Macroeconomic Theory by ML Jhingan: A Comprehensive Textbook for Students and Teachers
Macroeconomic theory is the study of the behavior and performance of the economy as a whole. It deals with issues such as national income, economic growth, unemployment, inflation, business cycles, monetary and fiscal policies, balance of payments, exchange rates, and international trade. Macroeconomic theory helps us to understand how the economy works and how it can be improved.
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One of the most popular and widely used textbooks on macroeconomic theory is Macroeconomic Theory by ML Jhingan. This book was first published in 1975 and has been revised and updated several times since then. The latest edition is the 12th edition, which was published in 2010. The book covers all the major topics and models of macroeconomic theory, such as:
The nature and scope of macroeconomics
National income accounting and circular flow of income
The classical and Keynesian theories of income and employment
The consumption, saving, and investment functions
The multiplier and accelerator effects
The money market and the demand and supply of money
The central banking system and credit control
The IS-LM model and the aggregate demand and supply analysis
The monetarist revolution and the rational expectations hypothesis
The inflationary and deflationary gaps and the Phillips curve
The business cycle theories and stabilization policies
The Harrod-Domar, Solow-Swan, and endogenous growth models
The supply-side economics and the real business cycle theory
The balance of payments accounting and adjustment mechanisms
The foreign exchange market and the exchange rate determination
The international monetary system and the role of IMF
The international trade theory and policy
The book is written in a clear and concise manner, with ample examples, diagrams, tables, and numerical problems. The book also provides a historical perspective on the development of macroeconomic thought and a critical evaluation of various theories and policies. The book is suitable for undergraduate and postgraduate students of economics, as well as teachers, researchers, and policy makers.
Macroeconomic Theory by ML Jhingan is divided into six parts. The first part introduces the basic concepts and tools of macroeconomics, such as the national income accounting, the circular flow of income, the Say's law of markets, and the effective demand principle. The second part deals with the classical and Keynesian theories of income and employment, and explains how the equilibrium level of income and output is determined by the aggregate demand and supply functions. The third part covers the role of money and banking in the economy, and analyzes how the money market equilibrium and the interest rate are affected by the monetary policy and the demand and supply of money. The fourth part examines the various models of economic growth and development, and compares the different approaches to explain the sources and determinants of economic growth. The fifth part discusses the causes and consequences of inflation and deflation, and evaluates the effectiveness of fiscal and monetary policies to stabilize the economy. The sixth part explores the issues related to the open economy macroeconomics, such as the balance of payments, the exchange rate, the international trade, and the international monetary system.
The book has several features that make it a valuable resource for students and teachers of macroeconomics. First, it provides a comprehensive coverage of all the major topics and models of macroeconomic theory, with a balanced mix of theory and policy. Second, it presents a historical perspective on the evolution of macroeconomic thought, and traces the origins and development of various theories and schools of thought. Third, it offers a critical appraisal of various theories and policies, and highlights their strengths and weaknesses. Fourth, it uses simple mathematical tools and techniques to explain complex concepts and models, without compromising on rigor and clarity. Fifth, it includes numerous examples, diagrams, tables, and numerical problems to illustrate and reinforce the theoretical concepts. Sixth, it incorporates the latest developments and research in macroeconomics, such as the new classical macroeconomics, the new Keynesian economics, the endogenous growth theory, the real business cycle theory, and the new open economy macroeconomics.
Macroeconomic Theory by ML Jhingan is a must-read for anyone who wants to learn about macroeconomics in a systematic and comprehensive way. It is also a useful reference for anyone who wants to update their knowledge on macroeconomics or to prepare for competitive examinations. The book is available in both print and digital formats. 0efd9a6b88