Macroeconomics

The arguement that the past thirty years have resulted in a closing of the gap between whites and blacks seems untenable after reading this book. Using wealth instead of income as a measure of success and progress, Oliver and Shapiro argue that glaring inequalities still exist and may actually be growing. Moreover, since creating wealth is far more difficult when one has none to begin, the authors argue that such inequalities are sure to continue unless significant changes are made to the social safety net. These premises certainly call into question the notion of a vibrant black middle class.

Overall, I found the book to be scholarly, yet accessible to those who don't hold a Ph.D. in research methodology. The information was nicely balanced; the interviews complemented the extensive survey data and everything was clearly presented. My only complaint is that the statistical information was not presented in the appendix with the tables. This would have been useful and meaningful to academics reading the book. That being said, the thesis is a profound one, and for all those with an interest in social equity and social policy this is a must-read.

This award-winning book ("The Best Book in Global Environmental Affairs" according to the International Studies Association) offers an accessible and engaging analysis of the 800 pound gorilla in the living room that environmentalists find difficult to talk about with force: overconsumption. The early portion of the book documents the problem; the middle chunk offers a set of mental lenses for making sense of our quandry; and the final chapters offer real-life stories of actors and movements (the voluntary simplicity movement, for example, and the home power and local currency movements too) challenging the upward escalating trajectory of the consumption of "stuff."

What's especially helpful about the book -- in addition to its "something for everyone" flavor -- is that it moves beyond simplistic prescriptions to "squash advertising" or "buy recycled products." Indeed, it is rather skeptical of these measures, which it tends to view as diversionary activities meant to take our eye off the underlying forces at war with the planet. Instead, it offers strategies for coming together collectively to challenge broader powers and structures that make it so difficult for people worried about the future of the planet to live more with less.

This book is worth the price if only for the paper by Ed Green, which has, with a slight delay, spawned a huge literature in dynamic contract theory. Chapters V and VI, by Townsend and Wallace and Beveniste, will also be looked back upon as neglected early work. Jacklin's paper was quite important as well.

This is an essential book for anyone who wants a deeper understanding of macroeconomic and financial instability: recessions, depressions, financial panics, currency crises, bank runs, the Russian and Asian crises, and similar events. It also presents fundamental analysis critical to the understanding of monetary and fiscal policy coordination; for example in the European Union, and in dealing with the Asian macroeconomic and financial crisis. In addition, it is essential reading for students and enthusiasts of game theory. The book is very well organized, has an unerring eye in its coverage of topics, and is almost astonishingly well written. While parts of the book are technically demanding for the lay reader, the rest can be read with profit by the non-specialist and non-student. Indeed, the technical parts can still profitably be skimmed, and the gist of the ideas are clear to the patient non-specialist. Hence, exactly as advertised, the book is essential for graduate courses, but also useful as a reference for the specialist, and is required reading for the informed public. Unlike what is suggested in the advertising, however, I and my colleagues also feel the book can be taught and assigned to advanced undergraduate students, and to the more motivated of the intermediate students as well. I will do so. In short, if you haven't read this book you are simply out of date. Excellent brief summaries of this material can be found in David Romer's graduate text Advanced Macroeconomics, McGraw Hill, pp. 294-299, in Jansen, DeLorme and Ekelund's undergraduate text Intermediate Macroeconomics, West Publishing, pp. 412-419, and in John Taylor's introductory undergraduate text Principles of Macroeconomics, Houghton Mifflin, in the "New Keynesian School" subsection. Background readings appear in N. Mankiw and D. Romer (eds.) New Keynesian Economics, vol. 2, Coordination Failures and Real Rigidities, M.I.T. Press Readings in Econommics (Benjamin Friedman and Lawrence Summers, eds.). But the very best place to learn this essential material is in this elegant volume by Russell Cooper.

This is the single best introduction to cost-benefit analysis available. I teach a master's level-upper division course in cost-benefit analysis at the University of California, San Diego, and have looked at many books. I always come back to this one. Because it is unfortunately out of print, I have to place it on reserves rather than having the students purchase it. The book contains a surprising amount of information and very mature insights into the philosophical and ethical basis of applied welfare economcis and cost-benefit analysis. Yet the book does not bog down in unneccessary detail or technicalities. The book is unfortunately too limited in its scope and could be updated and expanded. It should also spend a chapter or two on project evaluation in less developed countries. I have to use Kohli's book, Economic Analysis of Investment Projects, for this purpose. There are other books which contain more detail but these require a more sophisticated knowledge of microeconomics and especially applied welfare economics. An expanded version of the book could also profit from more practical information on "how to do" cost-benefit analysis, such as along the lines of Sassone and Schaefer, Cost-Benefit Analysis. The book is well written.

Jackson's essay in this book, "From Salvation to Self-Realization," gives us an honest look at the remapping of economic morality in secular rather than religious terms. What could be more important to a consumer society like our own than when we stopped holding back and "gave in," as it were, to our desires? As Lears explains, "....... consumer culture of the late nineteenth century,.... encouraged to express themselves not through accomplishments but through the ownership of things." I find this profound I also understand that Professor Lears is now concentrating his energies on the cultural signfifance and attitudes regarding gambling. Has anyone else notice that Nevada is the fast-growing state in the U.S. and that the taboo associated with gambling has been removed? When are we going to be brave enough as a society to listen to Professor Lears?

This book by Agenor and Montiel has succeeded to a large extent in their objective of integrating macroeconomic theory with the issues of the less developed countries. Proves to be an useful book which could be a decent alternative to the various textbooks in macroeconomics which are divorced of the diverse features of the less developed countries. Indeed an asset for the subject and the researchers. Worth possessing. But the cost is a little bit unaffordable for those in the developing world

This book synthesizes recent research in development microeconomics which extends the field beyond Walrasian general equilibrium paradigm to incorporate such features as informational asymmetries, network externalities, and various types of coordination failures. Topics covered in this volume include such things as household economics, rural credit markets, and the adoption of new techniques. The emphasis is on "applied theory" -- empirical evidence on the theoretical models is mentioned, but not discussed in depth. The arguemnts are presented verbally, graphically, and mathematically. The writing is quite clear. Numerous references are cited in the text and given at the end of each chapter. This small book would be very useful to graduate students and academics. Undergraduate students will probably find the math a little heavy.

This is a basic and very important textbook for those who just start learning dynamic asset pricing theory and try to make a sound background for serious future research in this area. For those who will read more advanced textbooks or papers (written by Sargent, for example), this work certainly will open your mind and help you a lot in undestanding them.

Sargent is a leader in modern macroeconomic research. Anybody that is working toward a PhD in Economics with a concentration in Macroeconomics ought to study this book. Other people are quite likely to find the book to be much too difficult and abstract.