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"As so many readers of his little book on Econometrics have long known, Peter Kennedy has a special talent for presenting difficult concepts in ways that are clear and intuitively pleasing, while stressing rather than minimizing what is most important about the concepts. His new book on macroeconomic concepts and data that are widely reported in the media does the same thing, and provides a lot of nice examples, applications, and problems to boot. I'm sure it will find several grateful audiences." -- Mike Watts, Professor of Economics, Purdue University What do we want our students to be able to do upon completing an introductory course in macroeconomics--shift curves on diagrams or interpret media commentary on the economy? This book, an effort to lead students in the latter direction, offers a clear exposition of introductory macroeconomic theory along with more than 500 one- or two-sentence "news clips" that serve as illustrations and exercises. The author calls this approach "media economics" to distinguish it from the encyclopedic character of traditional texts. Although the book can be used as a macroeconomics principles text, it has been designed primarily for use as a supplement. It provides a guide to what the author calls the "really important" ideas of macroeconomics, with a strong connection to the real world. Thus many instructors will find the book suitable for use in courses enrolling business students. The method of presentation allows room for topics that are crucial for the interpretation of news commentary, but given inadequate coverage in traditional macroeconomics texts. Examples include the many roles of nominal versus real interest rates, and international phenomena such as purchasing power parity. Despite its nontechnical presentation, the material in the book is quite challenging for students; to answer questions based on the news clips, students must truly understand the economic concepts and apply problem-solving skills rather than rote learning. This text, unlike existing economic texts, provides the student with a practical yet sophisticated grasp of the macroeconomic principles necessary to interpret media commentary. Multiple choice questions t/a this text

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CHOICE Review

In an effort to make concepts clear, economic writers tend to include a profusion of graphs, which nonspecialist readers often find baffling. In his presentation of macroeconomic fundamentals, Kennedy (Simon Fraser Univ.) avoids this quandary by focusing on what readers need to know to comprehend economic issues reported in the media. There are still some graphs, mostly aggregate demand and supply diagrams, but they are held to a minimum. Readers wanting to see a Keynesian cross or a circular flow diagram, for example, will have to refer to the appendixes. Each chapter contains numerous media illustrations, and chapter-end exercises play off quotes taken from economic reports in the press to illustrate concepts. The author makes every effort to present the principles of macroeconomics in an applied and nontechnical manner. This approach can result in a superficial rendering of the material, but not in this case. Readers are introduced to all of the essential principles, such as Okun's Law, real versus nominal values, and purchasing power parity, at an impressive level of detail. Recommended for general readers and lower-division undergraduate students. E. Kacapyr; Ithaca College