- Paperback: 140 pages
- Publisher: En Exempla Books (25 Jun 2004)
- Language English
- ISBN-10: 0954620216
- ISBN-13: 978-0954620219
- Product Dimensions: 22.9 x 15.2 x 0.8 cm
- Amazon Bestsellers Rank: 4,528,383 in Books (See Top 100 in Books)
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Product Description
Product Description
Standard macroeconomic models are represented in a wholly new causal manner using flowgraphs. This mode of analysis is unique to this book within the realm of economics. It brings with it new insights and analytical potential not available elsewhere. The simple graphical methods are carefully explained in an introductory chapter and applied to well known models such as IS-LM, AS-AD and open economy (Mundell-Fleming) models. Macroeconomic models with varying price levels and inflation, including rational expectations models, are also treated in the new representation. The book aims to equip readers with a simple but powerful analytical tool to complement the standard methods of analysis presented in intermediate level undergraduate textbooks. The author's website (geoffwyatt.com) has further details and includes a facility for creating, manipulating and solving flowgraph models on a computer screen.
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4.0 out of 5 stars (1 customer review)
4.0 out of 5 stars
genuinely novel approach to undergraduate macro, 28 Aug 2008
By C. N. Gomersall - Published on Amazon.com
This review is from: Macroeconomic Models in a Causal Framework (Paperback)
I'd have given this four stars for what it's trying to do (see below), but have cut back to three to flag the fact that, in practice, it may be a challenging approach to use in the standard classroom.
I'll use an example from Wyatt's own first chapter. (Incidentally, the first two chapters are free on the author's website - [...].) When teaching undergraduates, all of us have written up on the board a long chain that says when the money supply goes up, the interest rate goes down, so investment goes up, so national income goes up, so money demand goes up, so interest rates go up, so investment goes down. I've had to leave out the arrows in this message, but any instructor will recognise the chain I've described. The obvious question many students will raise is: OK, what happens to interest rates? Do they go up, or do they go down?
One response is to build a mathematical model, and many of us do that. Wyatt's approach is different and diagrammatic, resembling a flowchart more closely than the traditional tools of the economics classroom. By the nature of the beast I can't describe it very fully here but, as I say, you can get a good idea by visiting Wyatt's site.
My only caveat is that, to get the most out of this approach, Wyatt goes beyond his diagrams to use algebra of a different kind, with some of which I was not familiar (Mason's law, for example). Not that it's beyond me exactly, but it might make the approach less accessible to undergraduates: if you're going that far, why not stick to good old-fashioned calculus?
To sum up, I find this book enormously refreshing, not just in the novelty of its approach but also in its classroom potential. All that's needed is to tweak it so that it's a little more student-friendly (though the book already has a number of exercises, so it could be used "as is"). I'd fully recommend the book to any instructor who's willing to consider a new way of thinking about the way he or she has taught macro all these years.
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