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FRANK - Principle of Macroeconomics: A Streamlined Approach

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FRANK Principle of Macroeconomics: A Streamlined Approach

Principle of Macroeconomics: A Streamlined Approach: summary, description and annotation

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Our fourth streamlined edition arrives in the midst of some of the most dramatic upheavals ever witnessed, both in the economy generally and in higher education in particular. The COVID-19 pandemic has produced levels of unemployment not seen since the Great Depression and has created dramatic changes in the ways we teach across educational institutions at every level. These developments have reinforced our confidence in the instructional philosophy that motivated us to produce our first edition--

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For more information please visit wwwmheducationcomhigheredeconomics - photo 24

page i

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Principles of

MACROECONOMICS

A STREAMLINED APPROACH

page ii

THE McGRAW HILL SERIES IN ECONOMICS

Survey of Economics

Brue, McConnell, and Flynn

Essentials of Economics

Fourth Edition

Guell

Issues in Economics Today

Ninth Edition

Mandel

M: Economics, The Basics

Fourth Edition

Schiller and Gebhardt

Essentials of Economics

Eleventh Edition

Principles of Economics

Asarta and Butters

Connect Master Principles of Economics

Colander

Economics, Microeconomics, and Macroeconomics

Eleventh Edition

Frank, Bernanke, Antonovics, and Heffetz

Principles of Economics, Principles of

Microeconomics, Principles of Macroeconomics

Eighth Edition

Frank, Bernanke, Antonovics, and Heffetz

A Streamlined Approach for:

Principles of Economics, Principles of

Microeconomics, and Principles of Macroeconomics

Fourth Edition

Karlan and Morduch

Economics, Microeconomics, and Macroeconomics

Third Edition

McConnell, Brue, and Flynn

Economics, Microeconomics, and Macroeconomics

Twenty-Second Edition

McConnell, Brue, and Flynn

Brief Editions: Microeconomics and Macroeconomics

Third Edition

Samuelson and Nordhaus

Economics, Microeconomics, and Macroeconomics

Nineteenth Edition

Schiller and Gebhardt

The Economy Today, The Micro Economy Today, and

The Macro Economy Today

Sixteenth Edition

Slavin

Economics, Microeconomics, and Macroeconomics

Twelfth Edition

Economics of Social Issues

Guell

Issues in Economics Today

Ninth Edition

Register and Grimes

Economics of Social Issues

Twenty-First Edition

Data Analytics for Economics

Prince

Predictive Analytics for Business Strategy

First Edition

Managerial Economics

Baye and Prince

Managerial Economics and Business Strategy

Tenth Edition

Brickley, Smith, and Zimmerman

Managerial Economics and Organizational

Architecture

Seventh Edition

Thomas and Maurice

Managerial Economics

Thirteenth Edition

Intermediate Economics

Bernheim and Whinston

Microeconomics

Second Edition

Dornbusch, Fischer, and Startz

Macroeconomics

Thirteenth Edition

Frank

Microeconomics and Behavior

Tenth Edition

Advanced Economics

Romer

Advanced Macroeconomics

Fifth Edition

Money and Banking

Cecchetti and Schoenholtz

Money, Banking, and Financial Markets

Sixth Edition

Urban Economics

OSullivan

Urban Economics

Ninth Edition

Labor Economics

Borjas

Labor Economics

Eighth Edition

McConnell, Brue, and Macpherson

Contemporary Labor Economics

Twelfth Edition

Public Finance

Rosen and Gayer

Public Finance

Tenth Edition

Environmental Economics

Field and Field

Environmental Economics: An Introduction

Eighth Edition

International Economics

Appleyard and Field

International Economics

Ninth Edition

Pugel

International Economics

Seventeenth Edition

page iv

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PRINCIPLES OF MACROECONOMICS: A STREAMLINED APPROACH

Published by McGraw Hill LLC, 1325 Avenue of the Americas, New York, NY 10121. Copyright 2022 by McGraw Hill LLC. All rights reserved. Printed in the United States of America. No part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written consent of McGraw Hill LLC, including, but not limited to, in any network or other electronic storage or transmission, or broadcast for distance learning.

Some ancillaries, including electronic and print components, may not be available to customers outside the United States.

This book is printed on acid-free paper.

1 2 3 4 5 6 7 8 9 LWI 26 25 24 23 22 21

ISBN 978-1-260-59076-0

MHID 1-260-59076-3

Cover Image: Miroslava Hlavacova/Shutterstock

All credits appearing on page or at the end of the book are considered to be an extension of the copyright page.

The Internet addresses listed in the text were accurate at the time of publication. The inclusion of a website does not indicate an endorsement by the authors or McGraw Hill LLC, and McGraw Hill LLC does not guarantee the accuracy of the information presented at these sites.

mheducation.com/highered

page v

DEDICATION

For Ellen

R. H. F.

For Anna

B. S. B.

For Fiona and Henry

K. A.

For Katrina, Eleanor, Daniel, and Amalia

O. H.

page vi

ABOUT THE AUTHORS

ROBERT H. FRANK

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Robert H. Frank

Robert H. Frank is the H. J. Louis Professor of Management and Professor of Economics, emeritus, at Cornells Johnson School of Management, where he taught from 1972 to 2020. After receiving his B.S. from Georgia Tech in 1966, he taught math and science for two years as a Peace Corps Volunteer in rural Nepal. He received his M.A. in statistics in 1971 and his Ph.D. in economics in 1972 from The University of California at Berkeley. He also holds honorary doctorate degrees from the University of St. Gallen and Dalhousie University. During leaves of absence from Cornell, he has served as chief economist for the Civil Aeronautics Board (19781980), a Fellow at the Center for Advanced Study in the Behavioral Sciences (19921993), Professor of American Civilization at lcole des Hautes tudes en Sciences Sociales in Paris (20002001), and the Peter and Charlotte Schoenfeld Visiting Faculty Fellow at the NYU Stern School of Business in 20082009. His papers have appeared in the American Economic Review, Econometrica, the Journal of Political Economy, and other leading professional journals, and for more than two decades, his economics columns appeared regularly in The New York Times .

Professor Frank is the author of a best-selling intermediate economics textbook Microeconomics and Behavior , Tenth Edition (McGraw Hill, 2021). His research has focused on rivalry and cooperation in economic and social behavior. His books on these themes include Choosing the Right Pond (Oxford, 1985), Passions Within Reason (W. W. Norton, 1988), What Price the Moral High Ground? (Princeton, 2004), Falling Behind (University of California Press, 2007), The Economic Naturalist (Basic Books, 2007), The Economic Naturalists Field Guide (Basic Books, 2009), The Darwin Economy (Princeton, 2011), Success and Luck (Princeton, 2016), and Under the Influence (Princeton, 2020), which have been translated into 24 languages. The Winner-Take-All Society (The Free Press, 1995), co-authored with Philip Cook, received a Critics Choice Award, was named a Notable Book of the Year by The New York Times, and was included in BusinessWeeks list of the 10 best books of 1995. Luxury Fever (The Free Press, 1999) was named to the Knight-Ridder Best Books list for 1999.

Professor Frank is a co-recipient of the 2004 Leontief Prize for Advancing the Frontiers of Economic Thought. He was awarded the Johnson Schools Stephen Russell Distinguished Teaching Award in 2004, 2010, 2012, and 2018, and the Schools Apple Distinguished Teaching Award in 2005. His introductory microeconomics course has graduated more than 7,000 enthusiastic economic naturalists over the years.

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