By N. Gregory Mankiw
Mankiw's masterful textual content covers the sector as accessibly and concisely as attainable, in a fashion that emphasizes the relevance of macroeconomics's classical roots and its present perform. that includes the most recent info, new case reviews eager about contemporary occasions, and a couple of major content material updates, the 8th variation takes the Mankiw legacy even additional. It bargains the clearest, latest, such a lot available path in macroeconomics within the such a lot concise presentation attainable.
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Extra resources for Macroeconomics (8th Edition)
The exogenous variables are those that come from outside the model. The endogenous variables are those that the model explains. The model shows how changes in the exogenous variables affect the endogenous variables. indd 8 04/19/12 6:11 PM CHAP T E R 1 The Science of Macroeconomics | 9 pizza P and on the price of materials Pm, such as cheese, tomatoes, flour, and anchovies. This relationship is expressed as Qs = S(P, Pm), where S( ) represents the supply function. Finally, the economist assumes that the price of pizza adjusts to bring the quantity supplied and quantity demanded into balance: Qs = Qd.
Models are useful because they help us dispense with irrelevant details and focus on underlying connections. ) Models have two kinds of variables: endogenous variables and exogenous variables. Endogenous variables are those variables that a model tries to explain. Exogenous variables are those variables that a model takes as given. The purpose of a model is to show how the exogenous variables affect the endogenous variables. In other words, as Figure 1-4 illustrates, exogenous variables come from outside the model and serve as the model’s input, whereas endogenous variables are determined within the model and are the model’s output.
Others encourage the student to go beyond the material in the chapter by addressing new issues that are closely related to the chapter topics. Chapter Appendices Several chapters include appendices that offer additional material, sometimes at a higher level of mathematical sophistication. indd xxix 04/19/12 6:47 PM xxx | Preface instructors can cover certain topics in greater depth if they wish. The appendices can be skipped altogether without loss of continuity. Glossary To help students become familiar with the language of macroeconomics, a glossary of more than 250 terms is provided at the back of the book.