Macroeconomics: A Neo-classical Approach (Irwin series in economics) [Hardcover]

Merton H Miller (Author), Charles W. Upton (Author)

Book Description

Publication Date: December 1974 | ISBN-10: 0256015503 | ISBN-13: 978-0256015508

"Miller and Upton is by far the most cited macroeconomics text in front line academic research journals over the last ten years. It has become a contemporary classic."—Roger C. Kormendi, University of Michigan

"The most innovative approach to introducing macroeconomics that I have seen. . . . A 'classic' in the sense that every serious student of macroeconomics is likely to want it in his or her library."—John P. Gould, University of Chicago

"The task the authors set out to perform is ambitious: to write a macroeconomics textbook structured around a neoclassical growth model. And in this task they have succeeded."—Clifford W. Smith, Jr., Journal of Finance

"This is a superb book. As a vehicle for teaching economics I have to place it right behind Henderson and Quant (Microeconomics) and Dorfman, Samuelson, and Solow (Linear Programming). Moreover, it is an exciting book both to read and to think about. . . . It is not just that these authors have something to say, but their way of saying it is generally superior."—F. E. Banks, Kyklos

--This text refers to the Paperback edition.

Product Details

• Hardcover: 367 pages
• Publisher: Irwin (Richard D.) Inc.,U.S. (December 1974)
• Language: English
• ISBN-10: 0256015503
• ISBN-13: 978-0256015508
• Product Dimensions: 9.1 x 5.9 x 1.3 inches
• Shipping Weight: 1.9 pounds
• Average Customer Review: 3.7 out of 5 stars  See all reviews (3 customer reviews)
• Amazon Best Sellers Rank: #2,374,630 in Books (See Top 100 in Books)

Customer Reviews

Most Helpful Customer Reviews

15 of 15 people found the following review helpful:

4.0 out of 5 stars An eccentric classic, October 22, 2000

By 

thersities (Christchurch New Zealand) - See all my reviews

This review is from: Macroeconomics : A Neoclassical Introduction (Paperback)

This book is not for lay people or even undergraduates. Not that it is all that technically demanding. Rather, it is unusual in its style and content. This text is a landmark in modern macroeconomics. It begins with a very simple model for the ideas of Thomas Malthus. It was the first to place the neoclassical growth model at center stage. It is the first place to discuss in print what later became known as Ricardian Equivalence. It was written at the very dawn of the rational expectations - market clearing revolution in macro, yet betrays a deeper understanding of those ideas than most contemporary texts.

It makes a radical break with IS-LM (regrettably entrenched for over 50 years) and proposes an alternative with the real interest rate (r) on one axis and the price level (P) on another. The M curve represents combinations of r and P consistent with equilibrium in the supply and demand for real balances. The Y curve represents combinations consistent of the same, consistent with market clearing for goods. The intersection of M and Y determine P and r. Real output does not appear on either axis because it is determined by the labor market. Sticky wages or prices can be (and are) incorporated into the model. I find the M-Y model much more natural than IS-LM with AD-AS.

Much of the discussion is built around a computer simulation model, probably long vanished, that reminds me of a deterministic version of a simple real business cycle model. Miller and Upton understood that a lot of macroeconomics can be explored within a spreadsheet, even though spreadsheets had yet to be invented!

Finally, the prose is rich and beautiful, reflecting the shining influence of the late Merton Miller, a wise and witty writer.

3.0 out of 5 stars Old macro text for undergrad students, February 10, 2012

By 

Taro Okamoto (Izumishi, Osaka, JP) - See all my reviews
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Amazon Verified Purchase

This review is from: Macroeconomics : A Neoclassical Introduction (Paperback)

I would like to have some old texts and I ordered this. I haven't read it through yet,and it seems to me that there are some important macro topics(government and employment, etc)to read, but, in general, newer macro textbooks(Mankiw, D Romer,etc) may be easier to read than this one: needless to say, new topics can't be learned and this book seems to get older year by year because the economy has been always changing.

One of the greatest macro texts is Blanchard & Fischer and it teaches the major macro models(Ramsey and Diamond model) that economists use now. Many students still read it, but, in contrast, this book isn't famous for reading assignment in econ school and I have never heard it. It may be because this book teaches the important macro models for undergrad, not for grad students. If you like to know how macro theory applies to recent issues on fiscal & monetary policy in the real world, I wouldn't recommend it, but if you like to learn modern macro models in a different way, I would be able to recommend it.

0 of 3 people found the following review helpful:

4.0 out of 5 stars Exactly what I expected, September 29, 2008

By 

Dennis H. Barber "Be Well" - See all my reviews
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This review is from: Macroeconomics : A Neoclassical Introduction (Paperback)

The book arrived in a timely manner and the condition was just as described. Very satisfied!