Since introducing the aggregate supply/aggregate demand model as a fundamental tool for learning economics in the first edition of their textbook, William Baumol and Alan Blinder have, for over two decades, led the teaching and learning of economic with their authoritative and timely discussion of the field. Now in its eighth edition 2001 Update, Macroeconomics: Principles and Policy remains a time-tested tool in teaching and learning the ever-evolving field of economics.
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William J. Baumol received his B.S.S. at the College of the City of New York and his Ph.D. at the University of London. He is professor of economics at New York University and senior research economist and professor emeritus at Princeton University. He is a frequent management consultant to major firms in a wide variety of industries in the United States and other countries as well as to a number of governmental agencies. He has been president of the American Economic Association, and three other professional societies. He is an elected member of the National Academy of Sciences, created by the U.S. Congress, and a member of the American Philosophical Society, founded by Benjamin Franklin. Dr. Baumol is the author of more than 35 books as well as hundreds of journal and newspaper articles that have been translated into more than a dozen languages.
Alan S. Blinder earned his B.A. at Princeton University, his M.A. at the London School of Economics and Ph.D. at MIT. He teaches at Princeton University and is the author of the best seller, After the Music Stopped, about the financial crisis and its aftermath. Dr. Blinder served on President Clinton's first Council of Economic Advisers and then as vice chairman of the Federal Reserve Board, thereby playing a role in formulating both the fiscal and monetary policies of the 1990s. Dr. Blinder, now a regular columnist for THE WALL STREET JOURNAL, has written newspaper and magazine columns on economic policy for more than thirty years. He is a past Vice President and a Distinguished Fellow of the American Economic Association.
I've been using B&B for 11 years. I like the high profile of the authors...in that they should be able to speak with authority about these issues. My first attraction was when the book was used in a class where I was a TA. Then as now, I enjoyed the "real world" examples, clear presentation, and writing style. They keep things short and clear. B&B's explanations of Supply and Demand are really the best I've seen in such books and their clarity set up many later parts of the book quite well.
The "Ideas for Beyond the Final Exam" are an excellent way to show what the science of economics deals with. It is a good way to keep the students focused throughout the entire course. They are key concepts and show how important economics is to the student's overall education and to their understanding of everyday situations.
Its greatest strengths are the clarity of prose, the straightforward explanations and relevance to the real economy. The tone and the level of rigor are just right for introductory students of economics.
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