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Macroeconomic Issues: Their Relationship to Fiscal Policy Formulation, Forecasting, Prediction, and Computer Simulation Modeling

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Macroeconomic Issues is an economics primer that walks students through economic theory from early historical models through current economic trends such as gaming models, forecasting, and the current economic downturn. Author Nicholas Jewczyn (JEFF-sin) serves up an eminently readable but brief explanation of macroeconomic theory that is a must-read for any student of economics, particularly those who want a concise-but-thorough explanation of the field.

Jewczyn avoids the dismal science in his historical survey of economic thought in the first section of the book. His comparison of the three historical schools of economics, the classicist model, the Keynesian model, and the monetarist model is understandable even to a reader with a non-economic background. He explains the foundational principles of macroeconomics such as Adam Smith and the Invisible Hand, John Maynard Keynes' arguments for interventionist government economic policy and Milton Friedman's advocacy of private sector ascension in his monetarist theory. Jewczyn provides a fair treatment of each of the historical schools of thought and even includes commentaries by contemporary theorists who point out the strengths and limitations of the historical theories.

The second section of the book begins with an annotated bibliography of current research in macroeconomics. This section transitions comfortably from the historical background to the current state of the art. This section provides a competent overview for students of economics who want to understand the topic in an afternoon. This section requires the reader to slow down in order to fully understand all the new information being presented. It is also helpful for a reader to know some economic terms in order to follow all of the ideas. The concepts are understandable, especially with re-reading, even if the terms are unfamiliar. With time, even a naïve reader can grasp the current trends in economics.

The third section of this book is a tightly-argued application of economic theory to risk theory and econometrics. It analyzes the assumptions of current models and applies them to many theories of computer modeling. A reader needs an adequate background of economic theory in order to fully appreciate this third section, but the previous chapters provide the tools to apply to an understanding of this rather complex topic.

Macroeconomics can be a very dense topic, especially for someone new to the theories. Macroeconomic Issues by Nicholas Jewczyn may require more than one reading in order to fully appreciate its scope, but it is a rare book that can take the reader from 0-60 in 200 pages. Anyone with more than a passing interest in economic theory can use this book to become conversant on the topic in a very short time. This book is especially recommended for economics students who want to get a jumpstart on their education. It is an ideal complement to any economics course.

Mr. Nicholas Jewczyn has provided us with a wealth of financial insight that will forever change all of our previous financial perspectives. A must read economics primer that should be on the shelf of every economist that hopes to make a difference.

C. Robick
Pittsburgh, Pennsylvania

The author of this book offered outstanding documentaries through out the book. It is my belief the information contained in the book will and can help anyone who has an interest in economic get a better grasp in the understanding of economics. The theories established in the in the breadth section outlines a number of major contribution over the last century. And are a must read to get a better understanding of the issues facing society today.
In the depth section of the book the author, provide ample proof of the ideas expressed in the breadth as well as expends to other more recent theories to suite the 21 century thinking.
In general, the author does a great job highlighting the effects economics has on society. The issues and economic conditions facing us today have been addressed in this book from many different angles. The book is easy to read and understand, I strongly recommend it to those individuals that want a better understanding on economic.

Jewczyn's book on Macroeconomics presents a look at economics and economic forecasting that is both sophisticated in coverage, yet accessible to probably anyone interested in reading about the subjects. It is divided into three main parts - Breadth, Depth, and Application. The Breadth sets the theoretical stage for the rest of the book's discussion and deals more with historical thinking on economics. The Depth surveys and discusses a collection of current scholarly work. The Application brings the two previous sections to bear on the issue at hand of both using and dealing with economic forecasting models.

The Breadth section includes the theoretical background from three major schools of economic thought represented by Adam Smith (Classical), John M Keynes (Keynesian), and Milton Friedman (Monetarist). It includes both the theories of these representatives and of other important thinkers that worked off of their theories or on offshoots of their own such as Ricardo, Samuelson, Marshall, Hicks, Schwartz, and more. This section has a helpful balance of straightforward explanation with plentiful references to obtain more information.

The Depth section shows ample variety in both theme and application to the subject at hand. Articles discussed range in thematic topics from use of economic models to taxation alternatives even to the underground economy. Application of discussed ideas range from external shock effects to how space and time is involved in a particular model even to a one-on-one game: private sector vs. the government.

The Application section, although written at a high academic level, is balanced with more straightforward explanations at the end of most paragraphs. In this manner, it presents the problem to be addressed both with academic precision and in simpler terms for easier comprehension. The part here discussing the auction problem is particularly interesting in light of various effects of supply and demand on different auction types. The work is brought to a conclusion that reiterates its purpose as well as what might be hoped to come from it.

Overall, there is an emphasis on theoretical underpinnings of ideas and models and the results of forecasting while at the same time one can relate these to both what has been observed to occur in our own economic world and what can be done to improve in future efforts at economic forecasting and resulting policy-making. There is an element of repetitiveness throughout, but this generally helps reinforce the points made. This book also has a good balance of thoroughness while not being too long (about 200 pages), which reinforces its usefulness as "An Economics Primer".

I would recommend this to anyone with an interest in economics, economic forecasting, or the variety of models employed both in theory and in current research.