briefcase” discussions, which provide practical applications of macroeconomic concepts to real-world situations. Additionally, each chapter ends with a list of key concepts, a chapter summary, and practice questions. Its short-term,empirically oriented approach makes this text a distinctive and practical resource for better understanding macroeconomics.
This is a very good book, that tries to addres the use of Macroeconomics by senior managers and strategists, while at the same time tries to teach the basics of macroeconomic theory. Unfortunately, after reading a few hundred pages, you gradually become aware of some personal preferences of the authors, which starts to distract on your reading of the material and gets you to check other books for contrarian opinions (considering that Mr. Evans is a former academic, he would probably be happy, but I think many people may toss the book aside as a prejudiced example, which is a loss, as he has many good point to make, even if you don't agree with all of them).
The biggest drawback of this book is its reliance on US (and only US) examples and discussions. Even the international trade chapter is in fact viewed from a US centric viewpoint. His discussion of the Great Depression mentions the collapse of the European economy as a major contributing factor, but he declines to explain how that happened.
All in all, this is a very good book that is nearly destroyed by the partisan viewpoint (from a non-US perspective) of the author.
If you find macroeconomics interesting (and if you are a manager or at all interested in politics or taxes, you should be) this is for you, but you need some additional material to read as well.
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