This is much better than Modern Economic Analysis which I always considered excellent. Clear and yet detailed enough to be of interest at all levels of the subject from A level upwards. Peter Desmond, Cheney School, Oxford, UK David Gowland s chapters are always lucid and written with his usual panache. Difficult concepts are explained clearly and his analysis demonstrates the power of elementary economic theory. It is enjoyable to read and there is plenty to stimulate further reading. I thought the book topical with a good blend of theory and policy issues. Stephen James, Yarm School, Cleverland, UK Understanding Macroeconomics provides short non-technical summaries of important areas of economics, especially those where the alternative literature is either not easily accessible or else highly specialized. An important objective of the book is to provide an analysis of current economic policy. It successfully demonstrates that simple economic analysis can be brought to bear lucidly and penetratingly on economic problems. The result is a book which, for its concise and authoritative survey of major areas, will be an essential purchase for school and college economics teachers and their libraries. It will also prove invaluable to university and polytechnic students of economics seeking an introduction to the application of economic theory to the major problems facing economists today.
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Monetary Policy D H Gowland
Monetary Control D H Gowland
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achieve adjust aggregate demand aggregate demand curve aggregate supply aggregate supply curve alternative analysis argued argument assets authorities balance of payments bank deposits bank lending bank loans borrowing building society cause cent central banks Chapter consumer consumption cost push cost push inflation current account debt deficit direct controls domestic currency economic policy economists effect equilibrium European example expenditure exports Figure financial innovation financial markets fiscal policy fixed exchange rates floating exchange rates foreign exchange market Friedman full employment Gowland Hence important incomes policy increase indexation interest rates Keynes Keynesian labour market London macroeconomic market failure monetarist monetary control monetary growth monetary policy monetary targets money supply Moreover mortgage natural rate non-bank private sector output price level problem PSBR public sector quantity ratio real wage rise Section shift spending sterling supply curve Thatcher theory trade transactions variable wealth