Principles of Macroeconomics [with ConnectPLUS Access Code]

by Robert H. Frank

In recent years, innovative texts in mathematics, science, foreign languages, and other fields have achieved dramatic pedagogical gains by abandoning the traditional encyclopedic approach in favor of attempting to teach a short list of core principles in depth. Two well-respected writers and researchers, Bob Frank and Ben Bernanke, have shown that the less-is-more approach affords similar gains in introductory economics. Although recent editions of a few other texts have paid lip service to this new approach, Frank/Bernanke is by far the best thought out and best executed principles text in this mold. Avoiding excessive reliance on formal mathematical derivations, it presents concepts intuitively through examples drawn from familiar contexts. The authors introduce a well-articulated short list of core principles and reinforcing them by illustrating and applying each in numerous contexts. Students are periodically asked to apply these principles to answer related questions and exercises. The text also encourages students to become “Economic Naturalists,” people who employ basic economic principles to understand and explain what they observe in the world around them. An economic naturalist understands, for example, that infant safety seats are required in cars but not in airplanes because the marginal cost of space to accommodate these seats is typically zero in cars but often hundreds of dollars in airplanes. Such examples engage student interest while teaching them to see each feature of their economic landscape as the reflection of an implicit or explicit cost-benefit calculation.

Genres: Economics, Textbooks, Business, Reference, Nonfiction

Hardcover

First published October 1, 2000

About the author

Robert H. Frank is the Henrietta Johnson Louis Professor of Management and a Professor of Economics at Cornell University's S.C. Johnson Graduate School of Management. He contributes to the "Economic View" column, which appears every fifth Sunday in The New York Times.

Reviews

[Max Lybbert · Rating 4 out of 5]

I wasn't required to take macroeconomics in school. Every introductory macroeconomics textbook that I looked at claimed to focus on the fundamentals and to be entertaining enough that curious adults could read them even without taking a course at the local college. Since I haven't read those other books, I can't say whether they deliver on their promise, but I can vouch for this book. It actually does focus on the fundamentals, and points out how those fundamentals fit together, and is engaging and entertaining enough to read even without a professor threatening dire consequences if you slack off.

I highly recommend this book to anybody interested in learning more about the economy. This book is good enough that I'm planning to read Bernanke's intermediate economics textbook soon as well.

However, I'll admit that one reason I chose this book over the competition was that Bernanke was a co-author, and I hoped to get some insight into how he runs the Federal Reserve (I chose the book because of Bernanke, I chose this edition because it was significantly cheaper than the newer editions of the same book). The preface includes a note that as Bernanke's moved up through the ranks of the Federal Reserve he's taken a diminishing role in revising this book. He's correct to do so, and it's correct to keep his name on the cover (his work apparently does still make up a good portion of the text), but it's something to be aware of if you're expecting to get a peek behind the curtain the way I had expected. Even so, this is a great book.

[Julie Shuff · Rating 3 out of 5]

I took macroeconomic theory a second time now that I am done with undergrad, and I thought the examples and theories presented in the book were interesting and relevant to current events and debates. However, the book clearly takes a more conservative viewpoint and glosses over many of the challenges facing our society. Overall though it was clear and concise. I did well in the class, but the CONNECT homework questions were a nightmare I had to struggle through. I found multiple mistakes and the questions were worded very unclearly. It makes the assignments take much longer than they need to. I probably wouldn't have succeeded in the class without reading every chapter page by page.

[Shannon · Rating 1 out of 5]

So I didn't realize until THIS MOMENT that Ben freaking Bernanke was the editor of my textbook. I didn't understand it at all. Lowest grade of my college career, and I was frankly lucky to even pass.

[Ben · Rating 3 out of 5]

I read selections of this textbook for EC 202: Introduction to Macroeconomics. The textbook had an odd layout at times but the material was straightforward and easy to understand.

[Kathy · Rating 3 out of 5]

Helpful for my online macroecon class.