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Macroeconomics, 4th Edition, by Stephen D. D. Williamson
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Macroeconomics by Williamson
- Sales Rank: #978799 in Books
- Brand: Brand: Pearson Education
- Published on: 2010
- Format: International Edition
- Original language: English
- Number of items: 1
- Dimensions: 9.41" h x .91" w x 7.48" l, 2.06 pounds
- Binding: Paperback
- Used Book in Good Condition
Most helpful customer reviews
26 of 35 people found the following review helpful.
SW's Macroeconomics is the best macro book on the market!
By A Customer
After reading this book no one will ever complain that macroeconomics lacks micro foundations. This book first explains the microeconomics of intertemporal goods and labor markets and goes on to create an intertemporal general equilibrium economy (with two periods for simple exposition). Then Wiliamson shows how growth theory and business cycle theories are applied in this general equilibrium economy. This is by far the most fun and understandible way to teach undergraduates about growth and business cycles at the intermediate level.
Williamson also lays out "stylized facts" of the business cycle, including comovements, and he critiques different business cycle theories based on whether they can replicate those comovements in the data. This book comes closer than any other intermediate text to replicating how modern macroeconomics is done.
Ch 8 which explains Solow and endogenous growth models is by far the most understandible and educational of any text on the market, since Williamson does the models in discrete time rather than continuous time. If you're a professor that wants to teach undergraduates growth theory and/or growth dynamics SO THAT THEY REALLY UNDERSTAND THEM DEEPLY and ENJOY THE LEARNING EXPERIENCE, this is the book to assign.
18 of 24 people found the following review helpful.
Lack Necessary Details
By Tommy
Rather than using the precise math language to explain the economy, the author created an awful lot of BS throughout each single chapter of the book. I spent more than 3 hours on average reading just one chapter of the text, and when I finally finished and looked back, I found myself not able to recall the core stuffs, because they are totally buried under all those stupid BS's. But you know what, it's fine to have written more than necessary, because that may actually make the book more reliable when the readers are facing some hardcore detail oriented econ exams. However, that is not the case, for example, in chapter 13, there is a full explanation of the sticky price model, and right after the model there is this sentence "...money is not neutral in the short run because of sticky prices (or wages),...." And the author doesn't go on and do a similar experiment for the effects of sticky wages. Believe me, after reading all those tedious craps before the model, you will think that sticky prices and wages are the same thing when you finally reach this sentence. So it seems to me that this book is lack of necessary details for some important concepts, in which case it's not as reliable as I thought it would be. So given it's time consuming BS's , I'm giving a one.
6 of 7 people found the following review helpful.
Decent Overview of Intermediate Macroeconomics
By Amazon Customer
This book provides a decent overview of intermediate macroeconomics and is overall quite clear and concise. The intuition for the theory covered is conveyed well, and the author gives a fairly balanced treatment of the various theories. More quantitative examples in the text would have been helpful. One criticism is that there are quite a number of typos in the text, questions at the end of the chapter, and exercises.
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