In an article entitled “Macro Economic Writing for Schools,” authors J.R. Rummel and G.C. Smith explains the features of macroeconomic writing in a way that students can easily understand. They are very clear in the descriptions, as are the students, and also provide a very quick reference guide to make it easier to learn the basics of macroeconomic theory.
Macroeconomic writing is important, especially in a classroom, since most students will be working in a macroeconomic environment in order to complete their homework assignments or prepare for exams. The most important part of macroeconomics is making charts and graphs of historical data or predicting future behavior of certain economic variables. Students need to be able to explain these topics and the effects of their own ideas on the graphs and charts created by these models. A good explanation can go a long way toward helping students understand what they are reading and why it is important to consider these factors when analyzing data and making decisions.
The two primary ways to explain macro economic theory in a classroom setting are to use equations, which allow the student to enter the information into a spreadsheet and have an easy way to calculate it, or to make a chart, such as a bar graph or line graph, to display the data. Students should be able to do both with ease. Of course, some knowledge of calculus is necessary for students who are doing calculations in the classroom.
Students also need to be able to describe the different economic variables. These can include data, interest rates, and government policy, but it is also very important to be able to describe the relationships between the variables and how they affect each other. This information is necessary for students to understand how changes in any one of these variables can change the data displayed in the graphs and charts created by the models.
The authors also describe how to properly construct economic models. There is a difference between building a model and predicting the results. Students must be able to explain how to build the model and why it predicts the data in a way that helps them understand why the model is useful for predicting the future.
Students who read this book and practice the information given in it should have a great understanding of macro economic theory. The information provides students with an easy way to understand the concepts used in this subject matter and how they can help them create a useful model and plot charts and graphs. Students will be more confident when creating their own models and better able to predict the future behavior of the economy. and understand the impact of their own ideas on the model.