Macroeconomics
Throughout Macroeconomics, authors Daron Acemoglu, David Laibson, & John List use real economic questions & data to help students learn about the world around them. Taking a fresh approach, the authors use the themes of optimization, equilibrium & empiricism to illustrate the power of simple economic ideas, & their ability to explain, predict, & improve what happens in the world. Each chapter begins with an empirical question that is later answered using data in the Evidence-Based Economics feature. As a result of the text’s practical emphasis, students will learn to apply economic principles to guide the decisions they make in their own lives.
Features:
Three key principles — optimization, equilibrium, & empiricism — lie at the heart of the authors’ approach.
- Optimization: The first principle — that people try to choose the best available option — is optimization. Economists believe that optimization explains most choices people make, including minor decisions like deciding whether to eat a cheeseburger, & major decisions like deciding whom to date or marry. When people fail to optimize perfectly, economic reasoning can be used to analyze the mistake & to suggest a better course of action.
- Equilibrium : Economic systems tend toward equilibrium, wherein each economic actor feels that he or she cannot do any better by picking another course of action. This principle highlights the connections among economic actors & their choices. In a state of equilibrium, consumers & purveyors of goods & services are simultaneously optimizing, & their behaviors are consequently intertwined.
- Empiricism: While the first two key principles are conceptual, the third is methodological. Economists use data to test economic theories, learn about the world, & speak to policymakers. The emphasis on matching theories with real-world data to answer specific questions helps to show students the evidence behind the theory, making economics concrete, interesting, & fun.
| Book | |
|---|---|
| Author | Acemoglu |
| Year | 2019 |
| ISBN | 9789389588200 |
| Publisher | Pearson |
| Language | English |
| Uncategorized | |
| Edition | 1/e |
| Weight | 1 kg |
| Dimensions | 24.4 x 20.3 x 3.7 cm |
| Binding | Paperback |