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Macroeconomics 5th Edition

4.2 out of 5 stars 54 customer reviews
ISBN-13: 978-0716752370
ISBN-10: 0716752379
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Product Details

  • Hardcover: 548 pages
  • Publisher: Worth Publishers; 5th edition (2003)
  • Language: English
  • ISBN-10: 0716752379
  • ISBN-13: 978-0716752370
  • Product Dimensions: 8 x 0.9 x 10.7 inches
  • Shipping Weight: 3 pounds
  • Average Customer Review: 4.2 out of 5 stars  See all reviews (54 customer reviews)
  • Amazon Best Sellers Rank: #1,060,466 in Books (See Top 100 in Books)

Customer Reviews

Top Customer Reviews

Format: Hardcover
If you're confused about all of Dr. Mankiw's different macroeconomics texts floating about out there, lemme try to set you straight.

The one you see on this page: "Macroeconomics" is usually used in 2nd or 3rd year macroeconomics courses in college. This is because the exercises at the end of each chapter can be a little equation-intensive, and some of the exercises, such as the proper derivation of the IS-LM curve, require differentiation. The text of each chapter itself is not so vicious, so a energetic instructor could conceivably use this book in a lower-level course, if you were willing replace the book's exercises with easier ones.

Anyhow, the seventh edition has just come out: this has a bluish abstract geometric-type design on a tan background. The ISBN-13 is 9781429238120. The sixth edition had a blue cover; the fifth edition had an orange cover. The publisher, Palgrave-MacMillan, claims that the seventh edition balances "short-run and long-run issues in a way that emphasizes the relevance of Keynesian and classical ideas to current practice. Featuring the latest data and extensive coverage of the current financial crisis, the text has also been revised with the addition of new case studies on real-world issues such as President Obama's stimulus plan and a study of hyperinflation in Zimbabwe."

Mankiw is also well-known as the author of "Principles of Macroeconomics," currently in its fifth edition (ISBN-10: 0324589972; ISBN-13: 978-0324589979), at least as of my writing. This text is more appropriate for freshman-level, non-major survey courses, or for high-school courses provided that they're honors courses, such as AP courses. The exercises at the end of each chapter require only arithmetic and the most rudimentary algebra.
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Format: Hardcover
If you are familiar with Mankiw's introductory text "Principles of Economics", you know that he writes in a clear, concise, and as lively a manner as you are likely to find in a text on economics. Since I find economics quite interesting, I wanted more when I read through that textbook. For those of us who felt that desire, Mankiw has updated his intermediate text on macroeconomics for this sixth edition.

Microeconomics is the study of the economic behavior of people as individuals and in organizations such as corporations. Macroeconomics is the study of economic behavior of human beings as nations and the economic interactions between nations. It involves aspects of the economy such as money, savings, growth, stocks and flows, inflation, unemployment, taxation, national budgets and so forth. The study does not prefer one type of government policy over another, but studies the tradeoffs of the effects of different economic choices. Those of us who prefer specific outcomes will prefer certain choices over others, but that is not a part of the broader topic.

Mankiw writes this volume in his clear and concise style. He notes that he remembers being a student and not appreciating long textbooks, so he worked hard to keep this book as tight as possible. He also uses short case studies, apt cartoons, clear graphs, chapter summaries, a list of key concepts for each chapter, questions for review, as well as problems and applications to help the diligent reader master the material he provides. There are discussions of functions within each chapter, but much of the math is put into footnotes and in chapter appendices.
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Format: Hardcover
As an econ student at UC Davis, I have learned to appreciate books that explain concepts concisely and in an easily understandable way. This is one of those few. Chapters are relatively short and are uncluttered with unnecessary examples or tangents. Graphs are labeled with simple explanations that are useful for clarification as well as quick-reference.

I recommend this book to people who want to understand econ without trudging through the swamp of repetition, needless technicality, and headache.
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Format: Hardcover Verified Purchase
This is a clearly written and nicely organized upper-division macroeconomics textbook. Mankiw uses plain English and simple math to model the macroeconomy in the short-run (the IS/LM model), the long-run (the AS/AD model), and the very long run (the Solow growth model). He also devotes a lot of space to the Mundell-Fleming model of international trade and finance. One of the best features is the frequent use of short case studies that apply economic theory to "real world" problems such as the Great Depression or the Japanese slump of the 1990s. Mankiw's views are mainstream -- he doesn't even hint at the existence of alternatives such as Austrian economics or neo-Marxism -- but he is non-dogmatic about policy and quite candid about the limits of what economists really know about the economy. His book is a small masterpiece of clear economic writing for undergraduates.

So why did I give it only four stars? I was disappointed by the relative neglect -- in spite of the many "case studies" -- of the micro-economic, historical, and institutional realities that underlay the graphs and algebra of conventional macroeconomic analysis. Let me give two examples of what I mean:

-- According to Ben Bernanke, Asian countries responded to the financial turbulence of the 1990s by amassing huge foreign exchange reserves to defend their currencies against future attacks. These savings have for the most part been invested in the U.S., where they have financed trade deficits and fueled asset bubbles in the equities and housing markets. In other words, capital has flowed from relatively capital-poor countries to a capital-rich country, where it has paid for consumption binges.
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