Introduction
Arnold, Roger A. Macroeconomics 12e is a comprehensive textbook that covers all aspects of macroeconomics. The book was published by South-Western College Publishing in the United States in 2011 and is an excellent resource for students and professionals alike. With its detailed explanations and easy-to-understand language, this book is an essential tool for anyone looking to learn about macroeconomics.
About the Author
The author of this book, Roger A. Arnold, is a renowned professor of economics at California State University, San Marcos. He is the author of several other economics textbooks and has won numerous awards for his contributions to the field of economics. His expertise in the subject matter is reflected in the depth and quality of the content of this book.
Book Overview
The book is divided into 18 chapters, each covering a different aspect of macroeconomics. The first chapter introduces the subject and explains the basic terms and concepts. The remaining chapters cover topics such as national income accounting, economic growth, inflation, unemployment, money and banking, international trade, and more.
Chapter by Chapter Review
Chapter 1: What is Economics?
This chapter introduces the subject of economics and explains the basic concepts and terms. It covers topics such as scarcity, opportunity cost, and the principles of economics. The chapter also explains the different types of economies and the role of government in the economy.
Chapter 2: The Economic Problem
This chapter explores the economic problem of scarcity and how it affects the decisions that people make. It also covers the production possibility frontier and the different types of efficiency. The chapter ends with an explanation of trade-offs and the concept of opportunity cost.
Chapter 3: Demand, Supply, and Market Equilibrium
This chapter explains the laws of demand and supply and how they interact to determine the price and quantity of goods and services in a market. The chapter also covers market equilibrium and the factors that can shift the demand and supply curves.
Chapter 4: Markets in Action
This chapter explores the different types of markets, including perfect competition, monopolistic competition, oligopoly, and monopoly. It also covers market failures and the role of government in regulating markets.
Chapter 5: Price Elasticity of Demand and Supply
This chapter explains the concept of price elasticity of demand and supply and how it affects the responsiveness of buyers and sellers to changes in price. The chapter also covers income elasticity and cross-price elasticity.
Chapter 6: Consumer Choice Theory
This chapter explores the theory of consumer choice and how individuals make decisions about what to buy and how much to consume. It covers utility theory, the budget constraint, and the concept of consumer equilibrium.
Chapter 7: Production and Cost Theory
This chapter explains the theory of production and cost and how firms make decisions about what to produce and how much to produce. It covers the production function, isoquants, and the costs of production.
Chapter 8: Perfect Competition
This chapter explores the theory of perfect competition and the characteristics of a perfectly competitive market. It covers the price-taking behavior of firms, the long-run equilibrium of the market, and the efficiency properties of a perfectly competitive market.
Chapter 9: Monopoly
This chapter explores the theory of monopoly and the characteristics of a monopolistic market. It covers the price-setting behavior of firms, the deadweight loss of monopoly, and the potential benefits of regulation.
Chapter 10: Monopolistic Competition and Oligopoly
This chapter explores the theory of monopolistic competition and oligopoly and the characteristics of these types of markets. It covers the different types of market structures, the behavior of firms in each structure, and the efficiency properties of each structure.
Chapter 11: Externalities and Public Goods
This chapter explores the concepts of externalities and public goods and the implications of these concepts for market outcomes. It covers the different types of externalities, their causes and effects, and the potential solutions to these problems.
Chapter 12: Income Distribution and Poverty
This chapter explores the concepts of income distribution and poverty and the factors that contribute to these outcomes. It covers the different measures of income distribution, the causes and effects of poverty, and the potential solutions to these problems.
Chapter 13: Economic Growth
This chapter explores the concept of economic growth and the factors that contribute to it. It covers the different measures of economic growth, the sources of economic growth, and the potential limitations to economic growth.
Chapter 14: Business Cycles and Unemployment
This chapter explores the concepts of business cycles and unemployment and the factors that contribute to them. It covers the different phases of the business cycle, the types of unemployment, and the potential solutions to these problems.
Chapter 15: Inflation
This chapter explores the concept of inflation and the factors that contribute to it. It covers the different measures of inflation, the causes and effects of inflation, and the potential solutions to this problem.
Chapter 16: Money and Banking
This chapter explores the concepts of money and banking and the roles that they play in the economy. It covers the different types of money, the functions of a central bank, and the potential problems associated with monetary policy.
Chapter 17: International Trade
This chapter explores the concept of international trade and the benefits and costs associated with it. It covers the different types of trade barriers, the gains from trade, and the potential problems associated with trade.
Chapter 18: Exchange Rates, Balance of Payments, and International Debt
This chapter explores the concepts of exchange rates, balance of payments, and international debt and the roles they play in the global economy. It covers the different types of exchange rates, the determination of exchange rates, and the potential problems associated with trade.
Conclusion
Arnold, Roger A. Macroeconomics 12e is a comprehensive textbook that covers all aspects of macroeconomics. Whether you are a student or a professional, this book is an essential resource for anyone looking to learn about macroeconomics. With its detailed explanations and easy-to-understand language, this book is sure to help you master the subject matter and succeed in your studies or career.