“Miller Economics Today – The Macro View” by Dr. Stephen Millican is a text book for anyone in economic thought who wants to understand the macro-level view of economics. This book has many good chapters on the macroeconomics including, inflation, finance, money, fiscal policy, public finance and national economies. Each chapter is quite easy to read and understanding the text book is very easy.
In the Introduction to the Text Book, Miller introduces the reader with the idea of macroeconomics. He describes it as a general term to describe the study of the “effects of aggregate changes in demand, income and production on prices and output.” The macro-level view of economics is used to examine how changes in one area can affect all other areas.
The chapters that follow the introduction will explore the different chapters in detail. They will cover the effects of government spending on economic growth, the effect of government debt on interest rates, the effects of tax policy on investment, the effects of labor market policy on unemployment and the effects of trade on income. Each chapter is quite informative and provides detailed information and examples to help readers grasp the concept of macro economics. There are also appendices that provide more detail on each topic covered in the text book.
The author of this book also offers an introduction to economics as a branch of mathematics, known as the Economic Approach. This approach is the most popular approach to economics that is taught today. It was first introduced by Edward Prescott, who is well known for his two books, The General Theory of Employment, Interest and Money. Dr. Prescott explains his approach in the introduction.
There are many chapters in the text book that discuss the various economic issues and are essential reading for anyone interested in economics and macroeconomics. It is worth it to take a hard look at these chapters, especially when the author has made the chapters very concise and simple to understand.
The chapters include: Chapter I: The macro view, Chapter II: The micro view, Chapter III: Policy and Public Finance, Chapter IV: Public Spending, Chapter V: Money, Chapter VI: Financial Markets, Chapter VII: Fiscal Policy and Chapter VIII: International Trade. Other chapters in the book are “Inflation”, “Monetary Policy”, “Public Finance”, “International Economic Policy”, “Employment and Wages”, “Finance,” “Fiscal Policy,” “Income and Inflation,” “Money and Banking,” “Real Estate and Prices,” “Business and Entrepreneurship,” “Growth and Development,” “International Trade,” “Public Finance,” “Economics,” “Economics in Education”, and Political Economy and many others. Dr. Stephen Millican explains many important concepts in a clear, concise and interesting manner. In addition, there are chapters on the history of macroeconomics.