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Macroeconomics (Fifth Edition) 5th Edition, Kindle Edition

by Charles I. Jones (Author) Format: Kindle Edition
4.5 4.5 out of 5 stars 45 ratings
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Modern and practical macroeconomics


Chad Jones’s Macroeconomics teaches students to think like modern macroeconomists, with strong and engaging growth coverage and a more intuitive approach to models. Praised by adopters for its clear explanations, flexible organization, timely case studies, data, and emphasis on problem solving, Macroeconomics gives students the practical tools they need to understand and analyze the macroeconomy. This innovative text makes macroeconomics less complicated without sacrificing rigor.
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Previous page
  1. ISBN-13
    978-0393417326
  2. Edition
    5th
  3. Sticky notes
    On Kindle Scribe
  4. Publisher
    W. W. Norton & Company
  5. Publication date
    June 10, 2020
  6. Language
    English
  7. File size
    39353 KB
  8. See all details
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Editorial Reviews

About the Author

Charles I. Jones is The STANCO 25 Professor of Economics at Stanford Graduate School of Business and a research associate of the National Bureau of Economic Research. Professor Jones has been honored as a member of the American Academy of Arts and Sciences, a fellow of the Econometric Society, and a co-editor of Econometrica. He is currently the area coordinator for the economics group at Stanford GSB.

Product details

  • ASIN ‏ : ‎ B084Q3C4LZ
  • Publisher ‏ : ‎ W. W. Norton & Company; 5th edition (June 10, 2020)
  • Publication date ‏ : ‎ June 10, 2020
  • Language ‏ : ‎ English
  • File size ‏ : ‎ 39353 KB
  • Text-to-Speech ‏ : ‎ Enabled
  • Screen Reader ‏ : ‎ Supported
  • Enhanced typesetting ‏ : ‎ Enabled
  • X-Ray ‏ : ‎ Not Enabled
  • Word Wise ‏ : ‎ Enabled
  • Sticky notes ‏ : ‎ On Kindle Scribe
  • Print length ‏ : ‎ 649 pages
  • Customer Reviews:
    4.5 4.5 out of 5 stars 45 ratings

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Charles I. Jones

Charles I. Jones

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Customer reviews

4.5 out of 5 stars
4.5 out of 5
45 global ratings

Top review from the United States

Amazon Customer
3.0 out of 5 stars Chapter review questions are misnumbered
Reviewed in the United States on February 9, 2022
Verified Purchase
I rented the e-textbook for an MBA course I am taking. We were assigned exercises from the end of each chapter as part of our homework grade. Not all of the question numbers in the e-book align with the same question number in the physical textbook.
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Top reviews from other countries

Celso Costa
5.0 out of 5 stars Great book.
Reviewed in the United Kingdom on November 27, 2021
Verified Purchase
This is a modern book about macroeconomics, perfect.
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Geoff Crocker
1.0 out of 5 stars Impressively wrong
Reviewed in the United Kingdom on September 19, 2023
Verified Purchase
Although impressive in its coverage and detail, Charles Jones’s ‘Macroeconomics’ exemplifies everything that is wrong with contemporary economic theory and policy. Jones uncritically propounds the neo-classical view in which the economy is a finely tuned instrument responding and adjusting to price signals. This enables him to build an elaborate elegant mathematical model which can then be ‘solved’ to determine the economy, simulate responses, and inform policy. The problem is that the mathematical model is a myth, failing to represent how the real economy actually works.

Although Keynes gets 3 fleeting references (compared to 13 for Friedman), there is zero mention of the Keynesian revolution, in which the economy is a plumbing system which can get stuck in blockages, instead of the neo-classical finely tuned instrument which always adjusts to equilibrium. According to Jones, the labour market adjusts its supply and demand according to its price, ie the wage, against the marginal productivity of labour. Investment responds to its price, ie the interest rate, against the marginal productivity of capital, and is led and funded by savings. It’s all the supply and demand tautology which explains nothing.

But, as Keynes so convincingly pointed out, wage is also the enabler of effective demand, which boosts expected consumption, which is the real determinant of business investment, rather than either the interest rate or savings. Increased wages can therefore increase, rather than decrease, employment.

Jones claims that central banks create money, whereas central banks themselves explain that it’s commercial banks which create money for business and individual loans, and earn its seigniorage. Central banks are in fact explicitly proscribed from direct money creation to fund government expenditure, a proscription they commonly overcome by (scandalously) purchasing their own government’s debt in secondary markets. He wrongly assumes that money is necessarily debt at the point of its creation, and thus follows the error of orthodox accountancy, masquerading as economics, in viewing debt/GDP ratios as a real constraint. He makes no mention, and therefore offers no critique, of modern monetary theory. He claims that the labour share of GDP is constant, whereas in fact, it’s declining. He therefore misses important arguments for an increased proportion of non-labour income, whether as pensions, welfare benefits, dividends, or household debt. He makes no mention of huge dysfunctionalities in contemporary economies, ranging from gross inequality, through in-work poverty, low wage, bullshit jobs, austerity, and ecological damage. His macroeconomics is disengaged theory. His belief in the efficacy of the interest rate to control the economy and the Taylor rule to control inflation is delusional.

Most importantly, Jones fails to include technology in his economic theory. Both in its constant creation of new and better products and services, and in its equally constant evolution of production functions to higher levels of productivity, it is technology working through effective industrial management which determines and transforms economies. Jones is not alone in this omission - it is a core failure of mainstream economics.

It's therefore between surprising and shocking that Jones’s book is the set text for economics undergraduates at Cambridge university UK, which is the seat of Keynesian theory.
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