8th Edition
Robert J. Gordon
1999 656
pages (est.) 0321-05229-3 (Hardback)
In the
Eighth Edition of Macroeconomics, Robert Gordon sets forth an imaginative treatment
of the world economic crisis and an authoritative explanation of the performance of the
U.S. economy in the 1990s, while maintaining his tried-and-true exposition of
macroeconomic theory. In this new revision, the author retains and refines the pedagogical
features that have helped a whole generation of students to learn macroeconomics.
Hallmarks of the Gordon text, such as its strong international focus, emphasis on
real-world applications, and early, unified treatment of the IS-LM
model have earned it extensive praise from instructors and students alike. The Eighth
Edition includes coverage of the most current domestic and international issues, including
the "Goldilocks" American economy of the 1990s (not "too hot" or
"too cold" but "just right"), the federal government budget surplus,
the Asian financial Crisis, and the Euro, making this one of the most current texts
available.
APPROPRIATE COURSES
Intermediate Macroeconomics.
- Unity from beginning to end. Six central macro concepts are introduced in Chapter 1 and
"wrapped up" in Chapter 18. More integration of the puzzles throughout the text
in the eighth edition.
- Currency. For example, new material on change in the U.S. federal budget from deficit to
surplus, the economic case for and against the Euro, the Asian financial crisis and its
impact on the U.S. economy, why the U.S. economy has been so exceptionally stable, and
trade effects of fixed vs. flexible exchange rates on the U.S. economy, among other new
topics.
- Real-world applications of theory. Several new case studies and International
Perspective boxes, such as "Why Did U.S. Saving Almost Vanish in 1998?",
"The East Asian Crisis of 1997-98", and "The Goldilocks Economy-Why
Inflation Was So Low in the 1990s."
- Early treatment of IS-LM model, directly followed by AS-AD model and dynamic Phillips
curve model.
- Strong international coverage.
- Three-chapter section on growth, including a chapter explaining slow growth in
productivity and real wages.
I. INTRODUCTION AND MEASUREMENT.
1. What is Macroeconomics?
2. The Measurement of Income, Prices, and Unemployment.
II. INCOME, INTEREST RATES, POLICY, AND THE OPEN ECONOMY.
3. The Simple Keynesian Theory of Income Determination.
4. The IS-LM Model.
5. Monetary Policy, Fiscal Policy, and the Government
Budget. 6. Exchange Rates, Foreign Trade, and Macroeconomic Policy.
III. AGGREGATE DEMAND, AGGREGATE SUPPLY, AND INFLATION.
7. Aggregate Demand, Aggregate Supply, and the Self-Correcting
Economy. 8. Inflation: Its Causes and Cures.
IV. MACROECONOMICS IN THE LONG RUN: GROWTH AND THE PUBLIC
DEBT. 9. The Theory of Economic Growth
10. Explanations of Slow Growth in Productivity and Real
Wages. 11. The Government Budget and the Public Debt.
V. STABILIZATION POLICY IN AN OPEN ECONOMY.
12. The Goals of Stabilization Policy: Low Inflation and
Low Unemployment. 13. Money and the Financial Markets.
14. Stabilization Policy in the Closed and Open Economy.
VI. SOURCES OF INSTABILITY IN THE PRIVATE ECONOMY.
15. Instability in the Private Economy: Consumption Behavior.
16. Instability in the Private Economy: Investment.
VII. DEBATES AT THE MACROECONOMIC FRONTIER.
17. New Classical Macro Confronts New Keynesian Macro.
18. Conclusion: Where We Stand.
