The Best Book on Macroeconomics: Soumyen Sikdar's Principles of Macroeconomics PDF
Soumyen Sikdar Macroeconomics PDF Download
Are you looking for a comprehensive and engaging introduction to macroeconomics? Do you want to learn from an expert who has years of experience in teaching and research? Do you want to access a high-quality book at an affordable price? If you answered yes to any of these questions, then you should consider downloading Soumyen Sikdar's Principles of Macroeconomics PDF. In this article, we will tell you everything you need to know about this book, including who is the author, what is macroeconomics, what are the principles of macroeconomics, why should you read this book, and how can you download it. By the end of this article, you will have a clear idea of whether this book is suitable for you and how you can get it.
soumyen sikdar macroeconomics pdf download
Who is Soumyen Sikdar?
Soumyen Sikdar is a professor of economics at the Indian Institute of Management Calcutta. He has a PhD in economics from the University of Rochester, USA. He has taught courses on macroeconomics, international economics, development economics, public economics, and mathematical economics at various institutions in India and abroad. He has also published several papers in reputed journals on topics such as trade liberalization, capital flows, exchange rate management, fiscal policy, poverty alleviation, environmental economics, and economic growth. He is also the author of two other books: International Trade and Investment Behaviour of Firms (Oxford University Press) and Contemporary Issues in Globalization (Orient Blackswan).
What is macroeconomics?
Macroeconomics is the branch of economics that studies the behavior and performance of the economy as a whole. It analyzes how different sectors of the economy interact with each other and how they are affected by various factors such as population growth, technological change, natural resources, political events, etc. Macroeconomics also examines how the economy responds to different policies implemented by the government or the central bank to achieve certain goals such as economic growth, price stability, full employment, external balance, etc.
What are the principles of macroeconomics?
The principles of macroeconomics are the fundamental concepts and theories that explain how the macroeconomy works. They help us understand how different variables such as income, consumption, investment, inflation, unemployment, money supply, interest rates, exchange rates, etc. are determined and how they affect each other. They also help us evaluate the effects of various policies and shocks on the macroeconomic outcomes. Some of the main principles of macroeconomics are:
National income and output
National income and output are the measures of the total value of goods and services produced and earned in an economy during a given period of time. They reflect the size and performance of the economy. The most common measure of national income and output is the gross domestic product (GDP), which is the sum of the market values of all final goods and services produced within a country in a year. Other measures include gross national product (GNP), which is the sum of the market values of all final goods and services produced by the residents of a country in a year, regardless of where they are located, and net national income (NNI), which is the GNP minus depreciation.
Consumption and investment
Consumption and investment are the two main components of aggregate demand, which is the total demand for goods and services in an economy. Consumption is the spending by households on goods and services for their own use, such as food, clothing, housing, health care, education, entertainment, etc. Investment is the spending by firms on capital goods, such as machinery, equipment, buildings, etc., that are used to produce other goods and services in the future. Consumption and investment depend on various factors such as income, interest rates, expectations, taxes, etc. They also have a multiplier effect on the national income and output, which means that a change in consumption or investment leads to a larger change in GDP.
Inflation and unemployment
Inflation and unemployment are two major macroeconomic problems that affect the welfare of the people and the stability of the economy. Inflation is the sustained increase in the general level of prices of goods and services over time. It reduces the purchasing power of money and erodes the real value of incomes, savings, and debts. Unemployment is the situation where people who are willing and able to work cannot find a job. It causes loss of income, skills, and human capital, as well as social and psychological problems. Inflation and unemployment are influenced by various factors such as aggregate demand, aggregate supply, money supply, wage setting, etc. They also have a trade-off relationship, which means that a lower level of inflation is usually associated with a higher level of unemployment, and vice versa.
Money and banking
Money and banking are essential for the functioning of a modern economy. Money is anything that is widely accepted as a medium of exchange, a unit of account, and a store of value. It facilitates transactions, reduces transaction costs, enables specialization and trade, and allows intertemporal choices. Banking is the activity of accepting deposits from savers and lending them to borrowers. It creates money through credit creation, mobilizes savings for investment, allocates resources efficiently, diversifies risks, and provides payment services. Money and banking are regulated by the central bank, which controls the money supply, sets the interest rates, conducts monetary policy, supervises financial institutions, and acts as a lender of last resort.
Fiscal and monetary policy
Fiscal and monetary policy are the two main instruments of macroeconomic policy that are used by the government or the central bank to influence the aggregate demand, aggregate supply, inflation, unemployment, growth, etc. Fiscal policy is the use of government spending and taxation to affect the level and composition of aggregate demand. It can be expansionary or contractionary depending on whether it increases or decreases the budget deficit or surplus. Monetary policy is the use of money supply and interest rates to affect the level and cost of credit in the economy. It can be expansionary or contractionary depending on whether it increases or decreases the money supply or interest rates.
Balance of payments and exchange rates
Balance of payments and exchange rates are related to the international transactions between an economy and the rest of the world. Balance of payments is a record of all economic transactions between residents and non-residents of a country during a given period of time. It consists of two main accounts: the current account, which records transactions involving goods, services, income, transfers; and the capital account (or financial account), which records transactions involving assets (such as stocks, bonds) or liabilities (such as loans). The balance of payments must always balance in accounting terms; that is, the sum of current account balance plus capital account balance must equal zero. Exchange rates are the prices at which one currency can be exchanged for another currency in foreign exchange markets. They affect the competitiveness of exports and imports; they also affect inflation; they also affect the value of foreign assets; they also affect the balance of payments.
Economic growth and development
Economic growth and development 71b2f0854b