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Natural resources have been a recurring subject of public interest, from the environmental awakening in and the oil crises of the later 20 th century, to wide swings in oil prices and increased concern about climate change in the first decades of the 21 st century. Standard macroeconomics books treat resources in passing, in an ad hoc manner, if at all. This text integrates resources into the model from the ground up, allowing a more logically consistent understanding of the economic effects of changed resource availability. But the underlying structure remains mostly traditional: a full-employment perspective on the long run and a Keynesian approach to business-cycle fluctuations. This provides an easier adaptation for instructors and gives students the tools to understand economic analysis done in a more conventional framework. The business-cycle material starts with a "natural history" of money to help students see the connections between social and physical phenomena.
Sommario
Part I Building Blocks.- 1. The Economy in the World.- 2. Resources and Economic Processes.- 3. Key Variables.- Part II The Long-run Model.- 4. Labor, Resources, and the Production Function.- 5. The Composition of Output.- 6. The Long-run Model (the Classical World). 7. Growth with Abundant Resources.- Part III Business Cycles.- 9. What Money Is.- 10 Banking .- 11 Expenditure Multipliers.- 12. Monetary Policy.- 13. Fiscal Policy.- 14. The IS and LM Curves.- 15. Policy and Shocks in the IS-LM World.- 16. Short-run Aggregate Supply / Aggregate Demand and Policy.- 17 Policy Assessment.- 18. The Standard Model and Alternative Perspectives.- 19. Resource Constraints.- 20. Growth under Resource Constraints.- 21. Business Cycles under Resource Constraints.- 22. Continuity and New Directions.
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