Macroeconomic Issues: Their Relationship to Fiscal Policy Formulation, Forecasting, Prediction, and Computer Simulation Modeling Review

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(More customer reviews)Macroeconomic Issues is an economics primer that walks students through economic theory from early historical models through current economic trends such as gaming models, forecasting, and the current economic downturn. Author Nicholas Jewczyn (JEFF-sin) serves up an eminently readable but brief explanation of macroeconomic theory that is a must-read for any student of economics, particularly those who want a concise-but-thorough explanation of the field.
Jewczyn avoids the dismal science in his historical survey of economic thought in the first section of the book. His comparison of the three historical schools of economics, the classicist model, the Keynesian model, and the monetarist model is understandable even to a reader with a non-economic background. He explains the foundational principles of macroeconomics such as Adam Smith and the Invisible Hand, John Maynard Keynes' arguments for interventionist government economic policy and Milton Friedman's advocacy of private sector ascension in his monetarist theory. Jewczyn provides a fair treatment of each of the historical schools of thought and even includes commentaries by contemporary theorists who point out the strengths and limitations of the historical theories.

The second section of the book begins with an annotated bibliography of current research in macroeconomics. This section transitions comfortably from the historical background to the current state of the art. This section provides a competent overview for students of economics who want to understand the topic in an afternoon. This section requires the reader to slow down in order to fully understand all the new information being presented. It is also helpful for a reader to know some economic terms in order to follow all of the ideas. The concepts are understandable, especially with re-reading, even if the terms are unfamiliar. With time, even a naïve reader can grasp the current trends in economics.

The third section of this book is a tightly-argued application of economic theory to risk theory and econometrics. It analyzes the assumptions of current models and applies them to many theories of computer modeling. A reader needs an adequate background of economic theory in order to fully appreciate this third section, but the previous chapters provide the tools to apply to an understanding of this rather complex topic.

Macroeconomics can be a very dense topic, especially for someone new to the theories. Macroeconomic Issues by Nicholas Jewczyn may require more than one reading in order to fully appreciate its scope, but it is a rare book that can take the reader from 0-60 in 200 pages. Anyone with more than a passing interest in economic theory can use this book to become conversant on the topic in a very short time. This book is especially recommended for economics students who want to get a jumpstart on their education. It is an ideal complement to any economics course.

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Many consumers have been mystified by Economics in general and the economy in particular. This book finally lifts the veil of Economics and exposes the public to: the foundational theory of Economics by the primary theorists in the field; current, cutting-edge research; and some practical uses of the subject matter by businesspeople, the government and consumers. This book is a "must-read" for those interested in the foundations of our present economy and the knowledge necessary to understand the future of economic growth.

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