Description
Book SynopsisIn recent years the world economy has been undergoing drastic changes, the East Asian miracle, the financial crisis, and today, globalization and the fundamental changes associated with the “new economy”. This book integrates these developments with macroeconomics for business managers and policymakers.Macroeconomics is essential background for the business manager and policymaker. Consequently macroeconomics is an integral part of the business curriculum in mature and developing countries alike. And well it should be. The economy affects decisions by investors, manufacturers, distributors, importers and exporters, etc. in all parts of the world. Often, it is the difference between growth and profitability on one hand, and stagnation or failure on the other. In recent years as the world economy has undergone overwhelming changes, especially in East Asia and now in the advanced countries, understanding what is going on in the local economy and “out there in the world” has become a particular challenge to managers. The new developments, of which the “new economy” is the most recent one, do not supercede the basic theoretical framework of macroeconomics. But they add greatly to the challenge of understanding the economic situation and to its uncertainty.This book was originally written to meet the needs of a business curriculum based on the program at the Sasin Graduate Institute of Business Administration of Chulalongkorn University in Bangkok in collaboration with the Wharton and Kellogg Business Schools in the United States. The book is intended for a broad audience — both domestic and international — that includes mature MBA business students, intermediate level undergraduates, and informed laypersons.
Table of ContentsMacro for Developed and Developing Economies: Macroeconomics and the "New Economy": A Developed and Developing Country View; Economic Policy Objectives and Measurement; Measuring Economic Performance; Growth and Development: Economic Growth and the "New Economy"; Economic Development: The East Asian Experience; Growth and Development Policy; Stabilizing the Economy: Domestic Perspectives: The Aggregate Demand Model; The Monetary Sector and Aggregate Demand; The Supply Side and the Aggregate Supply and Demand Model; Domestic Policy Considerations; International Considerations: Trade, the Balance of Payments and the Exchange Rate; Income Determination and Adjustment in the Open Economy; Policies in the Open Economy; The Challenges of Stabilization, Growth and Development in the "New Economy": The Lessons for Growth and Development.
