By Paul Krugman, Robin Wells, Margaret Ray, David Anderson
With the acclaimed writing and instructing method of Paul Krugman and Robin Wells, Macroeconomics in Modules offers:
A concise, available creation to economics with forty five modules divided into eight sections
A layout that shall we scholars discover economics at an efficient pace—one crucial subject at a time. every one module is well readable in one sitting.
Updated insurance in response to the second one variation of Krugman and Wells, Economics, with similar enticing beneficial properties and writing that experience made the Krugman/Wells a school room favourite.
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Additional resources for Macroeconomics in Modules
But how do we create a simplified representation of an economic situation? One possibility—an economist’s equivalent of a wind tunnel—is to find or create a real but simplified economy. For example, economists interested in the economic role of money have studied the system of exchange that developed in World War II prison camps, in which cigarettes became a universally accepted form of payment, even among prisoners who didn’t smoke. Another possibility is to simulate the workings of the economy on a computer.
A penny is therefore equivalent to just a little under 2 seconds of work, so it’s not worth the opportunity cost of the time it takes to worry about a penny more or less. In short, the rising opportunity cost of time in terms of money has turned a penny from a useful coin into a nuisance. Microeconomics is the study of how people make decisions and how those decisions interact. Macroeconomics is concerned with the overall ups and downs in the economy. Basic Economic Concepts We have presented economics as the study of choices and described how, at its most basic level, economics is about individual choice.
That is, if the overall price level falls, a dollar will buy more than it would before. In this situation it can be more attractive for people with cash to hold on to it than to invest in new factories and other productive assets. This can deepen a recession. In later modules we will look at other costs of inflation and deflation. For now we note that, in general, economists regard price stability—meaning that the overall price level is changing either not at all or only very slowly—as a desirable goal because it helps keep the economy stable.