Preface

Macroeconomics: Theory and Policy examines and analyses the performance of the economy as a whole. Various macroeconomic issues appear in the news and the press on a routine basis—these relate to topics such as economic growth, inflation, employment, the comparison of a country’s trade performance with other countries (i.e., the balance of payments), the extent of success or failure of government economic policies and the decisions made by the country’s central bank. Without even realizing, we all become experts of the subject called macroeconomics.

A conscious attempt has been made to make this book different from the others, it is not only simple to understand but it also brings the classroom directly to the student with its lucid language. This book covers most of the topics that are relevant and essential at an undergraduate level and also designed for use in courses on macroeconomics at the undergraduate level of most Indian universities.

SALIENT FEATURES

The purpose of this book is to make the study of macroeconomics simple for students and enable them to apply it to everyday situations. The various tools used in this book are as follows:

• Topics Chosen for Discussion: The topics chosen for discussion cover various aspects of macroeconomics, which are relevant to undergraduate students.
• Learning Objectives: At the beginning of each chapter, learning objectives are mentioned to help students focus on the main aspects of the subject.
• Boxes: In every chapter, there are some FYI boxes, which contain interesting features and supplementary material relevant to the chapter for additional information.
• Definitions of Important Concepts: In every chapter, the definitions are given in margin boxes making it simpler for the student to review and learn these important concepts.
• RECAP at the End of Every Section: At the end of each section, a recap has been given to assist the student in recapitulating and reviewing the text discussed in every section.
• Chapter Summary: Each chapter has a brief summary, which is especially useful during examinations for a quick recollection of the chapter.
• Review Questions: At the end of every chapter, there are review questions, categorized under true and false, very short, short and long answer questions, which aim at checking the understanding of students.
• Numerical Illustrations: Some of the chapters, wherever required, contain numerical illustrations which improve the student’s understanding of the text.
• Diagrams: The chapters are illustrated with diagrams to assist in clarifying the concepts.
• Solved Numericals: Some chapters contain solved numericals, which are related to the chapter and which will provide hands-on practice with the theory.
• Unsolved Numericals: By attempting to find a solution to the unsolved numericals, the student can check his/her understanding of the mathematical problems.
• Relevance to the Indian Economy: References to the Indian economy are given in the chapters wherever considered relevant for better insight.
• Appendixes: Appendixes are given at the end of the book.
• Glossary: Key terms have been included and defined in the glossary.

I sincerely hope that this book will prove handy and helpful to both students and teachers alike. I would, at all times, welcome any observations and suggestions for further improvement.