Macroeconomics Of Selffulfilling Prophecies  2Nd Edition,New

Macroeconomics Of Selffulfilling Prophecies 2Nd Edition,New

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For Many Years It Was Fashionable To Treat Macroeconomics And Microeconomics As Separate Subjects Without Looking Too Deeply At The Relationship Between The Two. But In The 1970S There Occurred An Episode Of High Inflation And High Unemployment, Which Was Inconsistent With Orthodox Theory. As A Result, Macroeconomists Began To Pay Much Greater Attention To The Microfoundations Of Their Subject.In This Book Roger E. A. Farmer Takes A Somewhat Controversial Point Of View, Arguing For The Future Of Macroeconomics As A Branch Of Applied General Equilibrium Theory. His Main Theme Is That Macroeconomics Is Best Viewed As The Study Of Equilibrium Environments In Which The Welfare Theorems Break Down. This Approach Makes It Possible To Discuss The Role Of Government Policies In A Context In Which Policy May Serve Some Purpose.Since The Publication Of The First Edition In 1993, Selffulfilling Prophecies Has Become A Major Competitor To The Real Businesscycle View Of Economic Fluctuations. The Second Edition Has Been Updated In Three Ways: (1) Problems Are Included At The End Of Every Chapter, And A Study Guide Containing Sample Answers To All Of The Problems Is Available; (2) A New Chapter Discusses Research From The Past Five Years On Business Fluctuations In Multisector Models; And (3) The Chapter On Representative Agent Growth Models Now Includes An Appendix That Explains The Transversality Condition.

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Frequently Asked Questions

  • Q: What is the main theme of 'Macroeconomics of Self-fulfilling Prophecies - 2nd Edition'? A: The main theme of the book is that macroeconomics should be viewed as the study of equilibrium environments where welfare theorems break down, focusing on the role of government policies in this context.
  • Q: Who is the author of this book? A: The author of 'Macroeconomics of Self-fulfilling Prophecies - 2nd Edition' is Roger E. A. Farmer.
  • Q: What are some updates in the second edition? A: The second edition includes three major updates: problems at the end of each chapter with a study guide for answers, a new chapter on recent research regarding business fluctuations in multisector models, and an appendix explaining the transversality condition in the representative agent growth models chapter.
  • Q: Is this book suitable for beginners in economics? A: The book may not be ideal for complete beginners as it delves into advanced macroeconomic concepts and theories, making it more suitable for those with some foundational knowledge in economics.
  • Q: What is the binding type of this book? A: The book is available in hardcover binding.
  • Q: How many pages does 'Macroeconomics of Self-fulfilling Prophecies - 2nd Edition' have? A: The book has a total of 318 pages.
  • Q: When was this edition published? A: This edition was published on June 25, 1999.
  • Q: What is the item condition of this book? A: The item condition is listed as 'Good'.
  • Q: Does this book include any practical exercises or problems? A: Yes, there are problems included at the end of every chapter which are designed to enhance understanding of the material.
  • Q: What category does this book fall under? A: The book falls under the category of Macroeconomics.