Customer Reviews

Macroeconomics

5 star:		(2)
4 star:		(1)
3 star:		(0)
2 star:		(1)
1 star:		(0)

 

 

The biggest problem with most economics textbooks is that the authors just don't shut up. Blanchard is the exception. He writes informally, but doesn't say more than is necessary. As a result, the textbook doesn't feel like a textbook (which makes studying orders of magnitude easier), and it's much shorter. Each chapter is, on average, about 15 pages long, which can be read in less than an hour. And the amazing thing is that you learn just as much macroeconomics as you would anywhere else! Also nice is the history of economics section added at the end, and the role of such economic giants as Samuelson, Solow, Friedman (and lots of other people at MIT, UChicago, and one or two from Stanford and ... psh... Harvard.)

(Note: I own the first edition.) Blanchard has done a great job on his introductory macro book. It is accessible to anyone with basic high school math and no economic prerequisites, yet it manages to develop a consistent macro theory from IS/LM to AS/AD, and much more (basic dynamics, basic expectations, basic international macroeconomics). Indeed there's enough content in it to cover three one-term courses with it, if you do it thoroughly. Of course there are also some weak points: The chapters on growth theory are a bit half-hearted in my opinion (supposedly extended in the second edition!), and I also believe that he should have spent more time on 'the pathologies' (i.e. unemployment and inflation). The historical notes should have better been incorporated into the respective chapters rather than be put in an own chapter on the end. Finally, you should keep in mind that this book only covers the Neoclassical-Keynesian Synthesis (short-run demand-determined, long-run supply-determined, without any microfoundations), but as this is usual macro belief, this really isn't a mistake. If you want to go on, you should refer to David Romer's 'Advanced Macroeconomics' or 'Lectures on Macroeconomics' by Olivier Blanchard and Stanley Fischer. As a first book on macroeconomics, this one is simply great, despite its minor shortcomings. This book has introduced me into the fascinating science of economics.

Olivier Blanchard (M.I.T.) clearly knows his macro stuff, but he has a hard time articulating some of the more basic - and thus fundamental - elements of macro theory. Blanchard's explanation of the key IS-LM relation is very weak, very confusing- Mankiw does a much neater job. This book is full of complicated algebra and thus will be a huge headache for anyone who doesn't love the more tedious realms of math. Reading through the text, the content frequently waffles between inane digressions and examples, and equally useless mathematical derivations. I do give this book credit, 2 stars that is, for being comprehensive; it covers more than any comparable book.

This book covers most important topics in macroeconomics in an intuitive manner. Use of calculus has been avoided, which I see as a good thing, considering that (in my opinion) many authors seem use calculus to impress. Theoretical arguments are given substance with actual cases and data, which makes the reading all the more interesting. Principles of economics is, however, a pre-requisite in order to fully understand and enjoy this book. Someone pointed out that the book has exercises but no key. This is the reason why Macroeconomics does not get five stars from me. It is incredible how mistakes like these still happen. But otherwise, I highly recommend the book to anybody who wants to accumulate knowlegde in the field!