Big Ideas In Macroeconomics: A Nontechnical View

Paperback | August 21, 2015

byKartik B. Athreya

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Macroeconomists have been caricatured either as credulous savants in love with the beauty of their mathematical models or as free-market fundamentalists who admit no doubt as to the market's wisdom. In this book, Kartik Athreya draws a truer picture, offering a nontechnical description of prominent ideas and models in macroeconomics, and arguing for their value as interpretive tools as well as their policy relevance. Athreya deliberately leaves out the technical machinery, providing an essential guide to the sometimes abstract ideas that drive macroeconomists' research and practical policy advice.

Athreya describes the main approach to macroeconomic model construction, the foundational Walrasian general-equilibrium framework, and its modern version, the Arrow-Debreu-McKenzie (ADM) model. In the heart of the book, Athreya shows how the Walrasian approach shapes and unifies much of modern macroeconomics. He details models central to ongoing macroeconomic analyses: the neoclassical and stochastic growth models, the standard incomplete-markets model, the overlapping-generations model, and the standard search model. Athreya's accessible primer traces the links between the views and policy advice of modern macroeconomists and their shared theoretical approach.

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From the Publisher

Macroeconomists have been caricatured either as credulous savants in love with the beauty of their mathematical models or as free-market fundamentalists who admit no doubt as to the market's wisdom. In this book, Kartik Athreya draws a truer picture, offering a nontechnical description of prominent ideas and models in macroeconomics, a...

Kartik B. Athreya is Senior Vice President and Director of Research at the Federal Reserve Bank of Richmond and an Associate Editor of the Journal of Economic Dynamics and Control.
Format:PaperbackDimensions:432 pages, 9 × 6 × 0.75 inPublished:August 21, 2015Publisher:The MIT PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0262528304

ISBN - 13:9780262528306

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The first year of graduate macroeconomics is hard for aspiring economists and demands much of their instructors. But matters just became easier. Kartik Athreya's beautiful book summarizes the main ideas in macroeconomics with lucid prose and insightful commentary. Graduate students can peek at it to understand the big picture, and faculty can learn a thing or two from it about why we teach what we teach. I have read the book twice, cover to cover, and each time it helped me to rethink many of the things I thought I knew. Furthermore, adventurous undergraduates, economists who have lost touch with the frontier of macro, and curious readers in general will find in this slim volume a truly wonderful and nontechnical summary of the 'rules of the game' for our field.