If you've never heard of the University of Chicago's Richard Freeman, then you're really missing out on some of the most important developments in the field of microeconomics and macroeconomics. In his latest book titled “The Evolution of Economic Thought,” Richard Freeman examines the origins of macroeconomic theories, and how the ideas that these theories espouse have evolved over time.
Although economic theorists throughout the ages have debated whether there is a difference between macro and microeconomics, there is little debate that there is. While the two theories are often thought to be entirely separate, this is not always the case. In fact, according to Freeman, we can be more flexible about our use of concepts than many mainstream economics experts are willing to admit.
Many mainstream economists hold a view that macroeconomics must first be understood in terms of micro-founded theory before it can be applied to the larger picture. While this is true, Freeman shows that we should instead start from the small and work our way up. Because the macro level of analysis can only be used to understand certain aspects of the economy, macro-economists typically focus on the business cycle, financial crises, or unemployment in their theory.
In order to fully grasp macroeconomics, one must take a look at how the various pieces of the economic puzzle fit together. This makes macroeconomic's a much easier subject to follow. If one is looking for a concise summary of macro-based theory, Freeman offers just what he claims is the perfect solution: his own. His book provides a great introduction to micro-founded macroeconomics and the concepts that underlie it.
The book is a quick read that is easy to read and understand. It provides an overview of the entire macroeconomic process and provides a good explanation of why many of the concepts that you've learned about throughout your economics classes do not apply when applying them to the macro level. The book also contains a wealth of charts and graphs that will help you gain a better understanding of the concepts.
So whether you're a seasoned student or a first time reader, this book will teach you a lot about economic theory. It will also give you a solid foundation to build your own macro economic theories on.
Although this book was written by a Nobel Prize winning scientist, it would probably be a bit too technical for the average person to understand and apply. It can be useful as a general reference for someone who wants to gain a better understanding of the macro-level of economics, but would most likely do so with a book written by a specialist.
If you're interested in understanding the finer points of the economic theories and what they mean for you and your career, then you owe it to yourself to read this book. For any aspiring or experienced economists, it is a good place to start.
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