BOOK REVIEW, "Consequential Macroeconomics--Rationalizing About How Our Social System Works"
Front Cover of Book--Consequential Macroeconomics--Rationalizing About How Our Social System Works
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Summary, Synopsis:
The preface "Motive" presents the analogy of the blind men trying to describe an elephant. A review of how theoretical macroeconomics has been treated in the past shows that for students there is much confusion, due to the many different aspects of the subject not being properly explained nor connected in a systematic manner. This motive is used to show that a holistic approach and analysis are needed in order to better understand of what our social system of macroeconomics consists and particularly about how it functions.
The introduction has a complaint that in the past, the subject of theoretical macroeconomics has been badly treated--in an incomplete and unscientific manner. The basic model for representing the general social system of a country has never been properly developed, due to the failure to seriously state and explain the initial assumptions (which were presumed instead). Consequently, the results obtained from the over-simplified models of the past are unsatisfactory and sometimes they even conflict with common sense. When the alternative of computer-modeling is used, the results become complex and difficult to follow. They are unsuitable for students to appreciate, interpret and understand the essence of what is involved--that is about how our society functions, in part and as a whole.
The aim of this book is to correct this situation and to provide a logical and compact, but sufficiently complete, theoretical presentation about of what our macroeconomics system comprises and how it actually works. The attitude taken here is about viewing the system from sufficient a distance, so as to envisage it as a whole, as well as its components. From this perspective it aims to provide an improved and better perception and understanding of the complete macroeconomics structure. It also introduces some original aspects of analysis into the subsequent methodology.
The work is presented in 6 parts: "Getting Started", "The Model", "Analysis", "Decisions", "Money" and "Consequences". In order to help with the continuity, specific details of certain aspects are presented in 7 appendices at the end."
We start from scratch. After a review of the overall problem of complexity in representing our entire social system, a series of assumptions and early considerations are provided, along with the many necessary definitions. From this standing, there is built up a base model that is logical in its development and which is virtually complete, whilst not being any more complicated than is absolutely necessary in order to provide for the subsequent analysis, in a formal scientific manner. This model is both necessary and sufficient to cover what our social system does.
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