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Macroeconomics : A Neoclassical Introduction
"Miller and Upton is by far the most cited macroeconomics text in front line academic research journals over the last ten years. It has become a contemporary classic."—Roger C. Kormendi, University of Michigan
"The most innovative approach to introducing macroeconomics that I have seen. . . . A 'classic' in the sense that every serious student of macroeconomics is likely to want it in his or her library."—John P. Gould, University of Chicago
"The task the authors set out to perform is to write a macroeconomics textbook structured around a neoclassical growth model. And in this task they have succeeded."—Clifford W. Smith, Jr., Journal of Finance
"This is a superb book. As a vehicle for teaching economics I have to place it right behind Henderson and Quant ( Microeconomics ) and Dorfman, Samuelson, and Solow ( Linear Programming ). Moreover, it is an exciting book both to read and to think about. . . . It is not just that these authors have something to say, but their way of saying it is generally superior."—F. E. Banks, Kyklos
"The most innovative approach to introducing macroeconomics that I have seen. . . . A 'classic' in the sense that every serious student of macroeconomics is likely to want it in his or her library."—John P. Gould, University of Chicago
"The task the authors set out to perform is to write a macroeconomics textbook structured around a neoclassical growth model. And in this task they have succeeded."—Clifford W. Smith, Jr., Journal of Finance
"This is a superb book. As a vehicle for teaching economics I have to place it right behind Henderson and Quant ( Microeconomics ) and Dorfman, Samuelson, and Solow ( Linear Programming ). Moreover, it is an exciting book both to read and to think about. . . . It is not just that these authors have something to say, but their way of saying it is generally superior."—F. E. Banks, Kyklos
- GenresEconomics
384 pages, Paperback
First published December 1, 1974
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Displaying 1 of 1 review
August 7, 2020
This is at heart, a 1970s neo-classical textbook and is far from light reading.
I seriously thought about giving fewer stars because the book is chalk full of mathematical exercises and formulas, and 1970s graphs with 1970s graphics makes it at times difficult to follow. It claims to be an 'introduction' but a high level of economic and mathematical knowledge is required. Maybe students in the 1970s were more prepared than today, or maybe the 'introduction' to neo-classical macroeconomics presupposes a solid knowledge of Keynesian macroeconomics and microeconomics.
But in the end, the book is readable, just like kale is edible. It isn't always easy or pleasant but in the end the reader is better off for having chewed through it.
The book begins with a deconstruction of classical (Malthusian) economics and then introduces the neo-classical growth model. (Neo)-Keynesian economics is used as a foil throughout to show how the neo-classical models better describe and predict certain economic activities.
Neo-classical macroeconomics is really microeconomics on steroids. The authors start by building up a model (which has little semblance to anything in the real world) and gradually keep adding details, clarifications and additional information until it begins to resemble a 1970s Frankensteinish world.
But here is the rub...it is a 1970s world. Much of the discussions on savings, investing, taxation, debt, and monetary policy are firmly rooted in the 1970s political and economic landscape. Naturally the authors cannot be blammed for that, but along with the more basic beginning of computer modelling, the textbook is dated.
One thing the textbook does predict correctly is the rise and fall of the Phillips Curve and it straddles the worlds of Modigliani and Friedman nicely.
I seriously thought about giving fewer stars because the book is chalk full of mathematical exercises and formulas, and 1970s graphs with 1970s graphics makes it at times difficult to follow. It claims to be an 'introduction' but a high level of economic and mathematical knowledge is required. Maybe students in the 1970s were more prepared than today, or maybe the 'introduction' to neo-classical macroeconomics presupposes a solid knowledge of Keynesian macroeconomics and microeconomics.
But in the end, the book is readable, just like kale is edible. It isn't always easy or pleasant but in the end the reader is better off for having chewed through it.
The book begins with a deconstruction of classical (Malthusian) economics and then introduces the neo-classical growth model. (Neo)-Keynesian economics is used as a foil throughout to show how the neo-classical models better describe and predict certain economic activities.
Neo-classical macroeconomics is really microeconomics on steroids. The authors start by building up a model (which has little semblance to anything in the real world) and gradually keep adding details, clarifications and additional information until it begins to resemble a 1970s Frankensteinish world.
But here is the rub...it is a 1970s world. Much of the discussions on savings, investing, taxation, debt, and monetary policy are firmly rooted in the 1970s political and economic landscape. Naturally the authors cannot be blammed for that, but along with the more basic beginning of computer modelling, the textbook is dated.
One thing the textbook does predict correctly is the rise and fall of the Phillips Curve and it straddles the worlds of Modigliani and Friedman nicely.
Displaying 1 of 1 review