Exploring Macroeconomics (Fifth Edition) by Robert L. Sexton

By Robert L. Sexton

EXPLORING MACROECONOMICS, 5th variation, used to be designed particularly to advertise macroeconomic literacy and support scholars relish how macroeconomics impacts their daily lives. This attractive textual content combines leading edge studying instruments, a visually beautiful layout, and alluring content material to aid scholars simply soak up details and grasp key options. jam-packed with examples from present occasions and pa tradition, EXPLORING MACROECONOMICS succeeds like no different booklet in conveying the buzz and real-world relevance of macroeconomics.

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The novelist tries to persuade us that a story could almost be true; the scientist tries to persuade us that certain events fall into a certain meaningful pattern. The scientist does not (or is not supposed to) invent the underlying “facts” of the story, whereas the novelist is not so constrained. However, a scientist does M 12 PART 1 Introduction select certain facts from among many facts that Suppose you develop your own theory describing could have been chosen, just as the novelist chooses the relationship between studying and exam perforfrom an infinite number of possible characters and mance: If I study harder, I will perform better on the situations to make the story most persuasive.

A few people might respond to the airfare reduction in precisely the opposite way from ours: At the lower fare, they might make fewer trips to Europe, because they might believe (rightly or wrongly) that the price drop would be accompanied by a reduction in the quality of service, greater crowding, or reduced safety. In short, we cannot predict with any level of certainty how a given individual will respond to this airfare reduction. at $1,000, but we can predict the direction of the impact and approximate the extent of the impact.

We will discuss this concept more thoroughly in the next chapter. CHECK 1. Economists assume that people act as if they are motivated by self-interest and respond predictably to changing circumstances. 2. Do not confuse self-interest with selfishness. 3. Rational behavior means that people do the best they can based on their values and information, under current and future anticipated consequences. 1. What do economists mean by self-interest? 2. What does rational self-interest involve? 3. How are self-interest and selfishness different?

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