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Principles of Macroeconomics
 
 
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Principles of Macroeconomics [Paperback]

Robert Frank (Author), Ben Bernanke (Author)
4.2 out of 5 stars  See all reviews (4 customer reviews)

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Book Description

0073362654 978-0073362656 September 19, 2008 4
In recent years, innovative texts in mathematics, science, foreign languages, and other fields have achieved dramatic pedagogical gains by abandoning the traditional encyclopedic approach in favor of attempting to teach a short list of core principles in depth. Two well-respected writers and researchers, Bob Frank and Ben Bernanke, have shown that the less-is-more approach affords similar gains in introductory economics. Although a few other texts have paid lip service to this new approach, Frank/Bernanke is by far the best throughout, and the best executed principles text in this mold. Avoiding excessive reliance on formal mathematical derivations, it presents concepts intuitively through examples drawn from familiar contexts. The authors introduce a coherent short list of core principles and reinforce them by illustrating and applying each in numerous contexts. Students are periodically asked to apply these principles and to answer related questions and exercises.

Frank/Bernanke also encourages students to become “Economic Naturalists,” by employing basic economic principles to understand and explain what they observe in the world around them. An economic naturalist understands, for example, that infant safety seats are required in cars but not in airplanes because the marginal cost of space to accommodate these seats is typically zero in cars but often hundreds of dollars in airplanes. Such examples engage student interest while teaching them to see each feature of their economic landscape as the reflection of an implicit or explicit cost-benefit calculation.


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Editorial Reviews

About the Author

Robert H. Frank received his B.S. in mathematics from Georgia Tech in 1966, then taught math and science for two years as a Peace Corps Volunteer in rural Nepal. He received his M.A. in statistics from the University of California at Berkeley in 1971, and his Ph.D. in economics in 1972, also from U.C. Berkeley. He is the Goldwin Smith Professor of Economics at Cornell University, where he has taught since 1972 and where he currently holds a joint appointment in the department of economics and the Johnson Graduate School of Management. During leaves of absence from Cornell, he served as chief economist for the Civil Aeronautics Board from 1978 to 1980 and was a Fellow at the Center for Advanced Study in the Behavioral Sciences in 1992-93. He has published on a variety of subjects, including price and wage discrimination, public utility pricing, the measurement of unemployment spell lengths, and the distributional consequences of direct foreign investment. For the past several years, his research has focused on rivalry and cooperation in economic and social behavior. His books on these themes include Choosing the Right Pond: Human Behavior and the Quest for Status (Oxford University Press, 1985) and Passions Within Reason: The Strategic Role of the Emotions (W.W. Norton, 1988). He and Philip Cook are co-authors of The Winner-Take-All Society (The Free Press, 1995) , which received a Critic’s Choice Award and appeared on both the New York Times Notable Books list and Business Week Ten Best list for 1995. His most recent general interest publication is Luxury Fever (The Free Press, 1999). Professor Frank’s books have been translated into eight languages. He has been awarded an Andrew W. Mellon Professorship (1987 – 1990), a Kenan Enterprise Award (1993), and a Merrill Scholars Program Outstanding Educator Citation (1991).

Professor Bernanke received his B.A. in Economics from Harvard University in 1975 and his Ph.D. in economics from MIT in 1979. He taught at the Stanford Graduate School of Business from 1979 to 1985 and moved to Princeton University in 1985, where he was named the Howard Harrison and Gabrielle Snyder Beck Professor of Economics and Public Affairs, where he served as Chairman of the Economics Department. He is a fellow of the American Academy of Arts and Sciences and the Econometrics Society. He was named a member of the Board of Governors of the Federal Reserve in 2002 and became the chairman of the President's council of Economic Advisers in 2005. In 2006 Ben Bernanke was selected to be the Chairman of the Federal Reserve Board. Professor Bernanke's intermediate textbook, with Andrew Abel, Macroeconomics, Fifth Edition (Addison-Wesley, 2004) is a best seller in its field. He has authored more than 50 scholarly publications in macroeconomics, macroeconomic history, and finance. He has done significant research on the causes of the Great Depression, the role of financial markets and institutions in the business cycle, and measuring the effects of monetary policy on the economy. His two most recent books, both published by Princeton University Press, include Inflation Targeting: Lessons from the International Experience (with coauthors) and Essays on the Great Depression. He has served as editor of the American Economic Review and was the founding editor of the International Journal of Central Banking. Professor Bernanke has taught principles of economics at both Stanford and Princeton.

Product Details

  • Paperback: 576 pages
  • Publisher: McGraw-Hill/Irwin; 4 edition (September 19, 2008)
  • Language: English
  • ISBN-10: 0073362654
  • ISBN-13: 978-0073362656
  • Product Dimensions: 10.7 x 8.4 x 0.9 inches
  • Shipping Weight: 2.5 pounds (View shipping rates and policies)
  • Average Customer Review: 4.2 out of 5 stars  See all reviews (4 customer reviews)
  • Amazon Best Sellers Rank: #12,553 in Books (See Top 100 in Books)

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1 of 1 people found the following review helpful:
5.0 out of 5 stars Excellent, September 17, 2011
This review is from: Principles of Macroeconomics (Paperback)
This is is a very clear and concise intro to macroeconomics. Having only read one of Bernanke's books previously (the one the Great Depression), which was much more technical and specialized, I was pleased to find something that would do for a more general review. I was also familiar with a few of prof. Frank's previous books on econ, and I think this is his best book yet.

There has been a trend in recent years to write shorter introductory econ books that go into just a few principles in depth and give the reader a better analytical background. Since this book was only about 500 pages and my original intro to econ book was almost 1000 pages, I can see things have changed since my undergrad days.

About a year ago I read Thomas Sowell's intro to econ book, but although clear and easy to read, I liked this one better although it will probably come across as somewhat more technical to most readers. For one thing, this book has more graphs, which I like in econ books, whereas Sowell's book surprisingly doesn't use them. You can certainly write a book on econ without graphs, but I like graphs in econ books (my not being especially brilliant at higher math) and this one uses them well. I found the coverage of the various topics to be quite good and the book easy to read and to learn from.

The chapter summaries, review questions, and problem sets are also well done and really add to the book's usefulness.

Prices have certainly gone up on textbooks since I was a student, but this one is worth the money. I'd be disposed to buy the companion book on micro by the same authors after reading this one.
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1 of 12 people found the following review helpful:
5.0 out of 5 stars Satisfied with service, February 8, 2010
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The book was just as described and was delivered in a reasonable period of time. Thanks.
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0 of 12 people found the following review helpful:
4.0 out of 5 stars good, September 10, 2009
This review is from: Principles of Macroeconomics (Paperback)
The book came very quickly. The book was in great condition and the service was great
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First Sentence:
As you begin to study of economics, perhaps the most important thing to realize is that economics is not a collection of settled facts, to be copied down and memorized. Read the first page
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United States, Federal Reserve, Great Depression, World War, New York City, East Asian, Economic Report of the President, Bureau of Economic Analysis, Soviet Union, Federal Open Market Committee, Bureau of Labor Statistics, Fort Lauderdale, Great Britain, United Kingdom, Alan Greenspan, National Bureau of Economic Research, West Germany, International Monetary Fund, Board of Governors, Latin America, World Bank, John Maynard Keynes, Middle East, Paul Volcker, Congressional Budget Office
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