
Intermediate Microeconomics with Microsoft Excel - 2nd Edition
Posted: March 21, 2017 | Updated: October 20, 2020
Author: Douglas Curtis, Ian Irvine, Lyryx Learning Team
Principles of Macroeconomics is an adaptation of the text, Macroeconomics: Theory, Markets, and Policy by D. Curtis and I. Irvine (and edited by Lyryx Learning), and presents a complete and concise examination of introductory macroeconomics theory and policy suitable for a first introductory course. Examples are domestic and international in their subject matter and are of the modern era -- financial markets, monetary and fiscal policies aimed at inflation and debt control, globalization and the importance of trade flows in economic structure, and concerns about slow growth and the risk of deflation, are included. This text is intended for a one-semester course, and can be used in a two-semester sequence with the companion text, Principles of Microeconomics. The three introductory chapters are common to both books.
Subject Areas
Social Sciences, Economics
Original source
lyryx.com
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Principles of Macroeconomics (Lyryx) by Douglas Curtis, Ian Irvine, Lyryx Learning Team is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, except where otherwise noted.
Intermediate Microeconomics with Microsoft Excel - 2nd Edition
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Institution:Douglas CollegeTitle/Position: Instructor, Economics
Despite the authors' assertion that the text is the essential information students require in Principles of Macroeconomics, I find this text to be comprehensive. the authors do not have side topics or special features to distract the students but the authors are very thorough. In my opinion, only chapter 4 regarding economic activity and performance is stripped down to the essentials.
The necessary concepts are covered in the text. There is the inclusion of an explanation of decentralized e-money such as bitcoin. Special purchase and resale agreement (SPRA) as well as, sale and repurchase agreement (SRA) are defined in the chapter on money.
The aggregate demand and aggregate supply model is presented in inflation rate and real GDP space. This is a definite plus. My students often have difficulty moving between the concepts of static price level and inflation in the alternative presentation of the AD/AS model.
There is a significant historical context for monetary policy in Chapter 10. It builds up the student’s understanding of the Taylor rule. This chapter references the effective lower bound of monetary policy. In my opinion, this is an excellent chapter for guiding principles students though an understanding of monetary policy.
In Part Four, Real GDP, Business Cycles, Policy and Growth, the authors' presentation of the material is extensive. An instructor desiring a more conversational tone will find this section of the text challenging for his/her students. For example, the discussion on controlling the public debt includes the equation for keeping the public debt ratio constant. The text introduces the concept of a backward bending AD function in real GDP and inflation space at the zero bound. The comprehensive treatment of monetary and fiscal policy under fixed and flexible exchange rate regimes in chapter 12 was one area that I think exceeds the requirements for a Principles of Macroeconomics course. The authors use algebra throughout Part 4 including the Cobb-Douglas production function in Chapter 13.
A glossary is provided as well as student practice questions with solutions but chapter learning objectives are omitted.
Comprehensiveness Rating: 5 out of 5
There are some minor errors or omissions but overall accurate content.
Content Accuracy Rating: 4 out of 5
I began reviewing version 2017 - revision A, but Version 2017 - Revision B was released while I was in progress. So I have reviewed the revision B.
I am delighted by the timely and clear updates presented in Version 2017-Revision B.
Looking forward five to ten years, the in-depth historical context of monetary may be challenging for some instructors to update. However, as the context changes a fellow OER champion may provide this vital information. Overall I find the text to be relevant and have longevity.
Relevance Rating: 4 out of 5
Principles of Macroeconomic texts are not generally renowned for their accessibility and clarity. Of the texts I have examined in the marketplace, this text is less conversational than some. It uses mathematics and graphs effectively. Students for whom mathematical presentation is a barrier will struggle. This text is best suited to an instructor who utilizes and explains the algebra within the context of the course as opposed to one who focuses on the verbal and graphical presentation while using minimal algebra.
Clarity Rating: 4 out of 5
Yes.
Consistency Rating: 5 out of 5
Yes, the authors have broken each part of the text into logical sections and each chapter into modules.
Modularity Rating: 5 out of 5
Yes
An introduction of the AD/AS model is presented in Chapter 5 before the aggregate expenditure and aggregate demand curve are developed in Chapter 6. The chapter on markets includes a section on government intervention in the market. The text makes consistent microeconomic references to concepts such as elasticity, sunk costs, marginal product, and constant returns to scale. I did not find an explanation of convergence in the text although it is mentioned.
Organization Rating: 4 out of 5
I had no trouble with the interface at all.
I examined the text in hard copy, on-line in the Lyryx Learning Management System as the "Lesson" and as a downloaded e-text on my tablet. I am in the 45-54 age group and so I did not find that I enjoyed reading the "Lesson" on-line. I preferred the hard copy/e-text options.
Interface Rating: 5 out of 5
There are very few errors.
Grammar Rating: 5 out of 5
I did not examine this text from the context of the perspective of the Truth and Reconciliation Commission's Calls to Action.
In comparison to other Principles of Macroeconomics textbooks on the market, I found the language to be acceptable. Instructors could adapt the exercises to be more relevant to BC. For instance, one question refers a holiday to Florida. Working with the OER an instructor could change the reference.
Cultural Relevance Rating: 4 out of 5
This text is best suited to an instructor who utilizes and explains the algebra within the context of the course as opposed to one who focuses on the verbal and graphical presentation while using minimal algebra.
Institution:Yorkville University (BC)Title/Position: Professor
Covers all topics of microeconomics and provides effective contents to the students studying economics at bachelor level.
Comprehensiveness Rating: 5 out of 5
Not found any errors in contents, tables and diagrams and unbaised.
Content Accuracy Rating: 5 out of 5
Most of the data given in the book is hypothetical to explain the various economics concepts. Some real data are also provided to explain the concepts. No need to update data for the conceptual understandings and can work for many years.
Relevance Rating: 5 out of 5
Book language is simple and very clear explanations of all kind technical terminology. The only concern is about the main table of contents and contents provided in the beginning of each chapter which are not matching. Need to address this for consistency purpose and avoid confusion.
Clarity Rating: 4 out of 5
No problem of text internal consistency in terms of terminology and framework.
Consistency Rating: 5 out of 5
All the modules and sections are divided in a very wise manner. All sections are properly numbered. However, subheadings in each chapter are not numbered which may create confusion for students.
Modularity Rating: 4 out of 5
Very clear logical progression.
Organization Rating: 5 out of 5
Not found any interface issues (navigations problems, distortion of image, charts etc.)
Interface Rating: 5 out of 5
No found any grammatical or spellings errors.
Grammar Rating: 5 out of 5
Free from incentive or offensive language.
Cultural Relevance Rating: 5 out of 5
I recommend this book for all bachelor degree level students of any discipline of business and economics.