The fifth edition of the Cengage Learning Macroeconomics textbook is now out. With the sixth edition due out later this year, I would like to take a look at this book again and see if it has helped me in my study of the subject. After all, as an economics major myself, I certainly understand how difficult it can be to navigate this subject matter, even for students who have studied macroeconomics extensively.
Micro-economic models are usually built on assumptions and models that deal with the price structure, the supply and demand of labor, etc. While it may seem that Cengage Learning Macroeconomics Fifth Edition provides the most realistic macro model available, it certainly does not follow this standard to the letter.
Micro models, on the other hand, make use of the real world data to predict the price changes and movements of a specific commodity. Although they can only be as accurate as their data, they do tend to be much less detailed than their macro counterparts.
This book really seems to go overboard when it comes to simplifying the model. While some of the examples of micro models do make sense, there are also some parts that are simply wrong and can actually cause serious problems when used in practice. One example is the assumption that there are no price changes in the prices of labor, which is completely wrong.
The other thing that makes me think that this book does not live up to the standard that is expected of a textbook is its lack of information. Since this book is only about the fifth or sixth edition of the text, I do not think there was enough time spent reviewing the books and the updated information that would be necessary to help you get the most out of your macro model. For those of you who have studied these models at length, this book should help you learn more and expand your knowledge on the subject matter.
Overall, Cengage Learning Macroeconomics Fifth Edition is a great book to help you get prepared for your career in economics, but it probably does not do what it claims to do. It is a good addition to any student's bookcase, but I feel that it could have been better organized and would have helped the reader to learn more.
It is important to have all the facts before deciding on a future career in economics. This book is perfect for students who already have an interest and knowledge about this discipline, but may want to expand their knowledge and skills on how the economic system works. For those of you who are just starting out, especially if you are a student, you may want to focus on learning micro models instead of macro models, since they are easier to understand and are based more on real world data.
Overall, this is a solid book that can definitely serve as an aid . . . . . . to your learning. on how to become a successful economic researcher. It covers all the basic concepts of economics, with the help of examples and illustrations to make the book more interesting.