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By Robert L. Sexton

EXPLORING MACROECONOMICS, 5th version, used to be designed particularly to advertise macroeconomic literacy and support scholars have fun with how macroeconomics impacts their daily lives. This enticing textual content combines leading edge studying instruments, a visually beautiful layout, and desirable content material to aid scholars simply take up details and grasp key techniques. full of examples from present occasions and dad tradition, EXPLORING MACROECONOMICS succeeds like no different e-book in conveying the thrill and real-world relevance of macroeconomics.

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Where in this view of man as desiccated calculating-machine is there recognition of the centrality of love, duty, and self-sacrifice in human conduct? What use is a purported science of social behavior that is blind to the necessary conditions for social behavior? A These questions would be telling if “rational” and “self-interest” meant what these critics take them to mean. But they do not. In mainstream economics, to say that people are rational is not to assume that they never make mistakes, as critics usually suppose.

6. Why are observation and prediction more difficult in the social sciences? 7. Why do economic predictions refer to the behavior of groups of people rather than individuals? 8. Why is the market for running shoes considered a microeconomic topic? 9. Why is inflation considered a macroeconomic topic? 4 Pitfalls to Avoid in Scientific Thinking n If two events usually occur together, does it mean one event caused the other to happen? n What is the fallacy of composition? n our discussion of economic theory we have not yet mentioned that there are certain pitfalls to avoid that may hinder scientific and logical thinking: confusing correlation and causation, and the fallacy of composition.

1. What is the relationship between correlation and causation? 2. What types of misinterpretation result from confusing correlation and causation? 3. What is the fallacy of composition? AP IMAGES 4. If you can sometimes get a high grade on an exam without studying, does it mean that additional studying does not lead to higher grades? Explain your answer. Normally, people expect more accidents at higher speeds. This expectation seems reasonable; yet, as shown in the picture, slower driving can be correlated with more accidents.

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