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This book, now available in paperback, addresses the long absence of a satisfactory theory of macroeconomics. Keynesian theory is not consistent with rational self-interest, but neo-classical economics is unable to explain economic volatility and the trade cycle. Athol Fitzgibbons critiques the leading macroeconomic theories, which he believes are unduly mechanistic because they are incompatible with non-quantitative knowledge.

The author sketches the intellectual history of partial knowledge and judgement so far as these relate to macroeconomics, and rejects the claims that Keynes recanted the analysis of practical reason in his Treatise on Probability. Fitzgibbons’s theme is the possibility of a new synthesis of Keynes and the neoclassical system. This stresses financial rationality, but it also recognizes that there is an element of indeterminacy in both government policies and the movements of the market. ... Read more

Customer Reviews (1)

Fitzgibbons makes the same errors again
In 1988,Fitzgibbons(F)published his "Keynes's Vision".This book was based on three errors.The first error is the antinomian fallacy(no general theories are possible because all events or periods of history are unique due to constant change over time).The second error was a misreading of chapter 3 of the A Treatise on Probability(TP)on the quantitative measurement of probabilities.F follows in the footsteps of Frank Ramsey in his misbelief that by the terms "nonnumerical" and "nonmeasurable"Keynes meant that quantitative estimates of probabilities were not possible except in the rare case of symmetric evidence.In Part II of the TP(1921)Keynes made it very clear that by the terms nonnumerical and nonmeasurable he meant that a single numeral alone could not generally estimate the probability relationship.In general,it took TWO NUMERALS to estimate a probability.Keynes is the founder of the interval(set) approach to probability.F's third error is his misbelief that Keynes presented a general theory of macro economics that had no microfoundations in economic theory and that Keynes's theory has no mathematical model supporting it because Keynes supposedly believed that the economy was an"...interrelated swirl of events..."(p.139)where"...the impossibility of true causation make the economy so complex that in principle it is not representable by mathematics."(p.140).This is because it is not possible to separate the independent variables from the dependent variables.F concludes that"Keynes's macroeconomics seemingly drew its assumptions out of thin air,or at least without reference to any micro theory,because it is based on a probabilistic logic."(p.141).Contrary to F,Keynes's "probabilistic logic"is a general micro decision theoretic approach applicable to all areas of human endeavor where choices must be made and future consequences must be estimated based on present information that is partial in nature and/or incomplete.F's latest book ,published in 2002,incorporates all of the errors of the 1988 book.The following conclusion ,implicit in the earlier book,is made explicitly in the latest book:Keynes did not really have a general theory after all.Keynes had a vision based on his own personal political,social and ethical views of a moral society.Keynes's "general theory of macroeconomics" was in actuality a theory of moral sentiment dressed up in economic garb in order to persuade a reader of the General Theory that the conclusions Keynes reached on moral grounds had a sound basis in economic analysis. There are a number of other errors in the book.Only one will be covered in this review.F claims that Keynes's use of the term"uncertainty" means or translates as complete ignorance.Keynes never made any such definition.For Keynes,uncertainty ranges from complete uncertainty of evidence(ignorance)through partial or incomplete evidence to complete or certain evidence.Uncertainty can thus be measured on the unit interval from 0 to 1 in exactly the same waythat Keynes measuredthe weight of the evidence,w,on the unit interval in the TP on p.315.Keynes then incorporated this index to measure the weight of the evidence into his decision rule c,which he called a"conventional coefficient of weight and risk".(0<=w<=1).F's claim that a new synthesis of Keynes and neoclassicals can be made based upon incomplete information ignores the fact that Keynes already accomplished such a synthesis in 1936 in the General Theory. ... Read more

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The future of built-in stabilizers is currently a matter ofconcern due to the various challenges arising from the processes offiscal consolidation, international integration and the reflux fromthe welfare state. The book gathers relevant material for assessingthe issue from both theoretical and empirical research. This volume describes the stabilization properties of fiscal policieson business cycles and growth within dynamic equilibrium models. Italso gives attention to automatic stabilization within an EconomicUnion. Both the loss of control over monetary policy and therestraints on the use of fiscal policy for countries entering the EMUare sources of concern about the possibilities of stabilizingfluctuations affecting the members of the Union. Furthermore, attention is given to stabilization and labour marketpolicies. The contribution of labor market institutions to automaticstabilizers is often advocated. Post World War II institutions havebrought protection to employment, wages and unemployed substitutionrevenues which involve stabilization of actual income. Recentinstitutional changes towards more labor market flexibility, mainlymotivated by efficiency purposes, may be costly in terms ofstabilization. The final part is on empirical evidence, recent trends and problems instabilization. It is devoted to empirical studies of the stabilizationeffect of alternative fiscal policies, emphasizing the experience ofEuropean countries in the 1990s. ... Read more

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The subject is the intersection between politics and macroeconomics. The political economic equilibrium links theories of macroeconomics and public choice. The four-year election cycle implies that this equilibrium may be a cycle rather than a point. An extension of standard Keynesian theory provides a model of endogenous stabilization in which the president practices short-run stabilization policy to dampen the impact of exogenous shocks. This is a situation in which discretion is better than a policy rule; the voters support discretionary policy. We assume rational voters and rational economic agents in the spirit of new classical macroeconomics. Special attention is given to the relevant data and to the possibility of hypothesis testing. ... Read more

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Set against a contemporary South African background, this textbook provides a thorough introduction to the study of microeconomics. All fundamental microeconomics topics are covered, including demand and supply, elasticity, consumer equilibrium, and production and cost. Each concept is outlined in straightforward language and illustrated with practical examples and detailed graphs. Chapter summaries, listings of key concepts, learning activities, and descriptions of real-life examples help students conceptualize key microeconomic theories. ... Read more

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Confidence, Credibility and Macroeconomic Policy is divided into three sections. Part I is an overview of the inter-relationship between fiscal policy and credibility and inflation. Part II focuses on empirical research and presents historical as well as contemporary evidence on the importance of public confidence and expectations to the success of fiscal and monetary policy. Part III examines the definitions and functions of consumer confidence as it is measured today. ... Read more

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Representative agent models have become a predominant means of studying the macroeconomy in modern economics without there being much discussion in the literature about their propriety or usefulness. This volume evaluates the use of these models in macroeconomics, examining the justifications for their use and concluding that representative agent models are neither a proper nor a particularly useful means of studying aggregate behaviour. ... Read more

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‘It is one of Rossi’s merits that his book moves from a critical to a positive analysis of inflation. . . The reader is thus taken on a stimulating journey where well-established “truths” are challenged on logical and factual grounds.’

- From the Foreword by Mauro Baranzini and Alvaro Cencini It is a popular notion that money and output are separate and autonomous entities. Money and Inflation argues that this idea can neither explain the purchasing power of money nor its variations over time, and a new theory is therefore presented in its place.

The book provides the foundations for a new analysis of inflation from a macroeconomic perspective. The role of money is investigated in terms of value, prices, profit, and capital accumulation.

The author argues that in order to gain a thorough comprehension of inflation it is necessary to focus on the formation of national income, not on its distribution. Sergio Rossi’s new approach proposes a structural reform of modern banking systems, and outlines an original macro-theoretical investigation of measurement problems in price index theory.

Despite its elective affinity with the works of Ricardo, Walras and Keynes, the new analysis overturns traditional concepts of money. The discussion elicits a deeper understanding of the conditions underlying today’s inflationary pressures and prescribes new solutions to permanently eradicate them.

This unique and path-breaking study will be of enormous interest to academics, researchers, and students involved in monetary economics, as well as monetary policy makers, and central bank and international banking officials. ... Read more

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The price adjustment process is crucial to almost any macroeconomic issue.Anderson provides here a comprehensive and unified analysis of why prices may fail to adjust instantly, integrating the existing literature with his own new work on asymmetric information and imperfect competition. This unified treatment will allow readers to understand the mechanisms at work without becoming lost in technical details. This volume covers both real and nominal price ridigidites and integrates existing results from the literature with new results on causes for failures of price adjustment. Andersen's own theoretical work on imperfect information, a prime source of price and wage rigidity, is given prominence in the book. The volume is thus a combination of a valuable survey of the literature, and an original expression of future possible research avenues. ... Read more

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Assar Lindbeck demonstrates how macroeconomic analysis can incorporate a labor market characterized by unemployment. Balancing theoretical insights with lessons drawn from the experience of many countries, Lindbeck examines employment and unemployment against the background of developed market economies during the past century.Using the insider-outsider model of unemployment and incorporating discussions of other approaches for comparison, Lindbeck addresses such questions as why unemployment exists, and how aggregate employment and unemployment are determined; what initial impulses or "shocks" precipitate changes in the levels of aggregate employment and unemployment, and how these are transmitted to the labor market; and how the apparent persistence of unemployment can be explained even when the initial shocks are reversed. Lindbeck draws policy conclusions from this analysis that include power-reducing and enfranchising policies as well as other institutional reforms.While Lindbeck's approach is primarily macroeconomic, it is based on microfoundations, including an analysis of the microeconomic incentives and opportunities for unemployed workers. He also raises issues of hiring and firing, the market power of incumbent workers, the design of unemployment benefit systems, the organization of wage bargaining, labor market training, and exchange systems, and public sector employment programs.Assar Lindbeck is Professor and Director of the Institute for International Economic Studies at the University of Stockholm in Sweden. He is coauthor, with Dennis Snower, of ... Read more

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Customer Reviews (1)

Review from a person who got 5s on the AP Econ tests...
I took the AP Macro and Microeconomics tests last year.I bought this book mostly because I loved my AP US History REA review book.

The Economics book was very good as well, though not quite as good as I expected.The organization could've been better, but the content was very good and detailed.It helped refresh my memory during the two month gap between the AP tests and when my AP Econ courses ended.

However, I felt it was ultimately the practice tests that were truly invaluable.They really pushed you and got you ready for the AP exams, unlike most other test books I looked at.I think they really prepared me for the multiple-choice questions and free-responses.

Overall, it was a very good supplement to my AP Economics courses and definitely prepared me for game day.While I would not say this book alone would secure you a 5, coupled with reviewing past free-response questions available via CollegeBoard and attentive listening to economic concepts in a course, your chances are greatly increased. ... Read more

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Williamson builds a balanced study of macroeconomics upon a firm foundation of microeconomic principles. This approach allows deeper insights into growth processes and business cycles, better integrates the study of macroeconomics with microeconomics, and maintains consistency with current methods of macroeconomic research. The combined result is a better preparation for other courses. ... Read more

Customer Reviews (14)

macroeconomics book
Well, the site for the used book said it had a 'rip on the cover' and by george, it sure did! looked like someone ran it over with a truck.

Horribly Biased View of Macroeconomics
First, the good things about this text: it's easy to read, has a lot of graphs to aid in understanding, and gives a simple overview of macroeconomic models.

Now, what I didn't like. As someone who's interested in the field and has taken classes that have not used this text, I found Williamson's evaluations decidedly biased toward Lucas and Hayek. Not only are these opinions floated into the models and commentary; they also color the "facts" presented in the text.

For example, it is NOT a fact that the price level is countercyclical in relation to business cycles. In fact, many experienced economists believe the price level is procyclical. This is just one of many examples of how this text misleads the uninformed.

I personally found the text to be difficult when it ran into a rant as to why big government is BAD, BAD, BAD. I expect this from a political text but not an economics text book. I prefer texts that present issues such as this as issues of balance, since NO ONE would argue that a world without public goods is better. Perhaps todays government is too big, but that's no reason to throw a fit in a text book.

The book also has VERY LITTLE MATH and virtually no calculus. It also only presents two-period models as opposed to multi-period models. It doesn't even mention the Taylor Rule. Omitting these important macroeconomic tools hurts students who wish to pursue macroeconomics.

I personally found Mankiw's text to be much clearer and to include better math.

It's not just for class anymore...
Great purchase!Previous edition to class and was 15% of the price.Economics in action people!

Worst Macro Book Ever...
This book is horrible.Using it now for a grad school macro class, and the errors in the mathematical appendix, the half-baked ideas expressed in the book and other horrendous items make this book a bad buy.He does not "drive home" on many topics in the book.I look forward to burning this book after this class is over.I would much rather recommend Macroeconomics by Bernanke and Abel (.Macroeconomics plus MyEconLab plus eBook 1-semester Student Access Kit (6th Edition)), than this excuse of a book.

Seller took a long time to issue refund, but it was done
Seller apparently no longer had product, and it took about a month for me to get a refund. Should have been done faster, but at least it was done. ... Read more

Product Description
Presented in this updated manual are two full-length practice tests—including one all-new macroeconomics test—with all questions answered and explained. Students will also find an extensive review of all AP test topics, which include economic systems, demand and supply, theory of consumer choice, economics in the public sector, costs, product markets, perfect and imperfect competition, monopolies, labor resources, the national income and gross domestic product, inflation and unemployment, fiscal policy, money and banking, monetary policy, determinants of economic growth, and international trade and exchange. Added new sections in this edition include game theory, Giffen goods, money demand, interest rate determination, and potential GDP. ... Read more

Customer Reviews (2)

Poorly written and poorly thought out
I used both this book and the Priceton Review, and I have to say the Princeton Review one is much better.
The Barron's one appears to have lots of practice questions, but really, towards the middle of the book they leave out free-response questions. Instead, they tell you to solve the question that was provided in the middle of that chapter.
It was as if they wrote this on a deadline and rushed through the entire thing. The content seemed inadequate and explanations were poor. Their attempts to make funny remarks to appeal to the teenage audience were often inappropriate or left the reader confused.
Barron's is usually my first choice for AP prep, but the AP economics book is one exception.
However, you might want to buy this anyway since it comes with 2 practice tests that you could use.

Practice tests are lacking
When compared to the Princtons review book, I found that the tests in the Barrons book were too easy.The rest of the book is well laid ou though and explanations are clear and concise.I took the micro and macro tests in may 06 and got 5s on both.But this was mostly because of the princeton book & going online to the ap website.
macro:http://apcentral.collegeboard.com/members/article/1,3046,152-171-0-2083,00.html
micro:http://apcentral.collegeboard.com/members/article/1,3046,152-171-0-2084,00.html ... Read more

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The past two decades witnessed a substantial change in the field of macroeconomics. The fall of the Keynesian approach after the inflationary episode of the 1970s was followed by the rise of the New Classical approach, which itself was overtaken by the Real Business Cycle and New Keynesian approaches. The driving force behind the change is a desire for a sound microeconomic foundation for macroeconomic theroy.

This volume links a microeconomic model of imperfectly informed firms and unions in monopolistic competition to a general theory of wage- and price-setting in a macroeconomic model. The analysis is based on a profit maximization and rational behavior and is in line with the New Keynesian approach in its emphasis on the importance of imperfect competition in explaining macroeconomic phenomena. The volume goes on to explain three stylized facts in macroeconomics: nominal rigidity, real rigidity, and cost-oriented prices, presented in a coherent New Keynesian framework. ... Read more

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Taking a modern approach to teaching standard microeconomic theory, this text uses a number of carefully selected, real-life examples - both domestic and international - from today's headlines to help facilitate students' understanding of core economic concepts. All mathematical equations and calculations are addressed in "Maths Notepad" features as well as in occasional calculus references in selected appendices. The text brings the modern theory of the firm-transaction costs, the agency problem, search theory, asymmetric information, game theory and bilaterals contracting - into the standard discussion of firms and markets, while also incorporating results from finance literature on how markets adjust to risk and uncertainty, including the roles of futures and swap markets. ... Read more