Macroeconomics

This book provides an understanding of the aggregate economy based on the decision calculus of the individual economic agent consumer, worker, and investor. The exposition is micro-oriented through Chapter 8 but then delves into macro considerations of market failure resulting from a misinterpretation of price signals by workers or employers (Chapters 9-12). The book concludes (Chapters 13-14) with a review of recent economic history and of how that history can be explained by the theory laid out in the book. NEW TO THIS EDITION: A consideration of modern monetary theory. Reduction in the space given to suppressed inflation.